Research On The Influence Of State-owned Stock On Technological Innovation Level Of Enterprises

For more than 30 years of reform and opening-up,our country`s economy continues to maintain rapid growth for years.However,at present,our enterprises` independent innovation ability is weak.Many core technologies are still in the hands of foreign companies.The sustainability of economic growth is unsustainable and growth quality is worrying.Especially,the state-owned enterprises are pushing our country from a “making” country to a “creating” country.How to promote the state-owned enterprises to do technological innovation activities and to drive economic and social sustainable development forward is the practical problem of our country.In recent years,the government put a lot of resource into technology innovation,and introduced corresponding policies to encourage enterprise independent innovation,but the enterprises` technology innovation is still relatively low.What led to this phenomenon?Because enterprises` technology innovation activities is one of the key powers to promote China’s economic structure transformation and to improve the economic growth quality,and the state-owned enterprises are a top priority to promote the development of the economy,so the examination of factors affecting state-owned enterprises` technology innovation system is particularly important.Therefore this article selects 2013 ~ 2016 innovative researches and development data of more than 1800 state-owned enterprises as the research object to do the theory and empirical analysis.First of all,I will classify state-owned enterprises,using the principal-agent theory,the political tournament theory,and technological innovation theory.Explore the effects of state-owned property on technology innovation level between the central state-owned enterprises and the local state-owned enterprises.Second,I will research the obstacle of the local state-owned enterprises on technology innovation level,based on exploring the exterior factors that hinder the local state-owned enterprises technological innovation activities of preventing path.Finally,I will discuss how the enterprise technology innovation activities affect the enterprise future profitability.The analysis on this ability helps us to clarify how the state-owned property affects the level of enterprises` technology innovation,thereby to prove that the local state-owned properties would hinder the technological innovation.The results show that:(1)Compared with the central state-owned enterprises local state-owned enterprises have a more obvious impediment to the level of technological innovation.Whether it is from the R&D expenditure or the number of patent applications,the level of innovation of central state-owned enterprises is higher than local state-owned enterprises.(2)Under the pressure of government performance examination and promotion,the local governments have eased the pressure of enterprise market competition through the intervention of the market,resulting in insufficient innovation pressure and motivation.In addition,under the control of local governments,local state-owned enterprises are more likely to obtain bank financing preferences andreduce financing constraints,which would exacerbate the excessive investment behavior of enterprises,and lead to lack of enterprise innovation motivation.(3)Compared to the central SOEs,the local state-owned enterprises have lower ability to transform their achievements into the performance of enterprises,thus reducing the sensitivity between technological innovation and enterprise performance.The research significance of this paper is: Firstly,the traditional political tournament with the GDP growth rate as the primary assessment standard distorts the local government’s technological innovation behavior in the state-owned enterprises.This paper chooses the unique political system background of our country to explore whether the local government performance demands distort the technological innovation activities of state-owned enterprises.Under the guidance of government performance examination and promotion in the political tournament,the local state-owned enterprises and local government form a special interest relationship,thus causing the low level of technological innovation of local state-owned enterprises in China.Secondly,this paper helps to understand the activities of technological innovation of state-owned enterprises in the period of economic transformation logic.Technology innovation is not only the local state-owned enterprise investment activity itself,but also branded with the political color.