An Empirical Study On The Impact Of Shareholding Structure On Ambidextrous Innovation Inputs

China’s economy is experiencing a critical period of transition from high-speed development to high-quality development,and the industrial structure is constantly being upgraded and optimized,with innovation capability playing a crucial role.Innovation not only represents the core competitiveness of an enterprise,but also is the basis for the improvement of the country’s technological strength.Enterprise innovation is influenced by many factors,among which,the equity structure from within the enterprise is an important influencing factor.The study of corporate innovation investment from the perspective of equity structure has important theoretical and practical significance for the allocation of corporate resources,the improvement of innovation capability and the long-term development of enterprises.This thesis starts from the concept,development and characteristics of dual innovation,combines the perspective of equity structure,starts from the special role of the effective controller,takes into account the equity heterogeneity and the intrinsic connection among shareholders,takes the organizational duality theory,resource base theory and equity check and balance theory as the theoretical basis,explores the theoretical basis of the influence of equity stru cture on the dual innovation input of enterprises,and clarifies the transmission mechanism between equity structure and dual innovation input.The theoretical basis of equity structure on dual innovation inputs is explored.Based on the theoretical analysis,a model is constructed and an empirical analysis is conducted using relevant data of China’s GEM-listed manufacturing enterprises from 2017 to 2021.The equity concentration is measured by the equity controlled by the effective controller,which reflects the control position of the major shareholder;the equity checks and balances are measured by the ratio of the equity held by investment institutions to the equity controlled by the effective controller,which reflects the ability of external supervision and checks and balances;and the equity held by investment institutions reflects the role of external shareholders’ resources to support and improve governance.Analyze its impact on the dual innovation input of enterprises.The variable of whether or not the effective controller is in office is then introduced to explore its moderating role in the influence of equity structure on dual innovation inputs.It is found that:(1)equity concentration is negatively related to dual innovation and has a more significant inhibitory effect on exploratory innovation than developmental innovation;(2)equity balance is positively related to dual innovation and has a greater promoting effect on exploratory innovation than developmental innovation;(3)institutional investors’ shareholding has a positive effect on dual innovation,especially on exploratory innovation;(4)Whether or not the actual controller is in office has a significant moderating effect.Therefore,this article argues that in the current institutional environment,the appropriation behavior effect of the effective controller is greater than the support behavior effect,and the checks and balances of outsiders have a positive effect on innovation input.The article concludes with corresponding countermeasure suggestions.