国有参股股东能够促进企业创新吗

Do State Non-controlling Shareholders in Private Firms Promote Corporate Innovation

在中国鼓励发展非公有资本控股的混合所有制企业背景下,以2008-2017年民营上市公司为样本,手工搜集前十大股东性质和持股比例数据,研究国有参股股东对企业创新的影响。实证发现,国有参股股东能够促进民营企业创新,并且国有参股股东与民企高管政治关联对企业创新的影响具有一定的替代效应。机制检验证实,缓解企业融资约束、提升企业创新意愿是两条主要的渠道机制。研究结果表明,民资、国资混合参股的股权结构能够取长补短、相互促进、共同发展,有助于澄清“国进民退”的争议,对进一步深化混合所有制改革具有重要政策意义。

Based on the sample of private listed companies from 2008 to 2017,this paper studies the impact of state non-controlling shareholders on corporate innovation by manually collecting information on the nature and shareholding ratio of the top ten shareholders in annual report.The empirical results show that,state non-controlling shareholders in private firms have a significantly positive effect on the corporate innovation,and there are some extent substitution effects in promoting corporate innovation between state non-controlling shareholders in private firms and executive political connection.Mechanism analysis shows that easing corporate financing constraints and strengthening innovation intention are the two main channel mechanisms.The results show that mixed ownership is beneficial for both SOEs and private firms.The findings are helpful to clarify the controversy of"guojinmintui",and have practical implications for the ongoing“mix-ownership reform”in China.