Research On The Relationship Between Ownership Structure,Technological Innovation And Enterprise Value Of Coal Listed Companies

China is the world's largest producer of coal,but also coal consumption country,coal in national life is self-evident importance.With the continuous advancement of economic globalization and the reform of socialist market economy system with Chinese characteristics,the reform of non-tradable shares has been completed,and the change of ownership structure has brought challenges and opportunities to China's coal listed companies.According to the basic theory of enterprise management,all the behaviors of an enterprise to enhance the enterprise value and finally put into practice in the enterprise behavior.From this perspective,the pursuit of enterprise value is consistent with the goal of equity reform.At the same time.the state has issued a number of policies to encourage the innovation of coal enterprises.which is bound to have a subtle impact on the relationship between equity structure and enterprise value.Therefore,from the perspective of technological innovation,this paper studies the influence of the ownership structure of China's coal listed companies on enterprise value,and makes an in-depth study of the intermediary effect of technological innovation.Firstly,the research background and significance are expounded,the research status at home and abroad is summarized,and the research viewpoints and conteets of this paper are put forward.Secondly,this paper defines the concepts of ownership structure,technological innovation and enterprise value,and analyzes the relationship between ownership structure,technological innovation and enterprise value based on principal-agent theory,technological innovation theory and enterprise value maxithzation theory,and puts forward the research hypothesis of this paper.Then,the data of coal listed companies from 2010 to 2018 were used for nine consecutive years,and descriptive statistical analysis,correlation analysis and multiple regression analysis were used to test the research hypothesis.The results show that ownership concentration is negatively correlated with enterprise value;Technological innovation has no positive effect on the current enterprise value;Technological innovation has a significanat mediating effect of ownership concentration on enterprise value.There is no mediating effect between the proportion of state-owned shares and the proportion of tradable shares.Finally,based on the test results,Suggestions are put forward from the aspects of governance structure,technological innovation activities and information disclosure.The research of this paper is conducive to the coal enterprises to correctly understand the relationship among the three,guide the coal enterprises to build a reasonable shareholding structure,and promote the technological innovation activities of coal enterprises,so as to realize the sustainable development of the coal industry.