“央地合作”对地方国有企业创新质量的影响

The Impact of Central-Local Cooperation on the Innovation Quality of Local State-Owned Enterprises

在中央国有企业与地方国有企业间资源差异的基础上,以2008~2020年沪深A股地方国有上市企业为研究样本,考察“央地合作”中的股权融合模式对地方国有企业创新质量的作用效果及机制。研究发现,“央地合作”通过“增加创新资源”和“减少创新挤出”两条路径促进地方国有企业提高创新质量,且地方经济考核压力及地方国企依赖程度正向调节该过程。

Based on the difference in characteristics of central SOEs and local SOEs,this study takes A-share listed local SOEs in Shanghai and Shenzhen from 2008 to 2020 as research samples to investigate the equity integration mode in “central-local cooperation”,that is,the effect and mechanism of central state-owned shareholders' equity participation on the innovation quality of local SOEs.The study finds that the shareholding of central state-owned shareholders improves the innovation quality of local state-owned enterprises by “increasing innovation resources” and “reducing innovation crowding out”,and the pressure of local economic assessment and the dependence degree of local state-owned enterprises positively moderate this process.