多个“国家队股东”与企业技术创新——基于准财政政策视角  

Multiple‘National Team Shareholders’With Enterprise Technological Innovation:Based on a Quasi-Fiscal Policy Perspective

作　　者：唐大鹏 王凌 江琳 TANG Da-Peng;WANG Ling;JIANG Lin(School of Accounting/China Internal Control Research Center,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,辽宁大连116025

出　　处：《财经问题研究》2023年第1期85-96,共12页Research On Financial and Economic Issues

基　　金：国家自然科学基金青年项目“差异模式下社保基金市场化投资研究:风险测度方法与风险控制机制”(71602022);国家社会科学基金一般项目“基于政府公信力视角的公共养老保险基金投资绩效评价及相关信息披露研究”(18BG1062);辽宁省教育厅科学研究经费一般项目“公共教育投资、高等教育公共品配置与企业技术创新”(LJKR0450)。

摘　　要：多个“国家队股东”的结构安排可以稳定企业预期,激励创新资源高质量配置。基于此,本文使用2006—2019年中国A股上市企业数据,检验多个“国家队股东”,即多个社保基金投资组合持股对企业技术创新的影响。研究发现,多个“国家队股东”能够促进企业技术创新,其与财政政策呈现出协同作用,具有准财政政策效应;机制检验证明,这种效应是通过加大人力资本投入和研发资本投入作为中介路径来实现的;此外,研究还发现投资模式、投资持股比例的差异均会产生异质性影响。本文对社保基金优化投资管理人绩效目标、实现准财政政策与财政政策的协同作用具有政策价值,对企业抢抓政策红利以实现高质量发展具有参考价值。The structure arrangement of multiple‘National Team Shareholders’can stabilize enterprise expectations and encourage high-quality allocation of innovative resources.Based on the data of Chinese A-share listed enterprises from 2006 to 2019,this paper examines the impact of multiple‘national team shareholders’,namely multiple portfolios of social security fund,on enterprise technological innovation.This paper finds that multiple‘National Team Shareholders’can promote enterprise technological innovation.It has synergistic effect with fiscal policy,which indicates that it has quasi-fiscal policy effect.Mechanism test shows that this effect is realized through increasing human capital input and R&D capital input as the intermediary path.In addition,this paper also finds that the difference of both investment pattern and shareholding ratio have heterogeneous effects.This paper has policy value for social security fund to optimize the performance objectives of investment managers and achieve close coordination between quasi-fiscal policy and fiscal policy,and has reference value for helping enterprises to seize the policy dividends and achieve high-quality development.

关 键 词：企业技术创新 多个“国家队股东” 社保基金投资 准财政政策 创新资源高质量配置 

分 类 号：F272[经济管理—企业管理]