| Progress in science and technology promotes economic development and social progress.In order to accelerate the building of a powerful country with science and technology,China has paid more attention to the improvement of technological innovation.For enterprises,technological innovation can promote the improvement of internal organization form and the improvement of management efficiency,and constantly adapt to the requirements of economic development.Only have the ability of innovation can company further improve core competitiveness and thus remain invincible in the harsh market competition.So,studying what factors affect the level of technological innovation of enterprises has aroused more and more scholars' attention.Split share structure was a legacy of China's initial share issue privatization in the last century.It caused serious corporate governance problems and leads to distortions in the pricing of capital markets.After the split-share structure reform in2005,the non-tradable shares of listed companies can flow freely in the secondary market and achieve full circulation.For non-state owned enterprises(non-SOEs),the reform dismantled the split-share structure.However,for the state-owned enterprises(SOEs),the share reform also removed legal barriers and realized the transfer of SOEs non-tradable shares to private investors,brought changes in property rights.Based on the quasi natural environment of split-share structure reform,this paper studies the impact of property rights change on technological innovation.The paper first combs the relevant literature from three aspects,namely,split-share structure reform,property rights change and technological innovation,and finds the breakthrough point of the research.Then it reviews property rights theory,technological innovation theory,agency theory and tunneling theory,and puts forward the hypothesis of the relationship between property right change and technological innovation.Finally,we selects 261 listed companies which are listed before 2005,and collects the panel data of these enterprises for 2003~2015 years,carrying out an empirical analysis by using the DID method.The results come to the following conclusions:(1)After the implementation of the split-share structure reform,theproportion of state-owned shares in SOEs has changed significantly,and the share reform has indeed brought about changes in property rights.The change of property rights have a significant positive impact on technological innovation.(2)The stock price information content in the capital market before the share reform is different,the impact of property rights changes on technological innovation will be different.the higher the stock price information content in the capital market before the share reform,the more significant changes in the property rights impact on corporate technological innovation.(3)The change of property rights improves the consistency of interests among shareholders.The effect of property rights change on technological innovation is achieved through the consistency of interests among shareholders.This paper studies the influence of the change of property right on the technological innovation of the enterprise from the perspective of the reform of the external equity division,and effectively avoids the endogenous problems in the empirical process.It is innovative in the perspective of research,and plays an important role in enriching and improving the theory of enterprise innovation.In addition,the paper puts forward policy recommendations to improve the level of technological innovation from three aspects,which also has practical significance.The policy suggestions are summarized as follows:(1)Actively playing the role of the market mechanism and strengthening information disclosure.(2)Improving the internal governance mechanism and strengthening the supervision of internal connected transactions.(3)Giving full play to the advantages of SOEs and accelerating the technological upgrading of enterprises. |
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