| Innovation ability is a fundamental power of a enterprise's long-term development,is an important reflection of the core competitiveness of enterprises.At the same time,innovation is also the source of a national economic and social sustainable and healthy development.With the continuous development of China's reform and opening up,at the current stage,China's economy is facing a bottleneck in the development.At the critical period of the economic and social transformation,innovation plays an important role.However,because the innovation investments have these characteristics of high input,high risk,low yield,long cycle,leading that the internal capital is not enough to meet the needs of innovation investments,and external financing is difficult to obtain,so the level of innovation in China is generally low.Faced this financing situation,companies have to find a way out.Some enterprises establish an indirect contact with the bank by engaging executives with banking background.However,it is more directly involved in the management of banks and establishing more direct explicit associations with financial institutions such as banks by companies holding shares in banks or non-listed financial firms and becoming shareholders of banks or financial institutions.This is a exploring method which can solve the problem of lack of innovation financing by business and scholars.Used the domestic and foreign research results for reference,based on the theoretical analysis that external factor of the bank equity connection and the internal factor of the ownership concentration influence enterprises' innovation investment,selected the data of the manufacturing and information technology industry listed companies from China's a-share market from 2010-2015 year,this paper empirical analyses the impact of the bank equity concentration on the enterprises' innovation investment and the different influence of the equity ownership under different property rights or different ownership concentration.The empirical results show that:(1)There is a significant positive correlation between bank equity connection and enterprise innovation investment.Enterprises can establish a close relationship with the bank or financial enterprises through take equity stakes,making it easier to get a part of the financing and contributing to the increase of innovation investment in a certain degree.(2)For enterprises with different property rights,the promotion effect of bank equity association is different.In non-state-owned enterprises,the promotion effect of bank equity association to innovation investment is obvious,while in the state-owned enterprise,the bank equity association has no significant positive influence on the promotion effect of innovation investment.(3)Because of the internal information asymmetry,the internal control not stricted,the large shareholder has the problem of embezzlement enterprise resource,so the higher shareholding concentration,the more serious embezzlement behavior of the big shareholder,thus it reduces the promotion effect of the bank equity association to the innovation investment.Therefore,the higher the equity concentration,the less significant the promotion effect of the bank equity concentration to the innovation investment.Based on the above conclusions,this paper puts forward some policy recommendations for two angles from government and enterprises.The research conclusions of this paper provide theoretical support for China's enterprises to relieve the constraint pressure,choose financing way,improve the level of innovation input,enhance innovation ability and market competitiveness.At the same time,for the country to formulate relevant economic and legal policies,accelerate the financial system reform,promote property rights financing,guide and encourage enterprise science and technology innovation,building an innovative country,to achieve rapid and healthy economic and social growth and sustainable development has played an important reference significance. |
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