新一轮混改下的国有企业投资与创新分析——基于自然实验的政策评估

Analysis on Investment and Innovation of State-owned Enterprises under the Mixed Ownership Reform:Policy Evaluation Based on Natural Experiment

2013年党的十八届三中全会提出要进一步发展混合所有制改革,以改善国有企业“控股股东国有性质”和“一股独大”等问题。本文以2008-2018年国有上市公司为研究对象,采用双重差分倾向得分匹配法(PSM-DID)分析新一轮混合所有制改革对国有企业投资效率和创新行为的政策影响。研究发现,新一轮混合所有制改革能够改善国有企业因满足于资源优势而导致的非效率投资,显著提高企业的投资效率;另外,国有企业的创新行为具有“时间效应”:国有企业近年来创新资本投入不断增大,在剔除“时间效应”后,新一轮混合所有制改革同样推动了国有企业的创新行为。混合所有制改革对投资效率的改善主要集中在东部地区和管制性行业,而对创新行为的促进效应在西部地区和管制性行业更为强烈。

Based on the state-owned listed enterprises from 2008-2018 in China,this paper uses PSM-DID method to analyze the policy impact of the new round of mixed ownership reform on the investment efficiency and corporate Innovation.The main conclusions of this paper are as follows:(1)Mixed ownership reform can improve the investment efficiency of state-owned enterprises,which is caused by resource advantages;(2)The innovation behavior of state-owned enterprises has"time effect":State-owned enterprises pay more and more attention to the innovation,and the capital investment in innovation is increasing in recent years;(3)The mixed ownership reform has"policy effect"on corporate innovation:The new round of mixed ownership reform can promote the innovation behavior of state-owned enterprises.