统计研究

党的十八届三中全会将混合所有制确立为国有企业改革的主要方向,那么作为混合所有制改革主要形式的非国有资本参股能促进企业技术创新吗?本文以我国A股国有上市公司为样本,研究发现非国有资本参股有利于促进国有企业技术创新,这一结果在非国有资本参股超过10%时更为稳健。进一步研究表明,特别是党的十八届三中全会后,非国有资本参股比例超过10%时对国有企业技术创新的促进作用更强。中介效应模型检验结果表明,非国有资本参股主要通过加强内部控制和完善高管薪酬激励两个途径对国有企业技术创新水平产生积极影响。本文从技术创新的视角,为党的十八届三中全会确立的混合所有制改革的合理性和有效性提供了理论和经验支撑。

The Third Plenary Session of the 18 th Central Committee of CPC set mixed ownership as the main direction of state-owned enterprise reform. Can non-state-owned capital share-holding as the main form of mixed ownership reform promote enterprise technological innovation? This article uses China's A-share listed state-owned companies as a sample and finds that non-state-owned capital share-holding is conducive to promoting technological innovation in state-owned enterprises. This result is more robust when non-state-owned capital's share-holding rate exceeds 10%. Further research shows that after the Third Plenary Session of the 18 th Central Committee,non-stateowned capital plays a stronger role in promoting technological innovation in state-owned enterprises when its proportion exceeds 10%. The test results of the intermediary effect model show that non-state-owned capital shareholding mainly affects the innovation level of state-owned enterprises through two channels: strengthening internal control and improving executive compensation incentives. From the perspective of technological innovation,this article provides theoretical and empirical evidence for the rationality and effectiveness of the mixed ownership reform established by the Third Plenary Session of the 18 th Central Committee.