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Research on the relationship among ownership structure, R&D investment and innovation performance: Based on data analysis of listed auto companies in China

Ownership structure is the basic institutional arrangements of an enterprise and will affect its innovation strategy decision-making process, thereby affecting its innovation performance. With 20 listed auto companies and 72 auto parts companies in China as the sample, this study regards the annual R&D investment as the main factor affecting the innovation performance, the relative share proportion of state-owned, private, foreign and institutional ownership as the threshold variables and the total assets, asset-liability ratio, operating income, net income, establishment age and listed age as the control variables to establish the panel threshold measurement model. Based on the relevant data of the above companies from 2012 to 2014, it uses the STATA software to conduct threshold panel data model analysis and draws a conclusion that there is not a simple influence relationship between the R&D investment and innovation performance of China's listed auto companies, and their R&D investment and innovation performance will show a remarkable interval effect because of the differences in ownership structure. The conclusion will help some countries' state-owned enterprises to design the ownership structure in mixed ownership reform.