Mixed Ownership,Executive Incentives And Enterprises Innovation

At present,our country is in a critical period of transforming the extensive economy to a high-tech industry.How to achieve sound and rapid economic rest ructuring is a key issue for our country's future development.In 2017,Li Keqiang pointed out: "With innovation leading the transformation and upgrading of the real economy,the real economy has always been the foundation of our country's development.It is imperative that we speed up the transformation and upgrading" Innovation helps to promote the development of new industries and complete the transformation and upgrading from "Made in China" to "Created in China" as soon as possible.Whether individuals,enterprises or government organizations vigorously promote independent innovation and development is the driving force behind China's sustainable development.By increasing the intensity of R & D investment,enterprises can improve the efficiency of resource allocation and realize technological innovation,product innovation and production efficiency improvement.At present,the state-owned enterprises hold the lifeblood of the development of the national economy.At present,the state-owned enterprises in our country are facing a situation of dominance,rigid structure,bureaucracy,and unequal distribution of government and enterprises,which seriously impede the innovation and development of state-owned enterprises.The current restructuring of state-owned enterprises is the top priority of China's current economic development.In November 2013,the Third Plenary Session of the 18 th CPC Central Committee made it clear that "active development of a mixed ownership economy".Li Keqiang also repeatedly pointed out: "Speeding up the development of a mixed ownership economy" promoting further integration of state-owned enterprises and private enterprises and stimulating economic vitality.In 2015,Premier Li Keqiang pointed out once again in the "Governmental Report" that "the orderly implementation of mixed-ownership reform in state-owned enterprises and the introduction and introduction of non-state capital shares in investment projects should be encoura ged and regulated".The development of mixed ownership as a continuation of state-owned enterprise reform in the new normal will also be promoted.This paper focuses on the current background of mixed ownership reform and the special period of economic restructuring and upgrading in state-owned enterprises.Taking the A-share listed companies as a sample,this paper empirically analyzes the impact of the mixed ownership reform on the innovation performance of state-owned enterprises by establishing a multiple regression model.This paper attempts to take mixed ownership and innovation input and output data as a starting point to analyze whether hybrid ownership is the most innovative form of organization compared with private-owned and foreign-funded enterprises.Then further analysis of mixed ownership sample:To explore the impact of the proportion of shareholdings,private shares and foreign shareholdings in China's mixed ownership enterprises on innovation.Finally,it analyzes how the internal remuneration incentive and equity incentive intensity under different ownership methods affect innovation.The results of this study find that,compared with private-owned and foreign-funded enterprises,mixed ownership is the most conducive organizational form of enterprise innovation.The share of state-owned shares is negatively correlated with innovation input and innovation output.On the contrary,private ownership of mixed ownership enterprises,the higher the proportion of foreign ownership shares,higher investment in enterprise innovation,the corresponding higher output of innovation.the further exploration of the innovation of mixed-ownership enterprises,found that in the sample of mixed ownership,equity incentive and salary incentive can improve the innovation performance under the state-controlled manner.In the absolute state-controlled way,the equity incentive effect is not significant and the salary incentive can be increased Innovative performance.The conclusion of this paper shows that the mixed ownership reform combined with the scientific internal governance mechanism greatly enhances the enthusiasm of enterprises for innovation.We think that our country should adhere to this principle and policy of mixed ownership reform in state-owned enterprises and have very important significance for promoting the prosperity and development of the national economy and realizing an innovative country.