Ownership Structure Characteristics of Listed Company and Innovation Investment

DOI

10.2991/aebmr.k.220405.331How to use a DOI?

Keywords

Ownership Concentration; Ownership Control; Innovation Investment

Abstract

Listed company’s characteristics of ownership structure is an important factor in the corporate governance mechanism, and the differences in its characteristics will significantly affect the management and investment decisions of listed companies; and the large shareholder as the direct shareholder has become a key figure in the shareholding structure. Exploring the impact of listed company’s characteristics of ownership structure on innovation investment will help to support the national innovation strategy on the one hand; on the other hand, listed companies will decide whether to invest in innovation based on their own listed company’s characteristics of ownership structure, so that the company’s innovation investment will create value for all company shareholders. This article uses the report data of listed companies from 2012 to 2019 as a sample to study the impact of ownership concentration on innovation investment by constructing a multiple regression model. The research conclusions of this paper show that: (1) the higher the ownership concentration, the fewer innovative investment decisions; (2) with ownership control higher, it is more likely for the company to make innovative investment decisions; (3) large shareholders, who are direct shareholders with investment background, are probably more cautious towards innovative investment, so the company is more difficult to make innovative investment decisions. The innovation of this article lies in: this study adds a new perspective that whether the large shareholders have investment background has an impact on innovative investment decision-making; in the process of endogeneity inspection, this study uses the mean value of the explanatory variables of other companies in the same year and the same region as the instrumental variable to perform regression estimation to judge whether the model is robust or not.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Tong Xinyu
PY  - 2022
DA  - 2022/04/29
TI  - Ownership Structure Characteristics of Listed Company and Innovation Investment
BT  - Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)
PB  - Atlantis Press
SP  - 1983
EP  - 1986
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220405.331
DO  - 10.2991/aebmr.k.220405.331
ID  - Xinyu2022
ER  -