管理学刊2023，Vol.36Issue(5)：133-148,16.DOI:10.19808/j.cnki.41-1408/F.2023.0048
混合所有制、金融化抑制与国有企业创新
Mixed Ownership,Financialization Inhibition and Innovation of State-owned Enterprises
摘要
Abstract
By introducing private capital,the mixed ownership reform optimizes the internal governance structure of state-owned enterprises,thus affects the behavior of state-owned enterprises,promotes the state-owned enterprises to move from the virtual to the real,alleviates or suppresses the financialization level of enterprises,and promotes the innovation of state-owned enterprises.Taking Chinese Shanghai and Shenzhen A-share listed state-owned enterprises(SOEs)in 2014-2021 as the research object,this paper analyses the process and mechanism of mixed ownership reform affecting SOEs'innovation,and empirically test the impact of the degree of mixed ownership on SOEs'innovation,and explore the mediating transmission role played by the inhibition of financialization of enterprises in it.The empirical results show that the mixed ownership reform has a positive impact on the innovation behavior of state-owned enterprises,and the inhibition degree of enterprise financialization plays an intermediary transmission role between the degree of mixed ownership and the innovation of state-owned enterprises.At the same time,when examining the role of mixed ownership reform in different situations,it is found that among the high degree of marketization and small-scale SOEs,mixed ownership reform has a stronger positive effect on promoting the innovation of SOEs.This study proves the effectiveness of China's mixed ownership system reform from the perspective of financialization inhibition of state-owned enterprises,and provides theoretical references for the future to better promote state-owned enterprises to turn from emptiness to reality and to achieve the enhancement of the level of independent innovation of state-owned enterprises.关键词
混合所有制/企业金融化抑制/国企创新/中介效应Key words
mixed ownership/corporate financialization inhibits/state-owned enterprises innovation/mediating effect分类
管理科学引用本文复制引用
荆春棋,任广乾,景曼..混合所有制、金融化抑制与国有企业创新[J].管理学刊,2023,36(5):133-148,16.基金项目
国家社会科学基金重点项目(22AGL017) （22AGL017）
