Author(s)

Yutong Bai

Corresponding Author

Yutong Bai

ABSTRACT

Differences in corporate innovation performance brought about by the nature of corporate property rights is a topic that scholars have repeatedly explored, but there are few researches based on empirical research on Chinese companies to explore the process of influence between these two factors. Based on the unbalanced panel data of 22,072 companies in Zhongguancun High-tech Demonstration Zone from 2011 to 2014, this paper explores the influence mechanism of the nature of corporate property rights on corporate innovation performance, and examines the mediating effect of corporate external financing and the moderating effect of corporate information disclosure. The results show that: (1) state-owned enterprises have higher innovation performance than non-state-owned enterprises; (2) corporate external financing plays a part of the mediating role in the process of corporate property rights affecting corporate innovation performance; (3) corporate information disclosure has significantly positive effect on adjusting the nature of corporate property rights’ affection to the process of corporate external financing. The research conclusion not only reveals the black box of the process by which the nature of corporate property rights affects corporate innovation performance, but also provides practical enlightenment for companies to better realize the transformation of innovation performance.

KEYWORDS

Property rights, innovation performance, external financing, information disclosure