摘要
创新是民营企业实现转型升级和持续健康发展的必由之路,混合所有制能否促进民营企业创新水平的提升有待进一步证实。本文以2007—2018年中国A股民营上市公司为研究样本,实证检验了非控股国有股权对企业创新水平的影响及其作用机制。研究发现,非控股国有股权能显著提升民营企业的创新水平,且这一提升作用主要集中在发明专利申请数,对非发明专利无显著影响。异质性分析发现,上述效应在高新技术行业、国有股权层级更高的企业和民企出身的企业样本中更为显著。进一步发现,非控股国有股权在提高创新投入的同时,也显著提升了发明创新效率。考察作用机制发现:一方面,非控股国有股权带来的资源效应能提高企业风险承担能力,使企业敢于投入创新;另一方面,非控股国有股权通过投资于同一行业的其他企业能为当前企业带来行业经验和行业资源,从而有利于企业创新能力的提升。本文的研究结论不仅揭示了非控股国有股权对民营企业创新水平的具体影响和作用机制,也为在当前制度背景下如何推动民营企业的创新发展提供经验证据。
Innovation is the only way for private enterprises to achieve transformation and upgrading,sustainable and healthy development.Whether the mixed ownership structure can promote private enterprises’innovation level remains to be further confirmed.Taking China’s A-share private listed companies from 2007 to 2018 as the research sample,this paper empirically tests the influence of non-controlling state ownership on enterprises’innovation level and its mechanism.The results show that non-controlling state ownership can significantly improve the innovation level of private enterprises,and this improvement is mainly concentrated in invention patent applications,and has no significant impact on non-invention patents.Heterogeneity analysis shows that the above effects are more significant in high-tech industries,enterprises with higher state ownership level and enterprises born from private enterprises.It is further found that non-controlling state ownership not only improves R&D investment,but also significantly improves the innovation efficiency of invention patents.Investigating the mechanism of action finds out:On the one hand,the resource effect brought by non-controlling state ownership can improve the risk-taking ability of enterprises and make enterprises invest in innovation;On the other hand,non-controlling state ownership can bring industry experience and industry resources to current enterprises by investing in other enterprises in the same industry,which is conducive to the improvement of enterprise innovation ability.The conclusion of this paper not only reveals the specific influence and mechanism of non-controlling state ownership on the innovation level of private enterprises,but also provides empirical evidence on how to promote the innovation-driven development of private enterprises under the current institutional background.
作者
韦浪
赵劲松
Wei Lang;Zhao Jinsong
出处
《财政研究》
CSSCI
北大核心
2021年第10期114-128,F0003,共16页
Public Finance Research
基金
国家自然科学基金青年项目“经济责任审计、政府行为与实体经济高质量发展”(71902098)
国家自然科学基金项目“地方政府环境规制执行对企业绿色投资效率的影响研究:作用机理与优化路径”(72162007)。
关键词
非控股国有股权
创新水平
专利申请
混合所有制
Non-Controlling State Ownership
Innovation Level
Patent Applications
Mixed-Ownership
