国有股权能够推动民营企业的技术创新吗?——来自中国上市公司的经验证据  

Can State Ownership Promote the Technological Innovation of Private Enterprises?Empirical Evidence from Chinese Listed Companies

作　　者：余汉 宋慈笈 宋增基[2] Yu Han;Song Ciji;Song Zengji

机构地区：[1]西南大学经济管理学院,重庆400715 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《复印报刊资料（社会主义经济理论与实践）》2022年第3期82-94,共13页THE SOCIALIST ECONOMY:THEORY AND PRACTICE

基　　金：国家社会科学基金项目“国有企业党委参与公司治理的理论与实证研究”(19CDJ007);中央高校基本科研业务费专项资金资助项目“国有股权作为政治资本对民营企业经济行为影响的机制研究”(SWU2109541)。

摘　　要：民营企业含有的国有股权所起的作用一直是公司治理研究的焦点问题。在当前国家大力推动发展混合所有制改革的背景下,文章将我国民营企业中含有的国有股权视为一种重要的创新资源提供者与组织者,使用2012-2019年A股民营控股上市公司的数据,实证研究了国有股权对企业技术创新的影响。研究发现:国有股权能够有效促进民营企业的技术创新,其机理在于,国有股权加强了企业的创新意愿,同时增加了企业用于创新研发的资源。当考虑企业所处城市的政策风险及营商环境时,国有股权可在很大程度上降低政策不确定性对民营企业创新活动产生的冲击。当企业处于营商环境较好的城市时,国有股权对民营企业创新活动有着显著的正向影响。在区分国有股权的特征后,国有股权作为战略投资者对民营企业技术创新的促进作用表现得更为显著。这一研究为国家有关部门制定民营企业发展政策提供了参考依据。The innovation ability of micro-level enterprises is the core driving force to maintain the national competitive advantage and promote the development of the macro economy.In the current period of economic transformation and upgrading,although the innovation efficiency and ability of private enterprises are better than those of state-owned enterprises,their technological innovation has the characteristics of large investment amount,high risk of failure and long R&D cycle.Therefore,private enterprises need to invest a lot of human and financial resources for a long time,but they generally lack sufficient resources to ensure the sustainable development of their innovation activities.In addition,due to the long-standing ownership discrimination,compared with state—owned enterprises,private enterprises are in a weak position in both property right protection and resource acquisition.In order to make up for the unfavorable situation in the market competition,private enterprises have to adopt some alternative mechanisms to improve their competitiveness.At present,the common view of scholars is that private enterprises can bring many benefits by actively establishing political relations with the government.The role of state ownership in private enterprises has always been the focus of corporate governance research.Under the current background that China is vigorously promoting the development of mixed ownership reforms,this paper regards the state ownership contained in private enterprises as an important innovative resource provider and organizer.Using the data of A-share private listed companies from 2012 to 2019,we empirically study the impact of state ownership on the technological innovation of enterprises.The study finds that state ownership can effectively promote the innovation activities of private enterprises.The mechanism is that state ownership can effectively stimulate enterprise investment in innovation,and also provide resource support for enterprises by providing financial subsidies and attracting more

关 键 词：国有股权 企业技术创新 政策不确定性 营商环境 

分 类 号：F832.51[经济管理—金融学] F276.5F273.1