民营企业与国有资本合作对创新水平的影响

The Influence of Cooperation between Private Enterprises and State-owned Capital on the Level of Innovation

民营企业与国有资本合作能够降低民营企业的融资成本,更易于争取到由政府主导分配的资源,如补贴和税收优惠等。但是如果政府希望通过合作实现政策目标,将有可能扭曲民营企业的经营目标,降低民营企业的经营绩效,抑制民营企业的创新活动。国有资本能够显著提升民营企业的创新水平,体现为合作程度越高,民营企业创新投入和创新产出增加越多,创新效率提升越显著;在行政壁垒高的地区,民营企业创新水平提升更明显;在产权保护力度越差的地区,民营企业的创新产出和创新效率改善越显著,但是创新投入并无显著增加。

The cooperation between private enterprises and state-owned capital can reduce the financing cost of private enterprises,and it is easier for private enterprises to obtain resources led by the government,such as subsidies and tax incentives.However,if the government hopes to achieve policy goals through cooperation,the business goals of enterprises will be distorted,the operating performance will be reduced,and the innovation activities will be inhibited.State-owned capital can significantly improve the innovation level of private enterprises.The higher the degree of cooperation is,the more innovation input and innovation output is,and the more significant the improvement of innovation efficiency is.The improvement of innovation level is more obvious in regions where the administrative barrier is higher.Innovation output and innovation efficiency have improved significantly in regions where the protection of property rights is worse,and innovation input has not increased significantly.