国企民营化对创新绩效的影响:事实与机制——基于中国工业企业微观数据的分析  

The Impact of State-owned Enterprise Privatization on Innovation Performance——Facts and Mechanisms,Based on the Analysis of Microdata of Chinese Industrial Enterprises

作　　者：张文菲 张诚[1] Zhang Wenfei;Zhang Cheng

机构地区：[1]南开大学国经所

出　　处：《投资研究》2018年第6期27-45,共19页Review of Investment Studies

摘　　要：本文使用中国工业企业数据,考察了国企民营化对企业创新绩效的微观影响和作用渠道。研究发现,国企民营化显著降低了企业创新绩效,部分原因在于民营企业在融资能力和获得政府补助方面处于劣势,从而限制了其创新能力。这种影响还因企业规模和地域分布的差异而不同。东部地区与大型国企的民营化对创新绩效的负面影响更加强烈。而且,采用企业全要素生产率作为企业创新的替代变量进行稳健性检验,并不影响这一结论的有效性。This paper uses the data of China's industrial enterprises to examine the micro-effects and the channels of the privatization of state-owned enterprises on the innovation performance of enterprises.The study found that the privatization of state-owned enterprises significantly reduces the innovation performance of enterprises,which is partly due to the disadvantage of private-owned enterprises in terms of financing ability and access to government subsidies,thus limiting their innovative capabilities.This effect also varies with the size of the business and the geographical distribution of the differences.The negative impact of privatization in the eastern region and large state-owned enterprises on innovation performance is even stronger. Moreover,using firm TFP as a surrogate variable for firm innovation does not affect the validity of this conclusion.

关 键 词：国企民营化 企业创新绩效 融资约束 政府补贴 

分 类 号：P31[天文地球—固体地球物理学] D21[天文地球—地球物理学]