机构投资者参与竞争性国企混改对企业创新的影响

The Impact of Institutional Investors'Participation in the Mixed-Ownership Reform of Competitive State-Owned Enterprises on Corporate Innovation

在分类推行混合所有制改革背景下,利用中国A股2014—2016年进行混合所有制改革的竞争性国有企业数据,采用混合OLS回归模型进行实证检验,探讨机构投资者参与竞争性国有企业混合所有制改革如何影响企业创新及其作用机制。研究发现:机构投资者参与竞争性国有企业混合所有制改革能显著促进企业创新,用工具变量法控制内生性问题后结论依然成立。进一步研究发现:机构投资者持股对中央竞争性国有企业和市场化进程高地区的竞争性国有企业的创新促进作用更强,对市场化进程低地区的竞争性国有企业的创新促进效果不明显,而对地方竞争性国有企业的创新活动则表现了一定程度的抑制作用;机构投资者参与竞争性国有企业混合所有制改革通过缓解两类代理成本来促进企业创新;异质股东持股在机构投资者持股对竞争性国有企业的创新促进效应中起正向调节作用。

Deepening state-owned enterprises reform by developing a mixed-ownership economy has become the path of progress in the new round of state-owned enterprises reform.In the context of implementing mixed-ownership reform categorically,this paper uses data on competitive state-owned enterprises that underwent mixed-ownership reform in China's A-shares of 2014-2016 to conduct an empirical test using a mixed OLS regression model to explore how institutional investors'participation in mixed-ownership reform of competitive state-owned enterprises affects corporate innovation and its mechanism of action.The study finds that:institutional investors'participation in the mixed-ownership reform of competitive state-owned enterprises significantly promotes enterprise innovation,and the findings remain valid after controlling for the endogeneity problem using the instrumental variables approach;Further research finds that institutional investors'shareholding has a stronger innovation-promoting effect on central competitive state-owned enterprises and competitive state-owned enterprises in regions with high marketization,and a less pronounced innovation-promoting effect on competitive state-owned enterprises in regions with low marketization,while it has a somewhat inhibiting effect on the innovation activities of local competitive state-owned enterprises;Institutional investors'participation in mixed-ownership reform of competitive stateowned enterprises promotes enterprise innovation by mitigating two types of agency costs;Heterogeneous shareholders'shareholding plays a positive moderating role in the innovation-promoting effect of institutional investors'shareholding on competitive state-owned enterprises.