从“混”到“改”:国有股参与民营企业治理的技术创新效应

From Mix to Governance:Technology Innovation Effect of the Role of State-Owned Capital on Private Business Governance

基于混合所有制改革进入全面深化阶段的背景,本文以战略性新兴行业为样本,通过搜集整理国有资本委派高层治理人员进入混改企业担任董高监的数据,从治理结构“改”的角度构建国有股治理权的衡量指标,并考察其对民营企业技术创新的影响及内在作用机制。研究发现,相较于未拥有治理权的国有股,混改中赋予国有股治理权不仅能够有效提升目标民营企业的技术创新投入水平,还能够促进其实质性技术创新能力的提高。进一步分析显示,当与被混改民营企业地域匹配度更好时,民营企业的国有股治理权促进技术创新的作用更强。另外,机制分析结果表明,国有股治理权不仅能够通过促进被混改民营企业配置更多的研发人员来提升技术创新能力,还能通过增强其高管激励的有效性来促进技术创新。本文的研究不仅从促进企业技术创新的角度拓展了国有股治理权的相关理论研究,还为民营企业如何通过混合所有制改革来完善其高层团队治理和促进创新发展提供了启发借鉴。

Based on the background of mixed ownership reform of state-owned capital entering private enterprises in strategic emerging industries,this paper manually collects and sorts out the data those state-owned non-controlling shareholders appoint high-level governance personnel to participate as directors,managers or supervisors,then constructs variables that reflect the difference in the governance power of non-controlling state-owned shareholders,and investigates its impact and potential mechanism on the innovation of private enterprises.It is found that,compared with the state-owned non-controlling shareholders with no governance power,those with corresponding power in the mixed reform can not only effectively improve the R&D investment,but also enhance invention innovation ability.Further analysis shows that when the state-owned non-controlling shareholders are better matched with the bilateral area,or appoint senior managers,the above association is stronger.Additionally,mechanism analysis results show that the governance power of non-controlling shareholders can not only promote the allocation of more R&D personnel to innovate,but also enhance the effectiveness of manager incentives alignment to alleviate the agency problem in innovation process.Collectively,this paper not only expands the relevant theoretical research on the governance power of state-owned non-controlling shareholders from the perspective of technology innovation,but also provides inspiration for private firms to improve their governance and promote innovation development through mixed ownership reform.