国企混改提高企业突破式创新水平了吗?--基于企业生命周期视角  

Did Mixed Ownership Reform of State-owned Enterprises Improve the Level of Breakthrough Innovation?--From the Perspective of Enterprise Life Cycle

作　　者：朱磊 亓哲 王春燕 陈曦 ZHU Lei;QI Zhe;WANG Chun-yan;CHEN Xi

机构地区：[1]山东财经大学会计学院 [2]山东大众报业(集团)有限公司

出　　处：《财务研究》2022年第1期64-76,共13页Finance Research

基　　金：国家社会科学规划一般项目(20BGL073)。

摘　　要：本文使用沪深A股2013-2019年国有企业数据,从企业生命周期视角研究混合所有制改革对企业突破式创新的影响。研究发现:总体上,混合所有制改革对企业突破式创新产出水平具有促进作用;基于生命周期视角,混合所有制改革对成熟期企业突破式创新水平具有显著促进作用,对成长期和衰退期的企业影响不显著。机制检验发现,混合所有制改革通过降低代理成本显著提高了成熟期企业的突破式创新水平。进一步研究发现,混合所有制改革显著提升了成熟期企业的创新质量。在对国企进行分类后发现,混合所有制改革对商业竞争类企业突破式创新促进作用更强。本文的研究结论对国企混改和企业创新的相关文献进行了拓展,同时对进一步深化落实国企改革也具有参考价值。Based on the data of state-owned enterprises in Shanghai and Shenzhen A-shares from 2013 to 2019,this paper studies the impact of mixed ownership reform on enterprise breakthrough innovation from the perspective of enterprise life cycle.The results show that mixed ownership reform can promote the output level of enterprise breakthrough innovation.From the perspective of life cycle,mixed ownership reform has a significant impact on the breakthrough innovation level of mature enterprises,but has no significant impact on the growth and decline of enterprises.Mechanism test shows that mixed ownership reform significantly improves the breakthrough innovation level of mature enterprises by reducing agency costs.Further research shows that mixed ownership reform significantly improves the innovation quality of mature enterprises.After classifying SOEs,mixed ownership reform has a stronger promotion effect on the breakthrough innovation of commercial competitive enterprises.The research conclusion of this paper expands the relevant literature of SOEs mixed reform and enterprise innovation,and also has reference value for further deepening the implementation of SOEs reform.

关 键 词：混合所有制改革 股权融合度 企业生命周期 突破式创新 

分 类 号：F275[经济管理—企业管理]