Ownership, Corporate Governance and Enterprise Innovation-- Empirical Evidence from Shanghai and Shenzhen A-share Listed Companies

Abstract

Based on the data of non-financial listed companies in Shanghai and Shenzhen A-shares from 2008 to 2018, this paper empirically analyzes the relationship between enterprise ownership, corporate governance, and enterprise innovation and its influencing mechanism based on the panel data fixed effect regression model. The empirical results show that, firstly, there is a positive correlation between corporate governance level and enterprise innovation investment, that is, good corporate governance will promote enterprise innovation. Secondly, enterprise ownership positively regulates the positive relationship between corporate governance level and enterprise innovation investment. Further analysis results show that: thirdly, the above conclusions are more obvious in listed companies with low power concentration. The conclusion of this paper has great significance for improving corporate governance and promoting the healthy development of enterprise innovation and ownership reform.