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Abstract Strengthening the innovative ability under the background of incomplete external competitive environments is essential for the innovation-driven strategy in China. Based on the mechanics analysis of incomplete external competitive environments, this paper revisits the effects of ownership structure on innovation using theories such as transaction cost, principleagent conflict and principle-principle conflict. Based on which, the paper constructs an unbalanced panel censored dataset including ownership diversity and ownership density. Then the panel Tobit model is estimated using the above dataset and two kinds of robustness test are executed to make sure the right specification of the model. The result show that ownership structure significantly affects the innovation performance of the company through two channels, i.e., ownership concentration and ownership diversity; the relationship between innovation performance and ownership structure takes on inverse U shape; compared to ownership concentration, the ownership diversity matters more; ownership diversity is a vital channel through which the company can attain most of the necessary sources of innovation and the company can reduce the PA conflict and P-P conflict.
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