“逆向混改”与民营企业创新:资源优势与治理效应视角  

“Reverse Mixed Reform”and Private Enterprises Innovation:from the Perspective of Resource Advantage and Governance Effect

作　　者：陈应龙[1,2] 杨茜茗 CHEN Yinglong;YANG Ximing(School of Business,Hunan University of Science and Technology,Xiangtan 411201,China;Research Base of Strategic Emerging Industries in Hunan Province,Xiangtan 411201,China)

机构地区：[1]湖南科技大学商学院,湖南湘潭411201 [2]湖南省战略性新兴产业研究基地,湖南湘潭411201

出　　处：《湖南科技大学学报（社会科学版）》2024年第3期124-134,共11页Journal of Hunan University of Science and Technology(Social Science Edition)

基　　金：国家社会科学基金一般项目(20BGL004)。

摘　　要：基于2010—2021年中国沪深A股上市企业数据,实证检验了“逆向混改”对民营企业创新的影响机理。研究发现,“逆向混改”促进了民营企业创新,具体而言提升了民营企业创新投入、增加了创新产出、降低了创新风险,在进行一系列内生性及稳健性检验后,该结论仍然成立;作用机制检验表明,“逆向混改”能产生资源优势效应降低民营企业的债务融资成本、扩大商业信用规模,同时产生治理效应缓解股东与债权人间的代理问题。“逆向混改”对民营企业创新的影响机理能为我国全面推进混合所有制改革提供新的理论支撑和实证依据。Based on the data of Chinese A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2021,this paper empirically examines the impact mechanism of“reverse mixed reform”on private enterprises'innovation.The study found that the“reverse mixed reform”promotes innovation in private enterprises,specifically by increasing the amount of innovation input,increasing innovation output,and reducing innovation risk.After a series of endogeneity and robustness tests,the conclusion still holds.The mechanism test shows that the“reverse mixed reform”can generate a resource advantage effect that reduces the risk of private enterprises.The test of the mechanism shows that“reverse mixed reform”can generate a resource advantage effect to reduce the cost of debt financing of private enterprises and expand commercial credit,and also exerts governance effects to alleviate the agency problem between shareholders and creditors.The beneficial exploration of innovation in private enterprises has also provided new theoretical support and empirical basis for the comprehensive promotion of mixed ownership reform in China.

关 键 词：民营企业 逆向混改 企业创新 混合所有制改革 

分 类 号：F270[经济管理—企业管理]