A Study On The Relationship Between Managers' Cognition,R?D Investment And Firm Performance Under The Background Of Mixed Reform

The reform of state-owned enterprises has always been an important part of China's economic reform.From the stage of "letting profits and decentralizing power",to the stage of "institutional innovation" and to the stage of "development of state-owned assets",China's state-owned enterprise reform has made great achievements and played a strong role in promoting China's economic development.At present,China is entering the new normal stage of economic development,and it is necessary for state-owned enterprises to carry out further reform and release greater vitality to adapt to the increasingly fierce domestic and foreign competition environment.Based on this,in November 2013,the third plenary session of the 18 th CPC central committee clearly proposed the mixed-ownership reform of state-owned enterprises.The essence of this reform is to reform the functions of state-owned enterprises in order to better realize the "profitability mission" and "public mission" of state-owned enterprises.In this context,this paper takes China's A-share listed companies from 2010 to 2016 as the research object,and divides the sample period into pre-reform and post-reform,based on the 2013 year of mixed ownership reform.The difference model is used for empirical regression,and the propensity matching score method and the policy lag are considered for robustness test to confirm the impact of the mixed ownership reform on the innovation ability of state-owned enterprises.On this basis,this paper studies the regulatory role of state-owned enterprise jurisdiction and equity mix in the relationship between reform and innovation of mixed ownership.After affirming the positive effect of the reform of mixed ownership on enterprise innovation,this paper constructs a research model with the characteristics of executives as the independent variables,enterprise innovation as the intermediary variable and enterprise performance as the dependent variable under the background of mixed ownership reform.It is the innovation of this paper to join the characteristics of executives as the independent variable to study the relationship between enterprise innovation and enterprise performance,and to make the state-owned enterprise jurisdiction as the adjustment function of the mixed ownership reform and innovation relationship.The empirical results show that the reform of state-owned enterprise mixed ownership has a significant role in promoting the improvement of state-owned enterprises' innovation ability.Compared with local state-owned enterprises,the improvement of the innovation ability of central state-owned enterprises is more affected by the reform of mixed ownership.Compared with the higher equity mix,when the equity mix is low,the effect of mixed ownership reform on innovation is more significant..In the context of mixed ownership reform,the longer the executive's tenure and the higher the executive's ability,the more significant the impact on innovation and performance.Regardless of the level of innovation,the impact of mixed ownership reform on corporate performance is significant,but relatively speaking,the higher the level of innovation,the more significant the impact on performance,and the ability of innovation between executive characteristics and firm performance.Play an intermediary role.The nature of innovation drive is talent drive.The research in this paper further affirms the importance of innovation-driven development and the importance of senior management as an important human capital in the mixed-ownership reform of state-owned enterprises,in the hope of providing useful reference for the further development of the reform of state-owned enterprises.