异质性资本、混合股权融合与创新绩效——来自中国A股市场的经验证据  

Heterogeneous Capitals,Mixed Ownership Integration and Innovation Performance——An Empirical Evidence from China’s A-stock Market

作　　者：陈昆玉[1] 郭志鹏 CHEN Kun-yu;GUO Zhi-peng(Business School of Yunnan University of Finance and Economics,Kunming 650221,China)

机构地区：[1]云南财经大学商学院,昆明650221

出　　处：《哈尔滨商业大学学报（社会科学版）》2021年第2期3-14,共12页Journal of Harbin University of Commerce:Social Science Edition

基　　金：云南省哲学社会科学规划项目(YB2019032)。

摘　　要：在“混改”政策推动和复杂环境的双重驱动下,越来越多的国企开始了力度空前的混合所有制改革。资本结构中引入多元化的非国有资本已成为“混改”的方向。以2010-2016年A股国有竞争类上市公司为研究样本,依据前十大股东不同性质股东的持股比例,定义了异质性资本多元化、融合的深入性及融合后的制衡度,考察异质性资本多元化后对创新绩效的影响。研究发现异质性资本多元化有助于创新绩效的提升;异质性资本融合的深入性越高,创新绩效越好;异质性资本融入后的制衡度越高,创新绩效越好。其中,其他股东(民营、机构、自然人)的制衡效应优于外资股东。Spurred on by“Mixed reform”policy and complex environment,more and more state-owned enterprises begin to conduct extraordinary mixed ownership reform.It becomes the direction of reform of“mixed reform”that attracts diversified non-state Capitals into Capital structure.Using a Sample of state-owned enterprises of 2010-2016,and based on the proportion of different types of shareholders among the largest ten shareholders,this study defines diversity of heterogeneous capital,degree of property integration and mixed balance degree,and then researches their impacts on innovation performance.We find that diversity of heterogeneous capitals is helpful to improve innovation performance;The more is degree of property integration,the better is innovation performance;The more is mixed balance degree,the better is innovation performance,and the balance effect of other shareholders(including private,institutions and natural man)is better than foreign shareholder’s.

关 键 词：混合所有制 创新绩效 异质性资本 

分 类 号：F272[经济管理—企业管理] F426.48[经济管理—国民经济]