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Innovation Input on Enterprise Value: Based on the Moderating Effect of Ownership Structure

ABSTRACT Using the listed firms in the Shanghai and Shenzhen A-share market of China (2010–2019) as the sample, we investigate the impact of innovation input on enterprise value and the moderating effect of equity ownership structure in between. We find that innovation input can significantly enhance firm value and over-concentrated ownership could negatively regulate the above relationship. Moreover, a higher degree of equity balance can positively regulate the relation between innovation input and firm value. Hence, firms in China should maintain a moderate concentration of equity and improve the checks and balances of equity to alleviate principal agent issues.