国有企业混合所有制改革、风险承担及其创新绩效——来自A股国有上市公司的证据

Mixed Ownership Reform, Risk Taking and Innovation Performance——Evidence from A-Share State- Owned Enterprises Listed Companies

激发国有企业活力,促进中国经济高质量发展是当前社会各界关注的话题。从企业风险承担视角,利用2003—2018年A股国有上市公司数据,实证检验国有企业混合所有制改革、风险承担水平与创新绩效三者之间的关系,结果显示,国有企业混合所有制改革能够提升企业风险承担水平。机制检验发现,国有企业混合所有制改革通过降低企业的代理成本提高了企业风险承担水平。异质性分析结果表明,引入民营资本和处于市场化程度高地区的国有企业,混合所有制改革与企业风险承担水平的正向作用更显著。进一步研究发现,混合所有制改革提升风险承担水平显著提高了企业的创新投入,但并未显著促进企业创新产出。国有企业混合所有制改革过程中要构建以创新绩效为核心的业绩考核机制,促进形成有利于创新活动的风险承担偏好,推动国有企业高质量发展。

How to stimulate the vitality of state-owned enterprises and promote the high-quality development of China s economy is the current social concern.From the perspective of enterprise risk taking,this paper uses the data of A-share state-owned listed companies from 2003 to 2018,to investigate the relationship of mixed ownership reform,risk taking and innovation performance.The empirical results show that the mixed ownership reform has a significant positive correlation with the risk taking.The mechanism test found that the mixed ownership reform mainly affected the risk taking by reducing the agency cost of enterprises.Specifically,the effect of mixed ownership reform in improving risk taking is more significant in state-owned enterprises that have introduced private capital and those in regions with a high degree of marketization.Further research shows that the risk-taking level promoted by the mixed-ownership reform significantly increases the innovation input of enterprises but does not significantly promote the innovation output of enterprises.The results of this paper imply that in the process of mixed ownership reform of state-owned enterprises,a performance appraisal mechanism centered on innovation performance should be constructed to promote the formation of risk-taking preferences that are conducive to innovation activities and to promote high-quality development of state-owned enterprises.