Empirical Study of Financing Constraints,Ownership Concentration and Innovation Efficiency in Different Ownership Enterprises

Via Logit model,principal component analysis,DEA method,dynamic panel data model,this paper has studied the data of Chinese 1790 listed companies in manufacturing industry since 1990~2012 and analyzed the interaction between financing constraints,ownership concentration and innovation efficiency.The results showed that the effect of financing constraints and ownership concentration on innovative efficiency vary from corporations with difference in enterprise ownership.At first,due to paternalism and political pecking order thinking,stateowned enterprises lack the mechanisms for financing constraints to promote innovation efficiency;however,in private enterprises,there is a significant positive impact of financing constraints on innovative efficiency;secondly,because of the first and second kind of agency problems,ownership concentration in state-owned enterprises is negatively correlated with innovation efficiency,while a positive correlation exists between the two variables in private enterprise.Despite difference in enterprise ownership,the larger the size is,the higher the innovation efficiency tends to be,which indicates that large enterprises always have the advantage in integrating physical resources and human resources.Finally,given the monopoly background of state-owned enterprises,the level of its profits is not necessarily related to its innovation efficiency.As for private enterprises,its profit levels are closely linked with its innovation efficiency.