外部监管对国企创新与改制创新成效的影响研究——基于国资委成立的实证分析

Research on the Influence of External Supervision on the Innovation and Restructuring of State-owned Enterprises——Empirical Analysis Based on the Establishment of SASAC

提升国有企业技术创新能力,是完善国家创新体系建设和实现创新驱动发展的关键环节,也是做大做强国有企业的决定性因素。本文利用2003年国资委成立事件构建准自然实验,实证研究外部监管对我国国企创新与改制创新成效的影响及其作用机制,主要包括以下两大实证部分:外部监管对国有企业技术创新的作用,以及对改制企业技术创新的影响。研究发现:第一,外部监管能够显著促进国有企业技术创新,其作用主要是通过降低代理成本、缓解投资过度以及减少冗余雇员等渠道来实现的;第二,同时外部监管能够显著改善国有企业创新效率;第三,外部监管还能够显著提高国有企业的改制创新成效,即外部监管提升了国有企业改制对技术创新的积极作用,其中检验发现,该作用主要是通过抑制民营大股东掏空效应来实现的;第四,当改制国企处于高竞争程度行业时,外部监管能较大幅度提高国有企业的改制创新成效。本次研究不仅丰富了企业创新影响因素及国资委成立经济后果的相关文献,具有重要理论价值,同时也对深化国有企业改革、切实提高国有企业核心竞争能力以及完善国家创新体系建设具有深刻的政策启示。

To enhance the technological innovation ability of state-owned enterprises(SOEs) is the key link to improve the construction of national innovation system and realize innovation driven development as well as the decisive factor to make SOEs bigger and stronger.Using the establishment of the State-owned Assets Supervision and Administration Commission of the State Council(SASAC) in 2003 as an external policy shock,this paper empirically studies the impact of external supervision on the innovation and restructuring of SOEs in China and its mechanism.The analysis mainly includes two empirical parts:the role of external supervision on the technological innovation of SOEs,and the impact on the technological innovation of restructured enterprises.The results show that:(1) External supervision can significantly promote the technological innovation of SOEs,and the role of external supervision is mainly achieved by reducing agency costs,alleviating over-investment and reducing redundant employees.(2) External supervision can significantly improve the innovation efficiency of SOEs.(3) External regulation can also significantly improve the effectiveness of restructuring innovation in SOEs,i.e.,external regulation enhances the positive effect of SOE restructuring on technological innovation,where the test finds that the effect is mainly achieved by suppressing the tunneling effect of private major shareholders.(4) When restructured SOE is in a highly competitive industry,external supervision can be better for innovation of restructured SOEs.This study not only enriches the relevant literature about the influencing factors of enterprise innovation and the economic consequences of the establishment of SASAC,but also provides profound policy implications for deepening the reform of SOEs,enhancing the core competitiveness of SOEs and improving the construction of national innovation system.