The Research Of Influence Of Stock Ownership Structure To Listed Companies’ Innovation Ability In Chinext Board

The innovation ability of enterprises is not only the key to improve their own competitiveness,but also determines the overall innovation level of a country.Studies have shown that the ownership structure of enterprises has a great impact on the innovation ability of enterprises.At present,the main research achievements of domestic and foreign scholars are as follows: Ownership concentration has a positive or inverted u-shaped relationship with the innovation ability of enterprises,and ownership balance has a positive relationship with the innovation ability of enterprises.State-owned enterprises tend to have lower innovation ability.However,due to different research samples,different methods and it is difficult to judge whether good or bad,there is a large research space.Growth enterprise market is the platform with the most concentrated innovation power among listed companies in China.Therefore,this paper studies the influence of the shareholding structure of listed companies in growth enterprise market on the innovation ability of enterprises,which is very representative and helpful to clarify the relationship between the two.Firstly,this paper introduces the research background and significance of the topic,and sorts out the related literature at home and abroad.On this basis to determine the research ideas and methods of this paper.Secondly,it introduces the relevant theoretical basis,analyzes the influence of equity structure on the innovation ability of enterprises from a qualitative perspective,and puts forward the research hypothesis.In empirical research section,selects 207 listed company data from 2014 to 2018 in growth enterprise market as as research samples,first using the factor analysis method to construct the comprehensive evaluation index of corporate innovation capability is as explained variable,and then determine the main explanatory variables and control variables,and descriptive statistics,Pearson correlation coefficient for each variable to test and confirm there is no serious multicollinearity problem,and using fixed effect model and random effect model to text and analysis.Then the explained variables and the main explanatory were replaced to experimental verification,based on the empirical results to carry out the stability test.The empirical results show that there is an inverted U-shaped relationship between theownership concentration of listed companies in growth enterprise market and their innovation ability.The degree of equity balance is proportional to the innovation ability of enterprises.The innovation ability of non-state-owned enterprises is higher than that of state-owned enterprises.Finally,the conclusions and Suggestions are given.