国有企业混合所有制改革、企业管理效率与创新可持续性

Mixed Ownership Reform of State-owned Enterprises, Enterprise Management Efficiency and Innovation Sustainability

中文关键词:  混合所有制改革  企业管理效率  创新可持续性  高科技行业  营商环境  市场化程度

英文关键词:mixed ownership reform  enterprise management efficiency  innovation sustainability  high-tech industry  business environment  marketization level

中文摘要:

      保持企业创新的可持续性是经济高质量发展的重要因素。作为国有企业改革的重要方式,混合所有制改革对国有企业创新可持续性具有深远影响。以2008—2021年中国沪深A股国有上市公司为研究对象,实证考察了国有企业混合所有制改革对企业创新可持续性的影响及其作用机制。研究发现,国有企业混合所有制改革有助于提升企业创新可持续性。机制分析表明,国有企业混合所有制改革通过提高企业管理效率,从而提升企业的创新可持续性。异质性分析显示,在高科技行业、营商环境较好和市场化水平较高的地区,国有企业混合所有制改革对企业创新可持续性的影响更加明显。因此,应加强非国有资本在公司治理中的作用,分类分层推进不同行业、不同外部经营环境的国有企业混合所有制改革,持续优化国有企业治理体制和外部经营环境,从而全面提高企业创新可持续性。

英文摘要:

      To ensure the sustainability of enterprise innovation is an important factor for high-quality economic development. As an important way of state-owned enterprise (SOE) reform, the mixed ownership reform has a far-reaching impact on the innovation sustainability of SOEs. With the A-share listed SOEs in Shanghai and Shenzhen Stock Exchanges from 2008 to 2021 as the samples, this paper empirically studies the impact of the mixed ownership reform of SOEs on the sustainability of enterprise innovation and its mechanism. The results show that the mixed ownership reform of SOEs improves the innovation sustainability of enterprises. The mechanism analysis shows that by improving enterprise management efficiency, the mixed ownership reform of SOEs enhances the innovation sustainability of enterprises. The heterogeneity analysis shows that in areas with high-tech industries, good business environment, and high marketization levels, the impact of the mixed ownership reform of SOEs on innovation sustainability is more significant. Therefore, the keys to promoting the innovation sustainability of enterprises are to strengthen the role of non-state-owned capital in corporate governance, promote the mixed ownership reform of SOEs with different industries and external business environment in batches, and optimize the governance system and external business environment of SOEs. 