央企母公司混改与子公司创新产出:促进还是抑制?

Mixed-Ownership Reform of Central Enterprise Parent Companies and Innovation Output of Subsidiaries:Promotion or Suppression?

党的二十大报告明确提出深化国资国企改革,加快国有经济布局优化和结构调整。基于2008—2021年中国A股央企集团旗下已混改上市公司及其母公司数据,探讨了央企母公司混改对子公司创新产出的影响。研究发现,央企母公司混改促进了子公司创新产出。机制检验结果表明,母公司混改通过减少行政干预与缓解代理冲突促进了子公司创新产出。异质性分析结果显示,当地方政府放权意愿较高时,上述促进效应显著;当集团内部资本市场效率较高时,上述促进效应更明显。基于母子公司混改差异视角进一步分析发现,央企母公司混改程度低于子公司时会抑制子公司创新产出。因此,应进一步深化央企母公司混改,完善相关法规制度,促进央企混改提质增效。

The report to the 20th National Congress of the Communist Party proposed to deepen reform of state-owned capital and state-owned enterprises(SOEs)and accelerate efforts to improve the layout of the state-owned sector and adjust its structure.Based on data of A-share listed subsidiaries of central enterprises that have accomplished the mixed-ownership reform(MOR)and parent companies from 2008 to 2021,this study assesses the impact of MOR of central enterprise parent companies on the innovation output of subsidiaries.The findings show that the MOR of central enterprise parent companies promotes the innovation output of subsidiaries through a reduction in administrative interference and mitigation of agency conflicts.Heterogeneity analysis indicates that this promotion effect becomes significant when local governments exhibit a higher inclination towards power delegation and particularly pronounced when there is higher efficiency within the internal capital market of the groups.Further analysis based on the perspective of the difference degree of MOR between parent-subsidiary companies reveals that when the MOR degree of the parent company of central enterprises is lower than that of the subsidiary company,it will inhibit the innovation output of the subsidiaries.Therefore,it is imperative to further deepen the MOR of central enterprise parent companies,enhance relevant legal and regulatory frameworks,and improve the quality and efficiency of the MOR of central enterprises.