Ownership in Listed Companies as "equity" has the basic position in the corporate governance structure.It will have a decisive role in the arrangement of board of directors and the internal management of managers' incentive equity structure,etc.Thus it would affect the enterprise innovation strategy and innovation investment decision-making process,and ultimately affect the company's performance.The existing researches focus on the innovation of different types of ownership enterprises,without in-depth exploration into the influence of different ownership properties on innovation input and enterprise's performance and changes of such influence within the same enterprise.In this research,we take 20 listed carmakers and 72 listed automobile component manufacturers in China as the research sample.We take the annual R&D investment as the main factors affecting enterprise performance.We take four kinds of ownership attribute as the threshold variables,namely,the state,private,foreign and institutions ownerships.We take the total assets of the enterprise,asset liability ratio,operating income net profit,enterprises' length of existence and length of being listed as control variables.Then we set up a panel threshold model.Based on the data from 2012 to 2015,the panel threshold model is analyzed by STATA software.Analysis result shows that there is a non-linear relationship between the China listed automobile enterprise innovation investment and enterprise performance,and there are interval effects between enterprise R & D investment and corporate performance because of the different ownerships.%所有权在上市公司表现为“股权”,是公司治理结构的重要基础,会对董事会构成和公司内部治理产生决定作用,因而影响企业创新战略决策过程与创新投入,最终影响公司绩效.既有研究侧重于不同所有制类型企业的创新效率或绩效比较,没有深入探索同一企业内部不同所有权属性对创新投入及企业绩效所产生的影响及影响的变化情况.本研究以中国汽车产业上市的20家整车企业及72家零配件企业为研究样本,将企业年度研发投入强度作为影响企业绩效的主要因素,视企业中国有、私有、外资、机构四种所有权属性为门槛变量,将企业总资产、营业收入、净利润、资产负债率、企业成立年限和上市年限作为控制变量,建立面板门槛计量模型.基于2012到2015年上述公司数据,利用STATA软件进行面板门限模型分析.分析显示,中国上市汽车企业创新投入与企业绩效之间存在非线性关系,而且企业研发投入与企业绩效之间会因为所有权属性的差异而呈现出显著的区间效应.
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