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| The Mediating Effect of Technological Innovation on Ownership Structure and Enterprise Performance |
| Qin Dezhi1,Shao Huimin2,Sun Linchun1 |
| (1.School of Economics and Management, Yunnan Normal University, Kunming 650500,China；2.School of Business and Tourism, Yunnan University, Kunming 650091,China) |
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Abstract Selecting the ownership structure, technological innovation and corporate performance of 277 GEM listed manufacturing companies in China from 2013 to 2017as the research object. Introducing technological innovation as the intermediary variable, respectively use the largest shareholder’s shareholding ratio, ownership concentration and shareholding balance to measure the ownership structure. The following conclusions are obtained through empirical research: ①There is a significant positive correlation between the shareholding ratio of the largest shareholder and technological innovation and enterprise performance; ② Significant positive correlation between ownership concentration and technological innovation and enterprise performance.③On the basis of moderate concentration of ownership structure, the degree of ownership balance has a significant positive correlation with technological innovation and firm performance;④Technological innovation partially mediates the influence of ownership structure on firm performance. The results clarifying the relationship among ownership structure, technological innovation, and corporate performance has important theoretical and practical implications for the improvement of independent innovation capabilities and sustainable growth of corporate performance.
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Received: 21 January 2019
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