Research on the Innovation Efficiency of Listed Companies Under the Influence of Equity Structure in China

摘要

This paper selected listed companies in China before 2010 as the research sample, using the data of 2010-2015 to analyze the influence of equity structure on the enterprise innovation efficiency from the equity nature, ownership concentration, ownership balance degree aspects in China. The study found that the innovation efficiency of state-owned enterprises in China is higher than that in non-state-owned companies. There is a nonlinear relationship between the ownership concentration and enterprise innovation efficiency; as the ownership balance degree increase, enterprise innovation efficiency increase at the same time. And there is an inverted U shape relationship between the proportion of the managerial ownership and enterprise innovation efficiency.