Ownership Structure And Enterprise Innovation From The Perspective Of Mixed Ownership Reform

State-owned enterprises are the main body of China's public-owned economy.They are also closely related to the development of the national economy and are in a very important position.However,there are some problems in state-owned enterprises,such as single ownership structure,too large proportion of state-owned shares,unclear property rights,lack of competitiveness and so on,which need to be further deepened.The third plenary session of the 18 th CPC central Committee proposed to comprehensively promote the mixed ownership reform of state-owned enterprises,pointing out the direction for the reform of state-owned enterprises.Under the background of mixed ownership reform,on the one hand,the state-owned enterprises have formed a diversified equity structure due to the introduction of non-state-owned capital from the outside,which has stimulated the endogenous power of the state-owned enterprises and effectively improved their innovation ability.On the other hand,the state-owned enterprises implement employee stock ownership plan internally,which alleviates the conflicts of interest between the management and the enterprises.And then it increases the management's investment in innovation activities.Therefore,this paper studies the relationship between ownership structure and enterprise innovation from the perspective of mixed reform.This paper sorts out relevant documents,theories and then puts forward hypotheses.We select the state-owned enterprises that participated in the mixed ownership reform of Shanghai and Shenzhen Main Board A shares from 2011 to 2017 and whose corporate nature has not changed from beginning to end as sample one to study whether the mixed ownership reform has an effect on enterprise innovation.At the same time,taking the state-owned enterprises that participated in the mixed ownership reform of Shanghai and Shenzhen Main Board A shares from 2014 to 2017 and whose corporate nature has not changed from beginning to end as sample two.It studies the impact of changes in equity structure on enterprise innovation under the background of mixed ownership reform.The conclusions are as follows:(1)the mixed reform of state-owned enterprises is positively related to enterprise innovation;(2)From the perspective of mixed reform of state-owned enterprises,the proportion of reduction of state-owned shares is positively correlated with enterprise innovation;(3)From the perspective of mixed reform of state-owned enterprises,the proportion of management shares is positively correlated with enterprise innovation;(4)From the perspective of mixed reform of state-owned enterprises,the concentration of equity(the largest shareholder's shareholding ratio)is negatively correlated with enterprise innovation.Based on the above research results,this paper puts forward policy suggestions on property right system,ownership structure and employee stock ownership plan,so as to provide reference opinions for the further implementation of the mixed reform of state-owned enterprises in the future.The main innovation of this paper lies in the fact that the enterprise attributes selected by the sample are all state-owned enterprises before and after the mixed reform,and the internal mechanism of the influence of management shareholding on enterprise innovation is discussed.The deficiency of this article lies in that it does not have in-depth research on how the internal governance mechanism of state-owned enterprises affects enterprise innovation under the mixed reform.It only conducts research from the intuitive change of ownership structure.It is hoped that the subsequent research can analyze the impact of the mixed reform of state-owned enterprises on enterprise innovation from other aspects of the internal governance of the company.