混合所有制改革与国有企业创新:基于质与量双重视角的考察

Mixed Ownership Reform and Innovation of State-Owned Enterprises:Investigation Based on the Dual Perspectives of Quality and Quantity

国有企业混合所有制改革形成的多元融合制衡的股权结构,既能提高公司治理质量又能完善市场化经营机制,从而促进企业创新。文章基于2003~2017年国有企业股权结构数据,从“质”与“量”的双重视角考察了国有企业混合所有制改革对企业创新的影响效应和作用机制。研究发现,国有企业混合所有制改革对企业创新存在显著的促进效应,而且其所产生的股权主体多样性和融合度(制衡度)对企业创新也存在显著的促进效应。国有企业混合所有制改革对企业创新的促进机理主要在于改善公司治理和减轻政策性负担,政府放权程度与混合所有制改革对国有企业创新的促进效应存在互补作用。此外,相比于垄断性行业国有企业,混合所有制改革对竞争性行业国有企业创新的促进效应更为明显。上述研究发现,混合所有制改革为发挥公司治理作用和完善市场化经营机制、促进国有企业创新提供了经验借鉴。

The equity structure formed by the mixed ownership reform of state-owned enterprises can not only improve the quality of corporate governance,but also strengthen the market-oriented operation mechanism,so as to promote enterprise innovation.Based on the ownership structure data of state-owned enterprises from 2003 to 2017,this paper examines the impact effect and mechanism of mixed ownership reform of state-owned enterprises on enterprise innovation from the dual perspectives of“quality”and“quantity”.It is found that the mixed ownership reform of state-owned enterprises has a significant promotion effect on enterprise innovation;Moreover,the diversity and integration of equity subjects(degree of checks and balances)produced by the mixed ownership reform of state-owned enterprises also have a significant promotion effect on enterprise innovation.Furthermore,the promotion mechanism of mixed ownership reform of state-owned enterprises to enterprise innovation mainly lies in improving corporate governance and reducing policy burden.Meanwhile,the positive effect of degree of government decentralization and mixed ownership reform on the innovation of state-owned enterprises complement each other.In addition,compared with state-owned enterprises in monopoly industries,the promotion effect of mixed ownership reform on the innovation of state-owned enterprises in competitive industries is more obvious.The above research findings provide experience and reference for the mixed ownership reform in the new period to give full play to the role of corporate governance and strengthen the market-oriented operation mechanism to promote the innovation of state-owned enterprises.