The Research On Investment Efficiency Of Mixed Ownership Enterprises From The Perspective Of Innovation Elements

Forty years since the."Reform and Opening",the"factor-driven"and"investment-driven"development model has kept China's economic in a state of rapid development.However,in recent years,the downward trend in economic development has led us to explore the door to the next high-speed growth point?The key to opening this door lies in innovation,which is called the"first power"of China's economic development.As one of the important forms of realization of the basic economic system,mixed ownership enterprises are an important part of promoting the strategy of"innovation-driven development"strategy.In recent years,although mixed-ownership enterprises are implementing the"innovation-driven development"strategy,the scale of investment in the overall innovation elements has continued to expand,but it is more important to pay attention to the efficiency of the outputs of these inputs.At present,the measurement of investment efficiency in academia is more about the macroeconomic level.The research on the efficiency of enterprise investment at the micro level is mainly focused on measuring the direction and level of non-efficiency investment.There is no scholar to propose a special direct investment efficiency measurement model of micro level.In the context of"innovation-driven development"stategy,this paper improves the existing investment efficiency evaluation model at the macro and meso levels.The basement is the theory of property rights,information asymmetry,principal-agent theory,and the methods is normative research and empirical research.Based on the evaluation of investment efficiency of innovation factors,the improved model is used to evaluate the investment efficiency of innovation factors in mixed ownership enterprises,and further investigate the difference of innovation factors investment efficiency in mixed ownership enterprises under different state-owned shares and innovation environment.This article is divided into five chapters.The first chapter is the introduction.Firstly,based on the background of the"innovation-driven development"strategy and the organizational form of mixed ownership enterprises,this paper expounds the research significance of the article,Secondly,this paper combs and summarizes the research results of domestic and international investment efficiency and investment efficiency measurement model.Finally,The paper clarifies the overall research ideas of the article,the research methods used and the innovations and characteristics of the research.The second chapter is the concept definition and theoretical basis.This chapter begins with an explanation of the two core concepts of mixed ownership and innovation factor investment efficiency,followed by the theoretical basis of the research,namely,property rights theory,information asymmetry theory and principal-agent theory.The third chapter is the selection and improvement of the investment efficiency evaluation model of innovation factors.Based on the previous review of the existing micro-level investment efficiency measurement model,this chapter compares the existing investment efficiency measurement models,and finally selects the Wurgler(2000)model and improves it as a model to evaluate the investment efficiency of innovation factors.The fourth chapter is the empirical test.In view of the development of high-tech enterprises,mainly relying on the transformation of scientific and technological innovations,the investment efficiency of innovation factors is the most easily observed in high-tech industries.Therefore,this paper selects the Shanghai Stock Exchange and Shenzhen Stock Exchange A shares mixed ownership enterprise in the high-tech sector from 2007 to 2017 as a research sample,and uses descriptive statistics,correlation analysis and multiple regression analysis methods to test the improved innovation factor investment efficiency of innovative factors in mixed ownership enterprises.The fifth chapter is the research conclusions,policy recommendations,and shortcomings and prospects.The research finds that:(1)It is feasible to use the properly improved Wurgler(2000)model to measure the investment efficiency of the innovation factor of the micro-level enterprise.The model can effectively measure the investment efficiency of the innovation factor of the micro-level enterprise.(2)When mixed ownership enterprises have a shareholding ratio of 15%in China,they have a positive effect on improving the efficiency of investment in innovation factors.(3)When the mixed ownership enterprise is in a good innovation environment,its investment efficiency of innovation elements has been greatly improved,which proves the correctness of China's"innovation-driven development"road.