| From the 20 th century to the 21 st century,the world economy has entered a period of great transformation,and the mode of economic growth has also shifted from "extensive" to "intensive",product upgrading,and consumer demand diversification.Among them,technological innovation and technological progress are play a central role in promoting economic growth.Since Comrade Deng Xiaoping proposed that "science and technology are the primary productive forces",our country has made many initiatives in terms of technological innovation.However,according to the calculation of the World Bank,the contribution rate of science and technology progress in China was 51.7% in 2013,while the contribution rate of science and technology in major developed countries such as the United States and Japan has now reached about 80%.This shows that China's innovation level is far from the developed countries.There is a big gap between the average level.China's enterprises have a large proportion of Chinese enterprises.In 2017,274 of the top 500 Chinese enterprises were stateowned enterprises,and the scale of state-owned enterprises was generally ranked high.Therefore,how to transform our country into an innovative country is an urgent problem to be solved by accelerating the technological innovation of state-owned enterprises.From the perspective of the factors that affect corporate innovation,the corporate governance level determines the operating efficiency of the company in all aspects,and the corporate governance structure is determined by the controlling shareholder of the company.Therefore,the company's shareholding structure and corporate innovation decision-making and innovation performance have close contact.China's state-owned enterprise system is backward and its governance level is low.To this end,the Third Plenary Session of the 18 th CPC Central Committee put forward the call for develop multi-ownership economy and hopes to improve the level of governance of state-owned enterprises through the reform of mixed ownership.As of now,state-owned enterprise reforms have been going on for more than 40 years,and mixed ownership reforms have also been carried out for nearly five years.In the environment of this emerging economy,how effective is the mixed reform of state-owned enterprises? What is the impact on innovation investment and innovation output? What is the problem? What are the lessons to be learned from and the issues that need attention in the 5-year reform experience? All these issues require further empirical tests to explore the mechanism and effect of equity on corporate innovation in the mixed reform of state-owned enterprises,and to provide suggestions for the next step of reform.In view of the above issues,this paper decided to conduct research from the following two aspects: First,the current relationship between the nature of equity and the innovation input and output of enterprises is inconclusive.Based on this,this paper will comb the factors that influence innovation,and through further empirically examine the impact of changes in the proportion of state-owned equity on the innovation input and innovation output of enterprises;Second,understand the current process of mixed ownership reforms,and how the changes in equity ratios and shareholding balances caused by mixed ownership reforms affect the innovation efficiency of enterprises,and explore the differences between the internal mechanism and the balance of ownership of private enterprises.The primary goal of this article is to re-examine the mechanism of the dual entrusted agency problem of state-owned enterprises on R&D investment and innovation performance in the context of mixed ownership reform,and to enrich and develop the theory of agency theory and corporate innovation strategy to provide policy recommendations for corporate innovation practice,improve the level of innovation in China's state-owned enterprises... |
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