民营股东委派董事与国有企业创新战略  

Directors Appointed by Private Shareholders and Inno-vation Strategy of State-owned Enterprises

作　　者：王艳[1,2,3] 代嵘 王起健 谢云浪 Wang Yan;Dai Rong;Wang Qijian;Xie Yunang(School of Accounting,Guangdong University of Foreign Studies;School of Economics and Trade,Guangdong University of Foreign Studies;Guangdong-Hong Kong-Macao Greater Bay Area Accounting and Economic Development Research Center;Research Institute of National Security,Guangdong University of Foreign Studies)

机构地区：[1]广东外语外贸大学国家安全研究院 [2]广东外语外贸大学会计学院 [3]广东外语外贸大学粤港澳大湾区会计与经济发展研究中心 [4]广东外语外贸大学经济贸易学院

出　　处：《南开管理评论》2024年第9期127-138,共12页Nankai Business Review

基　　金：国家社会科学基金重大项目(21ZDA039);国家自然科学基金项目(72002228);广州市社科规划领导小组、黄埔区宣传部2024年重点课题“广州开发区人工智能赋能工业应用场景策略研究”(2024Z5)资助。

摘　　要：本文从“进入权”的角度对民营股东委派的董事“赋权”来考察国有企业“混股权”市场化改革成效的局限,以2007-2021年沪深A股国有上市公司作为研究对象,检验民营股东委派董事对国有企业创新发展战略的效应。研究发现:(1)民营股东委派董事对国有企业的内部研发投入有显著正向影响,对外部技术并购则无明显影响。(2)在地方国企、国有民营技术融合程度较高、实质创新水平较低的国有企业中,民营股东委派董事对自主创新的促进作用更为明显。(3)民营股东委派董事主要通过发挥监督职能、战略决策职能和资源供给职能对国有企业创新发展战略产生影响。研究结论表明,国有企业的市场机制改革并非一味地向民营股东增资扩股,民营股东根据持股比例履行“进入权”权力委派董事,才是国有企业市场机制改革中以“混股权”促“改机制”的“题中之义”。With the continuous development of Chinese economic market,private enterprises have increasingly played a pivotal role in the national economy.To better facilitate the integrated development of state-owned enterprises(SOEs)and private enterprises,optimize the governance structure of SOEs,and enhance their operational efficiency,the government has promoted mixed-ownership reforms.Based on this background,private shareholders have entered stateowned enterprises through investment and have obtained the right to appoint directors to SOEs.This practice aims to enrich corporate governance structures by introducing diversified shareholder entities,thereby improving decision-making efficiency and competitiveness of the companies.Innovation is the core of a nation’s progress and the driving force behind a country’s prosperity and development.The report of the 20th National Congress of the Communist Party of China proposed to accelerate the implementation of the innovation-driven development strategy,oriented by national strategic needs,to concentrate efforts on original and leading scientific and technological research,and to enhance independent innovation capabilities.The state-owned economy,as the main body of China’s independent innovation and an indispensable important part of the national innovation system,is an important force for China to achieve innovation-driven development and improve indepen-dent innovation.As a crucial component of the state-owned economy,SOEs must achieve breakthroughs in innovation capabilities to become globally competitive and influential enterprises.There are two primary sources of enterprise innovation capability:internal R&D investment and external technology mergers and acquisitions(M&A).Enterprises face high risks and time-consuming challenges when relying solely on internal R&D,whereas external technology M&A enables them to acquire the target company’s technological expertise within a shorter timeframe.Consequently,many technology M&A activities motivated by acquiring the ta

关 键 词：国有企业 自主创新 民营股东委派董事 民营股东持股 公司治理 

分 类 号：F273.1[经济管理—企业管理] F271[经济管理—国民经济] F276.1