混合所有制改革、控制权配置与国有企业创新投入

Mixed Ownership Reform、Control Right Allocation and the Innovation Investment of State-owned Enterprises

以2015—2018年我国A股上市的国有高新技术企业为研究对象,实证检验了混合所有制改革对国有企业创新投入的影响以及所有权特征和控制权配置在其中的作用。实证结果表明:混合所有制改革对国有企业的创新投入具有显著的促进作用,东部地区样本公司的混合所有制深度、混合所有制制衡度以及非国有资本控制权对企业创新投入的促进作用均最大,且东部地区样本公司混合所有制制衡度的临界值为0.4636,也大于全样本和非东部地区子样本。

Taking the state-owned high-tech enterprises which listed in China’s A-share market from 2015 to 2018 as the research object,this paper empirically tests the impact of mixed ownership reform on innovation investment of state-owned enterprises,and analyzes the role of ownership characteristics and control right allocation in the relationship between them.The empirical results of this paper show that the mixed ownership reform has a significant role in promoting the innovation investment of state-owned enterprises.The depth of mixed ownership,the degree of checks and balances of mixed ownership and the control right of non-state-owned capital all play the most important role in promoting the innovation investment of enterprises.The critical value of the degree of checks and balances of mixed ownership in the eastern region companies is 0.4636,which is also larger than that of the whole sample and non-eastern companies.