混合所有制与国有企业研发投入研究

本文以2007-2016年我国非金融类国有A股上市公司为样本,研究了混合所有制对国有企业研发投入的影响.研究发现:混合所有制促进了国有企业研发投入,即股东股份比例多样化能够显著地提升国有企业研发投入.进一步研究发现,与集体股东和外资股东相比,私有股东更能提高国有企业研发投入;与地方国企相比,混合所有制对中央国企研发投入的促进作用更为显著;此外,混合所有制能够提升国有企业管理层薪酬与业绩敏感性,改善国有企业公司治理.本文的研究发现为评价混合所有制、推动和深化国有企业改革提供了政策依据,也为推动国有企业研发投入提供了对策建议.

Mixed ownership and R&D investment of state-owned enterprises

Based on the data of Chinese non-financial A-share state-owned listed companies from 2007 to 2016, this paper conducts theoretical analysis and empirical test of the impact of mixed ownership on R&D investment of state-owned enterprises. The empirical results show that mixed ownership promotes the state-owned enterprises R&D investment. Moreover, private enterprises can promote the R&D investment of state-owned enterprises, but enterprises under collective ownership and foreign-funded enterprises cannot promote the R&D investment of state-owned enterprises. This paper also examines the differences in the influence of mixed ownership in central state-owned enterprises and local state-owned enterprises on enterprise R&D investment, the results show that mixed ownership has a more significant effect on the R&D investment of central state-owned enterprises. In addition, this paper finds that mixed ownership can enhance the executive pay-for-performance sensitivity of state-owned enterprises, and improve the corporate governance of state-owned enterprises. The research findings of this paper provide policy basis for evaluating the mixed ownership, promoting and deepening the reform of state-owned enterprises, and also provide countermeasures and suggestions for promoting the R&D investment of state-owned enterprises.