非国有股东治理与国有企业高质量创新——基于政府行政效率视角的再审视  

Non-state Shareholders’Governance,and High-quality Innovation of State-owned Enterprises-A Re-examination Based on the Perspective of Government Administrative Efficiency

作　　者：马新啸 汤泰劼 MA Xinxiao;TANG Taijie(Management College/China Business Working CapitalManagement Research Center,Ocean University of China,Qingdao 266100,China;School of Business,Nanjing University,Nanjing 210093,China)

机构地区：[1]中国海洋大学管理学院/中国企业营运资金管理研究中心,山东青岛266100 [2]南京大学商学院,江苏南京210093

出　　处：《当代经济科学》2024年第2期132-144,共13页Modern Economic Science

基　　金：“泰山学者”工程专项经费资助项目(tsqn202306100);中国博士后科学基金面上资助项目“产权权利束分割提升国有企业核心竞争力的效果与机理研究”(2023M733331);国家自然科学基金项目“国有企业与民营资本组建混合战略联盟的动因、效果及作用机理研究”(72302224)。

摘　　要：让市场在资源配置中起决定性作用和更好发挥政府作用,是全面建设社会主义现代化国家的关键路径。如何有效改善国有企业的创新活动成为新时代做强做优做大国有企业的重要内容。以行政审批中心设立测度高水平行政效率,深入研究非国有股东派出董事参与治理对国有企业创新的影响,结果发现:非国有股东治理能够提高国有企业的创新质量,但这仅在国有企业所在地的政府行政效率较高时才明显存在,而在行政效率较低时缺乏相应效果。进一步研究表明,非国有股东治理能够改善国有企业对科技型人才的激励形式,促使其引进具有较强研发能力的高学历人才,最终对国有企业的市场价值和生产能力产生积极影响。因此,较高水平的行政效率是非国有股东提升国有企业创新质量的前提条件,党和国家在深化国有企业混合所有制改革、推动非国有股东参与国有企业治理时,更需要在行政效率等营商环境上配套优化,确保非国有股东切实发挥积极作用。In recent years, in the context of the new era of economic structural transformation and upgrading, how to effectively improve the independent innovation capabilities of state-owned enterprises (SOEs) has become a topic of common concern in academic research and social practice. However, regarding the influencing factors of corporate innovation, the existing literature mainly focuses on the external institutional environment and internal governance characteristics, which not only ignores the positive impact of board governance on SOEs’ innovation under the heterogeneity of property rights, but also fails to pay enough attention to the important role of government efficiency in the governance of SOEs.This paper conducts an in-depth research of the impact of non-state shareholders’ appointing directors to participate in governance on the innovation of SOEs by manually collecting and checking the data on the nature, relationships, shareholdings and appointing directors of the top ten shareholders disclosed in the annual reports of state-owned listed companies. It finds that non-state shareholders’ governance can improve the quality of SOEs’ innovations, but that only exists when the government administrative efficiency is high, and there is no corresponding effect when the administrative efficiency of the government is low. Further research finds that non-state shareholders’ governance can improve the SOEs’ incentive forms for scientific and technological talents and promote SOEs to introduce more highly educated talents with research and development capabilities. And the market value and production capacity of SOEs with optimized innovation characteristics have been significantly improved. This paper has the following two academic contributions. First, different from traditional literature that only examines the role of mixed ownership on SOEs’ innovation from an internal perspective, when researching the impact of non-state shareholders’ governance on SOEs’ innovation, this paper for the first ti

关 键 词：国有企业 创新质量 政府行政效率 国企治理 非国有股东治理 

分 类 号：F276.1[经济管理—企业管理] F273.1[经济管理—国民经济] D630[政治法律—政治学]