国有企业“轻装上阵”是否有助于提高创新水平?——基于“三供一业”改革的准自然实验  

Will Unloading Burden in State-owned Enterprises Improve Innovation?A Quasi-natural Experiment Based on the Reform of"Heating,Power,Water and Estate"

作　　者：袁淳[1] 崔怀谷 YUAN Chun;CUI Huai-gu

机构地区：[1]中央财经大学会计学院

出　　处：《改革》2023年第4期111-127,共17页Reform

基　　金：国家自然科学基金面上项目“地区司法水平与企业关系资本的互动特征及效率后果——来自巡回法庭设立的证据”(72272169);国家自然科学基金面上项目“区域文化差异与异地投资:动因、特征与经济后果”(71872199);北京市社会科学基金项目“京津冀一体化与企业高质量发展”(20JJB015)。

摘　　要：以国有企业分离“三供一业”社会职能为准自然实验,实证检验国有企业分离“办社会”职能对企业创新的影响。研究结果发现:通过分离“三供一业”社会职能,国有企业的创新水平得到显著提高;机制分析发现,分离“三供一业”社会职能通过更多的研发资金投入和更多的研发创新人员以及更高的薪酬契约有效性和更低的代理成本进而提高企业创新水平;异质性分析发现,分离“三供一业”社会职能对企业创新的影响在企业规模较大、分析师关注度较高、劳动密集型行业以及欠发达地区更强;进一步的经济后果检验表明,分离“三供一业”社会职能通过提高企业创新水平,进而提高国有企业的盈利能力和生产效率。By using removing the"Heating,Power,Water and Estate"from SOEs as a quasi-natural experiment,this paper empirically tests the impact of removing enterprise-run society from SOEs on innovation.The results found that:after removing the"Heating,Power,Water and Estate",the innovation output of SOEs has been significantly improved,and it has economic significance;mechanism analyses found that removing the"Heating,Power,Water and Estate"helps increase the input of innovation resources and clarify responsibility of management,which means more R&D investment,more R&D personnel,lower agency costs and higher effectiveness of salary contract;cross-sectional tests found that the impact of removing the"Heating,Power,Water and Estate"on innovation is stronger when the firms are larger,have more analysts following,are in labor-intensive industries and in less developed areas;economic consequences test shows that removing the"Heating,Power,Water and Estate"can help improve the profitability and production efficiency of SOEs.

关 键 词：国有企业 企业办社会 “三供一业”改革 企业创新 

分 类 号：F276.1[经济管理—企业管理]