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| Do State Non-controlling Shareholders in Private Firms Promote Corporate Innovation |
| Deng Yongqin,Wang Jing |
| （Business Administration School,Hunan University,Changsha 410082,China） |
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Abstract Based on the sample of private listed companies from 2008 to 2017,this paper studies the impact of state non-controlling shareholders on corporate innovation by manually collecting information on the nature and shareholding ratio of the top ten shareholders in annual report.The empirical results show that,state non-controlling shareholders in private firms have a significantly positive effect on the corporate innovation,and there are some extent substitution effects in promoting corporate innovation between state non-controlling shareholders in private firms and executive political connection.Mechanism analysis shows that easing corporate financing constraints and strengthening innovation intention are the two main channel mechanisms.The results show that mixed ownership is beneficial for both SOEs and private firms.The findings are helpful to clarify the controversy of "guojinmintui"，and have practical implications for the ongoing “mix-ownership reform” in China.
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Received: 17 August 2019
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