国企民营化改制会影响企业创新吗?——来自渐进双重差分模型的经验证据

SOE Privatization and Firm Innovation:A Generalized DID Approach

本文使用2002年至2016年间A股非金融类国有上市公司数据,并结合渐进双重差分模型(Generalized DID),从创新能力视角考察国企民营化改制的影响及其作用机制。研究发现,相比于一直保持国有性质的企业,进行民营化改制的国企具有更低的研发投入和更少的专利申请,表明国企民营化改制降低了企业的创新水平。进一步分析发现,国企民营化改制通过降低企业获得的政府研发补贴以及强化经理人短视效应两个机制影响企业创新。本文研究对于全面理解国企民营化改制的运营效率,以及政府如何推进混合所有制改革具有重要的理论和现实意义。

Utilizing a generalized Difference in Difference model(Generalized DID),this paper investigates the effect of privatization of state owned enterprises(SOE)on firm innovation and its underlying mechanisms.The study shows that a decrease is observed in the R&D expenses and in the number of applications for invention patents in privatized firms,indicating that the privatization of state owned enterprises reduces firm innovation input and output.Further analysis reveals two possible underlying mechanisms,by which privatization affects innovation negatively,i.e.privatized firms receive less innovation subsidy from the government and they exhibit a higher CEO turnover performance sensitivity.The conclusions of this study not only help to comprehensively understand and evaluate the effectiveness of the privatization of SOEs,but also provide empirical evidence for the government to promote the healthy development of an economy with various forms of ownership working together.