Research On The Influence Of Ownership Structure On Innovation Efficiency

After the international financial crisis,governments pay more attention to investment on technological innovation.Strategic emerging industries have begun to be surrounded by hype.Under the circumstance of advocating the economic development of technology innovation,innovative efficiency becomes an important indicator to measure the competitiveness of enterprises.In order to improve the efficiency of innovation,modern enterprises have to establish an effective innovation mechanism.The establishment of this mechanism depends on the arrangement of the ownership structure of the company.The shareholders can provide the necessary innovation resources for the enterprise,and the ownership structure can influence the attitude of the shareholders to the innovation.However,there are few articles about the relationship between ownership structure and innovation efficiency in China and abroad.It is rare to study the listed companies of strategic emerging industries.Therefore,this paper tries to study the impact of ownership structure on innovation efficiency of Listed Companies in strategic emerging industries by using theoretical and empirical research,and makes policy proposal to optimize the ownership structure and improve the efficiency of enterprise innovation.Based on the theory of separation of two powers,principal-agent theory and asymmetric information theory,this paper puts forward the research hypothesis.The panel data of 251 strategic emerging industries listed companies in China from 2013 to2015 are selected as the sample,and the SFA method is used to calculate the innovation efficiency.Then,the efficiency value is taken as the explanatory variable,and the Tobit panel model is established to analyze the effect of ownership structure on innovation efficiency.The following conclusions are obtained through empirical research:(1)There is an inverse U-shaped curve between ownership concentration and innovation efficiency of Listed Companies in strategic emerging industries.(2)There is a positive correlation between ownership balance and innovation efficiency of Listed Companies in strategic emerging industries.(3)There is a positive correlation between the proportion of institutional investors and the innovation efficiency of Listed Companies in strategic emerging industries.(4)There is a positive correlation between the proportion of managerial ownership and the innovation efficiency of Listed Companies in strategic emerging industries.(5)The proportion of state-owned shares and innovation efficiency of Listed Companies in strategic emerging industries are negatively correlated.(6)The equity circulation and innovation efficiency of Listed Companies in strategic emerging industries are negatively correlated.