治理主体权责边界与国有企业创新——来自党委前置研究清单的证据

Boundaries of Governance Subject Authority and Responsibility and Innovation of State-Owned Enterprises:Evidence from the List of Major Matters for Discussion at the Pre-Study of the Party Committee

本文以《国企改革三年行动方案(2020—2022年)》提出党委前置研究清单为准自然实验,构建广义双重差分模型,检验治理主体权责边界厘清对国有企业创新的影响。研究发现,治理主体权责边界厘清能够促进国有企业创新。机制检验表明,增强企业政策感知能力、提高企业风险承担水平、加快企业动态调整速度以及鼓励股东尤其是非国有股东积极参与企业治理,均是治理主体权责边界厘清促进国有企业创新的重要机制。异质性分析发现,治理主体权责边界厘清的创新效应在面临历史和行业期望落差、存在“双向进入、交叉任职”、处于命脉行业和关键领域的国有企业中更显著。本研究为国有企业进一步厘清治理主体权责边界并发挥其创新效应提供了理论借鉴与经验证据。

Taking the“Three-Year Action Program for State-Owned Enterprises(SOEs)Reform(2020-2022),”which puts forward the list of major matters for discussion at the pre-study of the party committee,as a natural experiment,this paper examines the impact of clarifying the boundaries of governance subject authority and responsibility on the innovation of SOEs by constructing a generalized difference-in-differences model.The study finds that clarifying the boundaries of governance subject authority and responsibility can promote the innovation of SOEs.Mechanism tests show that enhancing enterprises’policy perception capabilities,increasing enterprises’risk-taking levels,accelerating enterprises’dynamic adjustment speeds,and encouraging active participation in corporate governance by shareholders,especially non-state shareholders,are important mechanisms through which clarifying the boundaries of governance subject authority and responsibility promotes the innovation of SOEs.The heterogeneity analysis reveals that the innovation effect of clarifying the boundaries of governance subject authority and responsibility is more significant in SOEs that face historical and industry expectation gaps,have“two-way entry and cross-appointment,”and are in vital industries and key fields.This study provides theoretical references and empirical evidence for SOEs to further clarify the boundaries of governance subject authority and responsibility and to leverage its innovation effect.