国资管理体制改革与国企创新——基于“两类公司”设立的证据  

Reform of State-owned Capital and Soes’ Innovation:Evidence from the Establishment of Two Types of Companies

作　　者：杨兴全[1] 李文聪[1] 尹兴强 YANG Xing-quan;LI Wen-cong;YIN Xing-qiang(School of Economics and Management,Shihezi University,Shihezi,Xinjiang,832000,China;School of Management,Xi’an Jiaotong University,Xi’an,Shaanxi,710049,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000 [2]西安交通大学管理学院,陕西西安710049

出　　处：《经济管理》2022年第6期24-42,共19页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目“‘中国之治’的政府行为与企业创新:基于‘国家队’持股的研究”(71362004);中国博士后科学基金面上项目“政府差异化扶贫政策的‘社企’价值影响研究”(2021M702576);新疆维吾尔自治区研究生创新项目“国有资本投资、运营公司设立与控股企业创新”(XJ2021G096)。

摘　　要：组建国有资本投资公司和国有资本运营公司是时下国有资产管理体制改革的重要任务。在加快推进国有企业打造原创技术策源地与激发企业创新动能的时代背景下,其能否促进控股国有企业创新,不仅关乎国有企业的做强做优做大,更影响着经济的高质量发展。基于2008—2019年沪深A股国有上市公司的研究样本发现,“两类公司”的设立显著促进了控股国有企业的创新产出,考虑内生性问题的系列稳健性检验结果均支持了前述结论。机制检验的结果显示,“两类公司”的设立强化了对控股国有企业的监督治理水平,减少了政府对控股国有企业的管制干预,以及增强了控股国有企业的自主经营权。拓展性分析的结果表明,“两类公司”控股国有企业的时间越长,控制链条越短,组建为国有资本投资公司(而非运营公司)、通过改组(而非新建)设立以及控股国有企业的混合所有制改革程度越高时,“两类公司”设立对创新的促进效应更为凸显。纵深检验的结果亦发现,“两类公司”的设立在提高控股国有企业创新投入产出效率的同时,也增加了创新产出的市场价值。本文的研究结论为加快推进国资改革及不断提升国有企业在创新中的主体地位等方面提供了相应的经验借鉴与政策启示。To establish the state-owned assets management system in line with the socialist market economy with Chinese characteristics is not only related to the strength of SOEs,but also affects the high-quality development of the economy.Recently,the government proposes a pilot program to strengthen the supervision of SOEs mainly through establishing state-owned capital investment and operation companies(hereafter refers to SOCIOCs).However,extant studies mainly focus on the narrative analysis of the consequence of SOCIOCs,we have little know about whether the establishment of SOCIOCs can simulating innovation of SOEs under the era of innovation-driven development strategy.This study tries to explore whether and how the SOCIOCs affect the innovation of SOEs.Based on the samples of state-owned listed companies in China from 2008 to 2019,this study reveals the impact of SOCIOCs establishment on the SOEs’ innovation and its mechanism by employing the differential-in-difference model(DID) design.The results show that establishment of the SOCIOCs significantly promotes the innovation output of SOEs under its control.The main results are even robust after a battery of robustness tests that considering the endogeneity.The mechanism analysis finds that the establishment of the SOCIOCs strengthens the supervision(reducing agency costs of managers) and weakens the government’s intervention of SOEs.Further studies show that the promote effect of SOCIOCs on innovation are more pronounced when the longer SOCIOC control,the pyramid hierarchy is shorter,and established as state-owned capital investing companies(rather than operating companies),through reorganization(rather than new establishment) and the sample with higher degree of mixed reform of subsidiary SOEs.Finally,the establishment of the SOCIOC not only improves the input-output efficiency of innovation,but also increases the value of innovation.The above conclusions provide relevant practice and policy implications for accelerating the reform of state-owned assets managem

关 键 词：国资改革 国有企业 创新产出 国有资本投资公司 国有资本运营公司 

分 类 号：F234.4[经济管理—会计学]