非国有股东治理、参与方式与国有企业创新

Non-State Shareholders’Governance,Participation Method and Innovation of SOEs

随着中国国有企业混合所有制改革的不断深入,非国有股东治理及其参与方式发挥愈发重要的作用。研究以2008-2020年沪深主板国有上市公司为样本,分别从股权治理、高层治理和委员会治理三个层面实证检验了非国有股东参与方式对国有企业创新的影响。研究发现,在股权治理层面,非国有股东对国有企业创新能力的提升作用有限;但在更深层次的高层治理和委员会治理层面,非国有股东可以有效提高国有企业的创新能力,委员会治理是非国有股东高层治理促进国有企业创新的路径。区分政府控制层级和混合所有制改革政策推进力度的进一步研究发现,非国有股东对创新能力的正面促进作用主要集中在地方国有企业和深化混合所有制改革后。研究不仅在理论层面上有助于厘清非国有股东参与国有企业内部治理的具体路径,而且在实践层面上对国有企业在深化改革过程中如何提升创新能力具有现实指导意义。

As China’s mixed-ownership reform progresses in State-Owned Enterprises(SOEs),the role of non-state shareholder governance and its methods of participation in SOEs have gained increasing prominence.Using samples of main-board stateowned listed firms in Shanghai and Shenzhen stock market from 2008 to 2020,this study empirically investigates the impact of non-state shareholders’participation methods on SOEs’innovation at three distinct levels:equity governance,top-level governance,and committee governance.The findings reveal that,while non-state shareholders exhibit limited influence on SOEs’innovation capability at the equity governance level,their involvement at the deeper levels of top-level governance and committee governance significantly enhances SOEs’innovation capability.Notably,committee governance acts as the primary pathway through which non-state shareholders’top-level governance fosters innovation in SOEs.Moreover,considering the degree of government control and the impetus of mixed-ownership reform policies,the positive effect of non-state shareholders on innovation capability is particularly pronounced in local SOEs and those undergoing deeper mixed-ownership reforms.This study not only clarifies the specific pathways through which non-state shareholders participate in the internal governance of SOEs at a theoretical level,but also offers practical insights for SOEs seeking to enhance their innovation capabilities amidst ongoing reform efforts.