Research on the Relationship among Ownership Attribution, Innovation Input and Firm Performance of Listed Auto Companies in China

Abstract

Abstract:

Ownership in Listed Companies as "equity" has the basic position in the corporate governance structure. It will have a decis-ive 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 perform-ance. The existing researches focus on the innovation of different types of ownership enterprises, without in-depth exploration into the in-fluence 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 sam-ple. 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, as-set 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 own-erships.

Key words: ownership property, innovation input, firm performance, panel threshold

Li Xianjun, Wang Wei, Liu Wenchao, Wang Jinglun. Research on the Relationship among Ownership Attribution, Innovation Input and Firm Performance of Listed Auto Companies in China[J]. , 2018, 30(2): 71-82.

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