混合所有制企业控制权、制度环境和研发创新  

Control rights,institutional environment and R&D innovation in mixed ownership enterprises

作　　者：尹美群[1] 高晨倍 Yin Meiqun;Gao Chenbei(Business School,Beijing International Studies University,Beijing 100024,China)

机构地区：[1]北京第二外国语学院商学院,北京100024

出　　处：《科研管理》2020年第6期1-8,共8页Science Research Management

基　　金：北京市社会科学基金项目:“社会网络媒体、投资者情绪与非效率投资”(18GLB038,2018-2020)。

摘　　要：本文以2011-2015年度的制造业和信息软件行业作为样本,讨论混合所有制企业控制权特征因素对企业研发创新行为的影响。本文利用Tobit模型实证检验发现:混合所有制企业中非国有资本董监事分享控制权会抑制了企业研发创新。同时,两者之间的关系也受到制度环境深刻的影响,与制度薄弱地区相比,制度完善地区混合所有制企业治理特征更有利于激发企业的研发创新,并抑制了堑壕效应。Using the data of manufacture and information technology industries in 2011-2015 as the sample,this paper executed the empirical tests by diving them in different institutional environments groups and analyzes the effect of characteristics of mixed ownership enterprises′control rights on their R&D innovation behavior.With the Tobit model,it is found that the directors and supervisors as non-state property representatives who share the control rights in the mixed ownership enterprises inhibit the R&D innovation of the enterprises.It is also pointed out that the marketization process of mixed ownership is closely related to the corporate governance effect.After social capitals enter the mixed ownership enterprise,it will change the ownership structure and control rights structure of the enterprise.However,the institutional context influences the relationship between them deeply.Only by combining this change with the improvement of the institutional environment,the mixed ownership reform can play a more active role in the R&D innovation of the enterprise.Compared with those regions where the institutional environment is not well built,the corporate governance characteristics of mixed ownership enterprises in the regions where institutional context is better are more conducive to stimulating the R&D innovation of enterprises and restrain the entrenchment effect.According to the research findings,it is believed that,first of all,it should be continued to deepen the reform of mixed ownership of state-owned enterprises in China.Compared with other ownership rights,the R&D innovation ability of state-owned enterprises is insufficient.However,R&D innovation is the core and foundation for enterprises to maintain competitiveness.The reform of mixed ownership system is an important measure to improve the overall innovation ability of state-owned enterprises and further to improve the efficiency of the operations of the enterprises.Secondly,enterprises should establish efficient and reasonable corporate governance structure

关 键 词：混合所有制 控制权 制度环境 研发创新 

分 类 号：F832.48[经济管理—金融学]