Research on the Optimization of Equity Structure of Mixed Ownership Enterprises from the Perspective of Innovation
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Xinhong Wang, Shuanshuan Li, Fan Cao
From the perspective of innovation, this paper takes Chinese manufacturing enterprises with mixed ownership from 2014 to 2016 as the research object, and empirically tests the influence of equity mix degree, ownership concentration degree, the proportion of state-owned shares and institutional investors on R&D investment of enterprises. The results show that only when the mixing degree of non-state-owned shares is more than 46.03%, can the non-state-owned shares really play a role when the state-owned enterprises of manufacturing industry carry on the “mixed reform”; the ownership concentration degree is negatively related to R&D investment; there is no significant correlation between the ownership ratio of institutional investors and R&D investment of enterprises.
Equity mix degree, Equity concentration, Institutional investor, Equity structure optimization