This paper selects China's renewable energy enterprises as a research sample and analyzes the impacts of equity balance and executive stock ownership on these companies' innovation efficiency from 2009 to 2018. The results show that equity balance has significant and positive impacts on innovation efficiency, while there is a significant nonlinear, inverted U-shaped relationship between the executive stock ownership and innovation efficiency. In addition, with changes in the shareholding ratio of the largest shareholder, equity balance and executive stock ownership are substitutive in terms of...
