逆向混改助力民企创新——国有资本参股对民营企业双元创新投入的影响研究

Reverse Mixed-Ownership Reform Promotes Private-Owned Enterprises’Innovation-The Effect of State-Owned Capital Participation on Ambidextrous Innovation Investment in Private Enterprises

逆向混改有利于提高民营企业创新投入吗?以A股民营控股上市公司为样本考察国有资本参股的逆向混改对民营企业双元创新投入的影响后发现:首先,国有资本参股对于民营企业双元创新投入存在异质性影响,即能够显著提高民营企业开发式创新投入,而对探索式创新投入无明显作用(国企“两利一率”考核压力影响了国有资本参股对民营企业探索式创新投入的作用);其次,缓解融资约束与提高风险承担能力是上述关系的作用机制;再次,制度环境、行业竞争和技术董事数量等情境因素会影响国有资本参股对民营企业开发式创新投入的治理效果;最后,国有资本参股能够通过提高开发式创新投入的方式提高民营企业价值。通过揭示国有资本参股对民营企业双元创新投入的影响及其作用机理,回应了国有产权对民营企业创新作用的研究分歧,也拓宽了混合所有制改革思路。

The mixed ownership reform is an important way to strengthen SOEs,stimulate the vitality of POEs,and achieve coordinated development of multiple ownership economies.Existing research has fully explored the important role of SOEs absorbing non-public capital in SOEs reform,but the impact of state-owned capital participating in POEs is still unclear.This paper takes private controlled listed companies in Shanghai and Shenzhen A-shares from 2007 to 2020 as samples to examine the impact of reverse mixed ownership reform of state-owned capital participation in POEs on their dual innovation investment.The main findings are as follows:Firstly,state-owned capital participation has a differentiated impact on the dual innovation investment of POEs,that is,it can significantly increase the investment in exploitative innovation investment,while it has no significant effect on exploratory innovation investment.The reason is that the pressure of“Two Interests and One Rate”on SOEs affects the governance effect of state-owned capital participation on their exploration innovation investment.Secondly,alleviating financing constraints and improving risk bearing capacity are important mechanisms for state-owned capital participation to increase dual innovation investment in POEs(the positive effect on exploratory innovation investment is mainly reflected in POEs with lower assessment pressure).Thirdly,the Heterogeneity analysis found that state-owned capital participation has a stronger impact on the exploitative innovation investment of POEs under the conditions of imperfect institutional environment,higher industry competition,and higher proportion of technical directors.Fourthly,state-owned capital participation can enhance the value of POEs by increasing their investment in exploitative innovation investment.This paper has the following practical significance:SOEs and state-owned capital supervision departments should actively participate in POEs in accordance with the guiding principle of“participation when appropriate”,in addition to the original mixed ownership reform of state-owned capital holding shares and non-state-owned capital participating shares.While fully leveraging the strength of state-owned capital,they should effectively safeguard the autonomy of private capital in making business decisions for POEs,stimulate the innovation and business vitality of POEs,achieve efficient synergy between the state-owned capital and private capital,and support the high-quality development of POEs.Secondly,the state-owned capital supervision department should pay attention to adjusting and optimizing the state-owned assessment index system,reducing the performance assessment pressure on SOEs participating in reverse mixed ownership reform,guiding state-owned capital to effectively leverage its capital strength,increasing the support of state-owned capital for exploratory innovation investment in POEs,improving the targeted and effective support for key technology research and development,and helping POEs play a greater role in overcoming the“bottleneck”problem.Finally,the state-owned capital supervision department should actively promote the reverse mixed ownership reform of SOEs in areas with weak institutional environments,compensate for potential deficiencies in legal systems such as intellectual property protection through equity participation,protect the intellectual property rights of POEs,and increase their willingness to invest in exploration innovation;The state-owned capital supervision department should promote the implementation of reverse mixed ownership reform in fully competitive industries,incentivize POEs to increase investment in exploration innovation through full industry competition,stimulate the operational vitality of POEs and industries,and promote innovation activities of POEs;While promoting state-owned capital’s participation in POEs to support innovation,the state-owned capital supervision department should also pay attention to optimizing the decision-making team structure of POEs,allowing directors with research and innovation backgrounds to participate in POEs’innovation decision-making,leveraging the human capital advantages of private capital,and improving the innovation and value creation capabilities of POEs.