超额雇员与实质性创新——基于国企混改的分析  

Excess Employees and Substantial Innovation:Based on the Mixed Reform of State-Owned Enterprises

作　　者：牛彪 王建新[2] NIU Biao;WANG Jian-xin(Chinese Academy of Fiscal Sciences,Beijing 100142,China;Guanghua School of Management,Peking University,Beijing 100871,China)

机构地区：[1]中国财政科学研究院,北京100142 [2]中国财政科学研究院(北京大学光华管理学院),北京100142

出　　处：《经济体制改革》2022年第5期121-128,共8页Reform of Economic System

摘　　要：基于沪深国有上市企业2011~2020年数据,考察国企混改背景下超额雇员对企业实质性创新的影响,研究结果表明:超额雇员抑制企业实质性创新,这种作用通过提高劳动力成本和代理成本、降低投资业绩敏感性予以实现。进一步分析发现,超额雇员对企业实质性创新的抑制作用在主业经营业绩风险高、行业竞争程度低和国有股权比例高的企业中以及高失业率地区的企业中更加显著。因此,深化国企混合所有制改革应重视政策性负担问题,做强做优主业实业,推进高水平科技自立自强。Based on the data of state-owned listed enterprises in Shanghai and Shenzhen from 2011 to 2020, this paper examines the impact of excess employees on enterprises’ substantive innovation under the background of mixed reform. The results show that the excess employees inhibit the substantial innovation of enterprises, and this effect is realized by raising labor cost and agency cost and reducing the sensitivity of investment performance. Further analysis shows that the inhibiting effect of excess employees on enterprise substantive innovation is more significant in enterprises with high risk of main business performance, low level of industry competition and high proportion of state-owned equity, and more significant in enterprises with high unemployment rate. Therefore, in deepening the mixed reform of state-owned enterprises, we should pay attention to the policy burden, focus on strengthening and optimizing the main industries, and promote the self-reliance and self-improvement of high-level science and technology.

关 键 词：混合所有制改革 超额雇员 实质性创新 政策性负担 

分 类 号：F253.7[经济管理—国民经济]