Research On The Influence Of The Equity Structure Of China's Growth Enterprise Market On The Technological Innovation

Technological innovation is the source of continuous development of enterprises,and also an important factor for enterprises to form core competitiveness and maintain competitive advantage.As an important force in China's multi-level capital market,the GEM has played a key role in cultivating emerging industries and boosting China's economic transformation since its establishment.However,after years of development,the level of technological innovation of listed companies on the GEM has not been significantly improved.Considering the enterprises can not choose the market structure they fa ce in a certain period of time,therefore,this paper focuses on internal co rporate governance and studies how the shareholding structure affects the technological innovation of GEM listed companies.Based on this background and significance,after reviewed and combined a large number of literatures,this paper expounds the theory of enterprise technology innovation,ownership structure theory and the theory of the influence of ownership structure on technological innovation.In the empirical analysis,based on the panel data of 279 GEM listed companies from 2013 to 2017,some panel regression models were constructed to test the influence of equity concentration and property rights on technological innovation of enterprises,and the regulating effect of the proportion of independent directors on the former effect.The research finds that:(1)the equity concentration of listed companies on the GEM and the investment in technological innovation show a significant inverted “U”-type relationship,and the technological innovation output is a linear negative relationship;(2)When the nature of the first major shareholder is non-state-owned,it will significantly increase the intensity of technological innovation investment in listed companies on the GEM,and at the same time,it will also have a positive effect on technological innovation output;(3)the regulating effect of the proportion of independent directors on the relationship between the concentration of equity and the input and output of technological innovation are both significant negative;(4)The increase in high-quality talents and government subsidies in GEM listed companies will significantly increase the level of input and output in the process of technological innovation.This paper summarizes the mechanism of the relationship between equity structure and technological innovation,in order to provide some empirical evidence for the GEM listed companies to optimize the shareholding structure?the independent director system and the government to formulate relevant support policies.