Empirical Study On The Bio-pharmaceutical Enterprises Value Influenced By The Ownership Structure And Technical Innovation

At present, China's economy is epitomized by the third phase of superposition.The economic will develop in the new normal. Technology innovation is not only a key element to promote enterprise value, but also the foundation to upgrade the industrial structure. Strategic emerging industry represents the direction of industrial revolution. It is an important force to guide the future economic development. Thus,we study the relationship between ownership structure?technological innovation and enterprise value at the enterprise level. It is practically significant for enterprises to improve value and achieve the development of strategic emerging industries and social economy driven by technological innovation.After the study of the principal-agent theory, stakeholder theory and the theory of technological innovation, we focus on the biological medicine industry, one of the seven strategic industries. Based on the data of biological medicine industry high-tech enterprises of our country as samples, this article using Schwartz-Moon model to evaluate the enterprise value empirically analyzed the relationship between the ownership structure and corporate value, and the intermediary effect of technological innovation on this relationship. The study found that: (1) the ownership concentration and corporate value is inverted u-shaped relationship; (2) institutional ownership and corporate value are related; (3) technological innovation play intermediary effect on the relationship between ownership concentration and enterprise value, while the intermediary effect of technological innovation on the relationship between institutional ownership and enterprise value was not significant.The conclusion of study is helpful to further clear the mechanism of the ownership structure on corporate value and provide useful advice to enhance enterprise value.