分类改革、政府权力下放与国有企业创新投入  

Classification Reform,Government Decentralization,and Innovation Inputs of State-Owned Enterprises

作　　者：王彩萍 姜彦君[2] 丁浩珂 Wang Caiping;Jiang Yanjun;Ding Haoke

机构地区：[1]中山大学国际金融学院,广东省广州市510275 [2]中山大学高级金融研究院,广东省广州市510275

出　　处：《南方经济》2024年第4期35-53,共19页South China Journal of Economics

基　　金：国家自然科学基金重点项目“国有资本并购重组理论、机制与模式研究”(72132010);国家自然科学基金青年项目“国有资本参股对民营企业创新的影响:基于创新风险缓释视角”(72302093);国家自然科学基金青年项目“资本市场监管创新对企业并购绩效的影响及其作用机制”(72302124);广东省自然科学基金项目“混合所有制改革对国有企业创新的影响研究”(2022A1515010784)资助。

摘　　要：分类改革是深化国有企业改革的重要方向,如何通过分类改革提升国有企业活力是进一步深化改革的核心问题之一。文章以《关于国有企业功能界定与分类的指导意见》这一政策冲击为准自然实验,分析了以政府权力下放为主要特征的分类改革对国有企业创新投入的影响及作用机制。研究发现,(1)分类改革从总体上促进了商业类国有企业的创新投入,相比特定功能类国有企业,分类改革的实施对竞争类国有企业的创新投入积极影响更强,这一结果经过一系列敏感性测试和内生性检验后依然稳健。(2)机制检验发现,从创新意愿维度看,分类改革实施通过强化股权治理以及高层治理等方式有效促进了竞争类国有企业创新投入水平的提升。从创新资源维度看,分类改革实施并未在短期内有效促使特定功能类和竞争类国有企业在政策性负担减轻方面产生明显差异,但从长期来看,竞争类国有企业税收负担显著减轻,并带来其创新资源投入的有效增加。(3)异质性研究发现,分类改革对两类国有企业创新投入差异的作用在市场化水平更高的地区或市场竞争更激烈的行业更显著,从而进一步论证了政府放权意愿对分类改革成效具有的重要影响。In advancing the reform of state-owned enterprises,classification reform is vital for enhancing their operational vi-tality.Improving the innovation level of state-owned enterprises through this reform is also a crucial aspect.This paper ana-lyzes the existing problems in the classification reform of state-owned enterprises and proposes corresponding solutions.It aims to investigate whether implementing classification reform can stimulate innovation investments in state-owned enter-prises and identify the associated influence channels.These inquiries are of significant practical importance.The paper ad-dresses these questions,expands the research scope on classification reform and innovation in state-owned enterprises,and offers insights into how classification reform can better facilitate the high-quality development of state-owned enterprises.This paper focuses on China's A-share state-owned listed companies from 2013 to 2021,mainly commercial stateowned listed companies directly influenced by classification reform.These companies are categorized into specific function and competition categories to investigate the impact of reform on their innovation investments.The findings indicate that(1)classification reform has stimulated innovation investments in commercial SOEs,with a more pronounced effect on those with competitive functions.(2)Mechanism testing reveals that classification reform enhances the market orientation of competi-tive SOEs'governance,fostering innovation investments through equity and high-level governance channels.(3)Further analysis demonstrates that in regions with higher marketization or industries with more intense competition,classification re-form exerts a more substantial influence on the innovation investments of competitive SOEs.This suggests that as marketiza-tion and competition intensify,the government is more inclined to delegate power to SOEs,thus bolstering the effective imple-mentation of classification reform.This study offers several potential contributions.Firstly,it extends

关 键 词：企业创新投入 分类改革 公司治理 政策性负担 政府放权 

分 类 号：F276[经济管理—企业管理]