多个异质大股东的混合所有制与企业创新——基于风险承担与融资约束的中介作用

Mixed Ownership Enterprises with Multiple Heterogeneous Large Shareholders and Innovation——Intermediary Test Based on Financing Constraints and Risk Taking

创新作为高风险投资活动,风险承担与融资约束是企业创新活动的关键。多个异质大股东的混合所有制企业提高了企业风险承担水平,同时也缓解了企业融资约束,促进企业高质量创新。研究发现,多个异质大股东的混合所有制企业的创新能力显著高于其他企业。进一步研究发现,风险承担和融资约束是多个异质大股东的混合所有制企业影响高质量创新的中介变量。其中,异质大股东的制衡性和多样性影响企业风险承担,进而提高企业创新能力,异质大股东的多样性缓解企业融资约束,进而提升企业创新能力,且两种中介作用在高质量创新中表现更为显著。本文研究结论表明,多个异质大股东共存的混合所有制有利于企业创新能力提升,这对国有企业混合所有制改革和经济高质量发展具有重要启示。

Innovation is a high-risk investment activity.Risk taking and financing constraints are the key to enterprise innovation activities.Mixed ownership enterprises with multiple heterogeneous large shareholders are better able to take risks,ease financing constraints and promote high-quality innovation.The research finds that the innovation ability of mixed ownership enterprises with multiple heterogeneous large shareholders is significantly stronger than that of other enterprises.Further research shows that risk taking and financing constraints are intermediary variables that affect high-quality innovation of mixed ownership enterprises with multiple heterogeneous large shareholders.To be specific,the checks and balances and diversity of the heterogeneous large shareholders affect the enterprise's risk taking,thereby improving the enterprise's innovation ability.The diversity of the heterogeneous large shareholders alleviates the enterprise's financing constraints,thereby improving the enterprise's innovation ability.Moreover,the two intermediaries are more significant in high-quality innovation.The conclusion of this study shows that the coexistence of multiple heterogeneous large shareholders in a mixed ownership enterprise is conducive to the improvement of the enterprise's innovation capability,and this conclusion has important implications for the mixed ownership reform of state-owned enterprises and high-quality economic development.