逆向混改助力民企创新——国有资本参股对民营企业双元创新投入的影响研究  

Reverse Mixed-Ownership Reform Promotes Private-Owned Enterprises’Innovation-The Effect of State-Owned Capital Participation on Ambidextrous Innovation Investment in Private Enterprises

作　　者：徐向艺[1] 张天宇 方政[1] Xu Xiangyi;Zhang Tianyu;Fang Zheng(School of Management,Shandong University,Jinan 250100,P.R.China)

机构地区：[1]山东大学管理学院,济南250100

出　　处：《山东大学学报（哲学社会科学版）》2024年第2期117-129,共13页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：山东省社科规划研究项目“数字技术嵌入视角下山东省上市公司中小股东积极主义治理机制研究”(23BGLJ04);国家自然科学基金面上项目“金字塔结构下母子公司‘双向治理’形成机理与协同效应研究”(71872101)。

摘　　要：逆向混改有利于提高民营企业创新投入吗?以A股民营控股上市公司为样本考察国有资本参股的逆向混改对民营企业双元创新投入的影响后发现:首先,国有资本参股对于民营企业双元创新投入存在异质性影响,即能够显著提高民营企业开发式创新投入,而对探索式创新投入无明显作用(国企“两利一率”考核压力影响了国有资本参股对民营企业探索式创新投入的作用);其次,缓解融资约束与提高风险承担能力是上述关系的作用机制;再次,制度环境、行业竞争和技术董事数量等情境因素会影响国有资本参股对民营企业开发式创新投入的治理效果;最后,国有资本参股能够通过提高开发式创新投入的方式提高民营企业价值。通过揭示国有资本参股对民营企业双元创新投入的影响及其作用机理,回应了国有产权对民营企业创新作用的研究分歧,也拓宽了混合所有制改革思路。The mixed ownership reform is an important way to strengthen SOEs,stimulate the vitality of POEs,and achieve coordinated development of multiple ownership economies.Existing research has fully explored the important role of SOEs absorbing non-public capital in SOEs reform,but the impact of state-owned capital participating in POEs is still unclear.This paper takes private controlled listed companies in Shanghai and Shenzhen A-shares from 2007 to 2020 as samples to examine the impact of reverse mixed ownership reform of state-owned capital participation in POEs on their dual innovation investment.The main findings are as follows:Firstly,state-owned capital participation has a differentiated impact on the dual innovation investment of POEs,that is,it can significantly increase the investment in exploitative innovation investment,while it has no significant effect on exploratory innovation investment.The reason is that the pressure of“Two Interests and One Rate”on SOEs affects the governance effect of state-owned capital participation on their exploration innovation investment.Secondly,alleviating financing constraints and improving risk bearing capacity are important mechanisms for state-owned capital participation to increase dual innovation investment in POEs(the positive effect on exploratory innovation investment is mainly reflected in POEs with lower assessment pressure).Thirdly,the Heterogeneity analysis found that state-owned capital participation has a stronger impact on the exploitative innovation investment of POEs under the conditions of imperfect institutional environment,higher industry competition,and higher proportion of technical directors.Fourthly,state-owned capital participation can enhance the value of POEs by increasing their investment in exploitative innovation investment.This paper has the following practical significance:SOEs and state-owned capital supervision departments should actively participate in POEs in accordance with the guiding principle of“participation when appropriate”

关 键 词：国有资本参股 逆向混改 双元创新投入 民营企业治理 

分 类 号：F273.1[经济管理—企业管理] F276.5[经济管理—国民经济]