The Relationship Of The Prcoportion Of State Ownership And Innovation Performance?

Innovation is not only the driving force of the country's economic development,but also the basis for the survival of enterprises.The economic growth of our country has entered a period of "new normal".The mode of economic growth is being factors-driven and investment-driven to innovation-driven.The technological innovation in enterprises is especially important.Innovation-driven development has become the key to transforming the economic development mode and adapting to the "new normal".The government,as an investor,has a two-way profitability and strategic goal in its investment process.As an effective allocation of state-owned assets,state-owned shareholding is important role to support enterprise innovation.Specifically,this article analyzes based on the perspective of resource-based perspective,explores the advantages and disadvantages of state-owned stocks in innovation,and further explains the impact of the proportion of state-owned shares on the innovation performance of enterprises.At the same time,taking into account the scale,the enterprise has different resource advantages to innovate the resource utilization rate,thereby affecting the utilization and the input of innovative resources brought by enterprises.Therefore,on the basis of studying the impact of the proportion of state-owned shares on the innovation performance of enterprises,this paper further explores whether the impact of the proportion of state-owned shares on the innovation performance of enterprise is different in different scales.On this basis,in order to further explore the differences between the proportion of state-owned shares and the innovation performance of enterprises in different nature of enterprises,this paper theoretically distinguishes the relationship between state-owned enterprises and state direct shareholding enterprises.The paper analyzes from the perspectives of "business ownership" and "property ownership.”Although both of them will bring "innovation resource support" and "innovation goal conflict" to the enterprise,the two are not completely equivalent and there are some differences.State direct shareholdings and final controllers are different for the country in bringing innovative resources to enterprises and for utilizing innovative resources.A detailed distinction between state-owned enterprises and state-owned shares helps to explain essentially the impact of differences in the proportion of direct shareholding and the nature of the ultimate controller on business innovation.In empirical research methods,the relationship of the proportion of state-owned shares and innovation performance is tested by using China's 276 manufacturing enterprises seven years of data.Specifically,this article takes the proportion of state-owned shares as the independent variable,taking into account the control variables such as asset-liability ratio,return on net assets,companies'age,shareholding of the largest shareholder,separation rate of two rights,regional,year and industry,to establish a multiple linear regression model.At the same time,the paper measures the size of the enterprise by the logarithm of the total assets of the enterprise and tests the adjustment effect of the size of the enterprise on the relationship between the proportion of the state-owned shares and the innovation performance of the enterprise.This paper further examines the relationship between the proportion of state-owned shares and the innovation performance of enterprises in different types of enterprises,as well as the impact of the scale of different enterprises on this relationship.This paper finds that among state-owned enterprises,the ratio of state-owned shares to firm's innovation performance is inverse U-shaped.In different enterprises,the relationship between the proportion of state-owned shares and firm's innovation performance is different.Specifically,when the ratio is low,it promotes the innovation performance of enterprises,and suppresses the innovation performance of enterprises in the high position of proportion of state-owned shares.Among non-state-owned enterprises,the proportion of state-owned shares has a linear relationship with the innovation performance of enterprises,and the direction is positive.However,the scale of state-owned enterprise does not play a regulatory role to the relationship between between the proportion of state-owned shares and the innovation performance of enterprises.In theory,this article enriches the research on the relationship between the proportion of state-owned shares and innovation performance.The proportion of state-owned shares is not a simple "promotion" or "inhibition" effect on the innovation performance of enterprises,but presents a nonlinear change.In practice,on the one hand,this article prpvides enlightenment for the government in planning state-owned investment,optimizing the allocation of state assets and supporting non-state-owned enterprises.It points out that the government can not "privatize" for the privatization of state.It is necessary to grasp the root which causes of the loss of innovation efficiency in.state-owned enterprises,realize the rational allocation of state-owned resources and further promote the innovation performance improvement of enterprises.On the other hand,it provides suggestions for enterprises to optimize their own ownership structure and promote their innovation performance.