混合所有制改革、政治关联与企业创新——基于双重/无偏机器学习方法

Mixed-ownership Reform, Political Connection and Enterprise Innovation: Based on the Double/Unbiased Machine Learning Method

基于2008—2019年我国国有上市企业混合所有制改革样本数据,使用双重/无偏机器学习方法,研究国有企业混合所有制改革对企业创新水平的影响,为时下进行的国有企业混合所有制改革提供参考借鉴。研究表明,国有企业混合所有制改革有效促进了企业创新水平的提升,同时,引入具有政治关联的民营股东能进一步提升企业的创新水平;进一步机制研究表明,国有企业混合所有制改革通过提高创新投入强度与改善创新效率两途径促进企业创新水平提升。

Based on the sample data of mixed-ownership reform of state-owned listed enterprises from 2008 to 2019,this paper uses the double/unbiased machine learning(DML) method to study the impact of mixed-ownership reform of state-owned enterprises on the innovation level of enterprises, in order to give reference for the current mixedownership reform of state-owned enterprises. The research shows that the mixed-ownership reform of state-owned enterprises has effectively promoted the improvement of the innovation level of enterprises;at the same time, the introduction of private shareholders with political connections can further improve the innovation level of enterprises.Further mechanism research shows that the mixed-ownership reform of state-owned enterprises promotes the innovation level of enterprises by increasing the intensity of innovation input and improving innovation efficiency.