政策性负担、战略变革与国有企业创新:作用机制与实证检验  

Policy Burden, Strategic Change and SOE Innovation:Mechanism and Empirical Test

作　　者：陈安惠 刘庆丰 李慧 Chen An-hui;Liu Qing-feng;Li Hui(China Railway Development and Investment Group Co.,Ltd.,Kunming 650504,China)

机构地区：[1]中铁开发投资集团有限公司,昆明650504

出　　处：《云南财经大学学报》2023年第6期77-93,共17页Journal of Yunnan University of Finance and Economics

摘　　要：以2010—2020年沪深A股上市国有企业为研究样本,检验政策性负担对国有企业创新的影响效应及其作用机制。检验表明,政策性负担与国有企业创新呈负向关系,这一结果经过滞后一期控制变量、剔除2015年数据、更换时间窗口和变换模型等一系列稳健性检验后依然成立。结果说明,政策性负担对国有企业创新的抑制效应存在国企级别的选择效应,即政策性负担能够显著抑制地方国有企业创新水平,对中央国有企业创新的抑制作用并不明显。同时,企业战略变革是政策性负担到国有企业创新的一条传导路径,即政策性负担降低了企业战略变革,进而使得国有企业创新水平显著下降。进一步研究表明,通过优化高管教育背景、职能背景和海外背景,能够通过增强战略变革意愿,进而抑制政策性负担对国有企业创新的负面影响。This paper takes the A-share listed state-owned enterprises in Shanghai and Shenzhen stock markets from 2010 to 2020 as research samples to test the impact and mechanism of policy burden on state-owned enterprise innovation.The test shows that policy burden has a negative relationship with the innovation of state-owned enterprises,and the above results still hold after a series of robustness tests,such as lagging the control variables for one period,removing the data of 2015,changing the time window and changing the model.The results show that the inhibitory effect of policy burden on state-owned enterprise innovation has a selection effect at the state-owned enterprise level,that is,policy burden can significantly inhibit the innovation level of local state-owned enterprises,but the inhibitory effect on central state-owned enterprise innovation is not obvious.At the same time,corporate strategic change is a transmission path from policy burden to state-owned enterprise innovation,that is,policy burden reduces corporate strategic change,which in turn leads to a significant decline in the innovation level of state-owned enterprises.Further research shows that by optimizing the educational background,functional background and overseas background of senior executives,the negative impact of policy burden on state-owned enterprise innovation can be suppressed by enhancing the willingness of strategic change.

关 键 词：政策性负担 战略变革 国有企业创新 高管特征 

分 类 号：F272.1[经济管理—企业管理]