Fault Tolerance for Corporate Innovation:Evidence from the Reform of State-owned Enterprises  

作　　者：ZHUANG Qinqin LIN Ruixing LUO Weijie 

机构地区：[1]Institute of Quantitative&Technical Economics,Chinese Academy of Social Sciences,Beijing 100732,China [2]Said Business School,University of Oxford,Oxford,England,OX11HP,UK [3]Center for China Fiscal Development,Central University of Finance and Economics,Beijing 102206,China

出　　处：《Frontiers of Business Research in China》2023年第1期126-159,共34页中国高等学校学术文摘·工商管理研究（英文版）

基　　金：This paper is supported by the National Major Project Social Science Fund of China“Quality Governance System and Policy Research to Promote High-quality Development”(No.18ZDA079);Chinese Academy of Social Sciences’Innovation Engineering Project“Mechanism and Effect Evaluation of New-Era Growth Drive Transformation”(No.IQTE2020-01);China Academy of Social Sciences Youth Research Project“Research of Multi-level Capital Market Supporting Corporate innovation for High-Quality Development”(No.IQTE2019QNXM).This paper wins the third prize of Excellent Youth Economics Paper of Chinese Academy of Social Sciences(2022).

摘　　要：Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.

关 键 词：fault tolerance corporate innovation incentive mechanism stateowned enterprise reform quasi-natural experiment 

分 类 号：F273.1[经济管理—企业管理]