混合所有制股权结构为何没能提升企业创新能力?——基于山东省上市公司的数据

Why did Mixed Ownership Structure Fail to Promote the Companies' Innovation:Based on the Public Companies' Data of Shandong Province

为探究混合所有制股权结构与企业创新能力之间的关系,以山东省2006-2015年46家上市公司为研究对象,统计发现有研发投入记录的企业仅占35%,研发投入的普遍性严重偏低。股权集中度、国有股权占比、非国有股权占比均呈现下降趋势,而各企业平均研发强度仅呈现轻微上升趋势。运用随机变量Tobit模型的计量分析表明,研发强度不仅与股权集中度显著负相关,而且也与三种股权构成成分显著负相关。而且,企业的全要素生产率(TFP)均值为0.996,也就是说创新能力下降了。研发投入低、创新人才激励不足导致混合所有制股权结构没能促进企业创新。

In order to explore the relationship between mixed ownership reform and the innovation ability of enterprises,this paper made statistics of 46 mixed ownership public companies of Shandong province from the year of 2006 to 2015 and found only 35%of enterprises had research input,which was obviously underrepresented.The equity concentration,state-owned shares and even non-state equity all presented downtrend while the average intensity of research gave a little uptrend.The quantitative analysis of the random variable Tobit model presented that the intensity of R&D had significantly negative correlation not only with equity concentration degree but also with the three kinds of equity components.What’s more,the average TFP of those enterprises was 0.996 which said that the innovation ability declined.Mixed ownership structure has not promoted the innovation of enterprises for the low research input and insufficient incentive for innovative talents.