Empirical Analysis Of The Impact Of Equity Structure On The Innovation Efficiency Of Equipment Manufacturing Enterprises

The 14th Five-Year Plan talks about :(1)to continue to adhere to innovation-driven development and build new impetus for development in an integrated way.To support enterprises to become the main force of innovation and strengthen the technological innovation ability of micro-enterprises;(2)Make state-owned capital an important role in economic development,rationally allocate state-owned capital in various industries,deepen the reform of mixed ownership of state-owned enterprises;(3)Ensure that the proportion of manufacturing in the total industry is stable and continue to strengthen real economic growth.To ensure that the 14th Five-Year Festival started well and celebrate the 100th anniversary of the founding of the Party with outstanding results.Starting from the above three aspects,this paper puts forward the size of the influence of state-owned capital on the innovation efficiency of enterprises in equipment manufacturing enterprises,and concludes that there is a positive influence relationship between state-owned capital and technological innovation efficiency of enterprises relative to private capital and foreign capital in equipment manufacturing industry.In line with the 14th Five-Year Plan and the policy recommendations of the Three-Year Action Plan for the Reform of State-owned Enterprises(2020-2022),the state should increase the distribution of state-owned capital in the equipment manufacturing industry in order to build a new pattern of high-quality development and optimize the layout of the state-owned economy,which will enhance the technological innovation ability of enterprises.At present,China has entered a "new stage of development" period,as the basis of national economic development,especially industrial development,China’s equipment manufacturing industry has also begun to enter a new stage.After more than 40 years of expansion,China’s equipment manufacturing industry has shown a weak development mode driven by investment.With the rise of a new round of scientific and technological revolution,the importance of technological innovation is becoming more and more prominent,how to change from "factor-driven" to "innovation-driven",increase the role of technological innovation in promoting industrial development,through technological innovation to promote the transformation and upgrading of equipment manufacturing industry,to cope with the severe international competitive situation,has become China’s equipment manufacturing industry transformation and upgrading process of urgent problems to be solved.As the main body of innovation at the micro level in the national innovation system,the improvement of innovation ability of enterprises is the root cause of the improvement of innovation ability of macroinnovation subjects such as industry,industry,region and even country,which has been paid more and more attention by the whole society.Equity structure is the basic theory in the corporate governance mechanism,different equity structure will form different corporate management model,the management efficiency of enterprises until the efficiency of innovation will produce great differences.Therefore,it is very meaningful to make a scientific and objective analysis of the technological innovation efficiency of China’s equipment manufacturing enterprises,explore its optimal equity structure,and then determine the progress and retreat of state-owned capital in the equipment manufacturing industry.Based on the above policy background and practical significance,the author puts forward this paper.The main contents of the thesis are as follows: First of all,from the perspective of corporate governance,this paper holds that equity structure is the basic problem of corporate governance mechanism,combined with the theory of separation of powers,the theory of principal-agent and the theory of information asymmetry,the theoretical mechanism of how equity structure affects the efficiency of enterprise innovation is explained theoretically.The equity structure mainly has three aspects:equity attribute,equity checks and balances and equity concentration,and this paper selects state-owned shares,private shares,foreign shares and so on to measure.In addition,the data of Shanghai and Shenzhen listed A-share equipment manufacturing enterprises are used to analyze the current situation of the seven major equipment manufacturing industries.Then,according to the theoretical mechanism and literature review,three research hypotheses are put forward:(1)there is a positive correlation between the concentration of state-owned equity and the innovation efficiency of enterprises;In addition,in order to verify the research hypothesis and establish a fixed effect model,this paper based on the data of 235 enterprises listed in Shanghai and Shenzhen in 2015-2017 as the original sample,using the stata 15 software,the relationship between its equity structure and the efficiency of enterprise innovation was analyzed.Among them,the innovation efficiency of enterprises is mainly carried out by DEA analysis,the input index is selected for researchers,research and development expenditure,and the output index is the number of patent applications and the number of patent validity.The results of this paper show that there is no significant correlation between the proportion of state-owned shares and the innovation efficiency of enterprises in China’s equipment manufacturing industry,the negative linear relationship between the proportion of private and foreign shares and the innovation efficiency of enterprises,and the positive correlation between equity checks and balances and the efficiency of enterprise innovation.In addition,when using non-state-owned enterprises as a sample to return,it is concluded that state-owned capital has a positive correlation with the innovation efficiency of enterprises.In Chapter 6,this paper uses the results of samples made by non-state-owned enterprises.The empirical results support the current policy of optimizing the layout of state-owned capital.It is concluded that the equity checks and balances should be increased in the equipment manufacturing enterprises,the reform of mixed ownership should be carried out steadily,the distribution of state-owned capital in the equipment manufacturing industry should be increased,and the entry of private capital and foreign capital should be properly controlled,so that the overall innovation efficiency of the equipment manufacturing industry can be improved.