Ownership Types,Contextual Moderation and Innovation Efficiency

By using a balanced panel dataset of 44 126 firms from the Chinese manufacturing industry for the period of 2004~2008,and integrating Principal-agent Theory,Institutional Theory and Resource-based Theory,we analyzed the impact of ownership types on enterprise innovation efficiency,and further analyzed the moderating effects of industry and regional heterogeneity on different ownership enterprise's innovation efficiency.The empirical findings suggest that:1the state-owned enterprise innovation efficiency is lower than non-state-owned enterprises;2the industry concentration on enterprise innovation efficiency is negative,but has a positive moderating effect on the relationship between ownership types and innovation efficiency;Technical opportunity promotes enterprise innovation efficiency,but weakens the relationship between ownership types and innovation efficiency;the impact of entry barriers to the enterprise innovation efficiency is negative,but strengthens the relationship between ownership types and innovation efficiency;The higher the degree of marketization is,both state-owned enterprises and non-state-owned ones' innovation ability are stronger.The empirical findings can contribute to building the balance innovation-oriented mechanism between stateowned enterprises and non-state-owned enterprises and adding up the theoretical content of Chinese enterprise ownership type.