企业产权结构、纵向一体化与创新绩效

Property Right Structure,Vertical Integration and Innovation Performance

在创新驱动发展战略下,结合国有企业的混合所有制改革,研究不同产权结构下最优的纵向一体化模式可以提高纵向调整政策的政策效率。与完全分离时相比,本文发现下游混合所有制企业完全一体化能够提高企业的研发支出水平;在部分一体化下,只有当混合所有制企业中的非国有产权比重较高时,一体化企业的研发支出才会上升。对最优一体化模式的分析显示,无论是以产业内的研发总支出还是社会总福利为衡量标准,当混合所有制企业中的国有产权比重较低时,完全一体化为最优结果;而当混合所有制企业中的国有产权比重较高时,部分一体化为最优模式。

Under the background of the innovation-driven development strategy,this paper analyses the optimal vertical integration model under different property rights structures along with the mixed ownership reform Compared with the result of complete separation, it is found that the mixed ownership firms implementing integration can increase the R＆D expenditure. If some of e mixed ownership enterprises implement integration, only if the proportion of non-state-owned property rights in the mixed ownership enterporises is higher enough, the R＆D expenditure of integrated enterprises will rise. The analysis about the optimal vertical integration model shows, taking the industry R＆D expenditures or social welfare as the standard,when the proportion of state-owned property rights in mixed ownership enterprises is low, complete integration is the optimal result;and when the proportion of state- owned property rights in mixed ownership enterprises is high enough, partial integration is the best form.