当代经济科学2024，Vol.46Issue(2)：132-144,13.DOI:10.20069/j.cnki.DJKX.202402010
非国有股东治理与国有企业高质量创新
Non-state Shareholders'Governance,and High-quality Innovation of State-owned Enterprises
摘要
Abstract
Summary In recent years,in the context of the new era of economic structural transformation and upgrading,how to effectively improve the independent innovation capabilities of state-owned enterprises(SOEs)has become a topic of common concern in academic research and social practice.However,regarding the influencing factors of corporate innovation,the existing literature mainly focuses on the external institutional environment and internal governance characteristics,which not only ignores the positive impact of board governance on SOEs'innovation under the heterogeneity of property rights,but also fails to pay enough attention to the important role of government efficiency in the governance of SOEs. This paper conducts an in-depth research of the impact of non-state shareholders'appointing directors to participate in governance on the innovation of SOEs by manually collecting and checking the data on the nature,relationships,shareholdings and appointing directors of the top ten shareholders disclosed in the annual reports of state-owned listed companies.It finds that non-state shareholders'governance can improve the quality of SOEs'innovations,but that only exists when the government administrative efficiency is high,and there is no corresponding effect when the administrative efficiency of the government is low.Further research finds that non-state shareholders'governance can improve the SOEs'incentive forms for scientific and technological talents and promote SOEs to introduce more highly educated talents with research and development capabilities.And the market value and production capacity of SOEs with optimized innovation characteristics have been significantly improved. This paper has the following two academic contributions.First,different from traditional literature that only examines the role of mixed ownership on SOEs'innovation from an internal perspective,when researching the impact of non-state shareholders'governance on SOEs'innovation,this paper for the first time incorporates the key institutional factor of government administrative efficiency into the analytical framework,thus expanding the theoretical literature on the antecedents and consequences of SOEs'innovation.Second,unlike the existing literature that treats non-state shareholders as a whole,this paper manually identifies non-state shareholders who do not have mutual shareholding,trusteeship and other related relationships with state-owned shareholders,and researches the impact of the latter's participation in governance on the innovation of SOEs,thereby expanding the academic literature on the nature of property rights and corporate innovation. The conclusion shows that high-efficiency administration is a prerequisite for non-state shareholders to improve the innovation quality of state-owned enterprises,which provides important practical reference for local governments to better deepen the mixed ownership reform of SOEs,and for SOEs to better utilize the governance of non-state shareholders to achieve innovation-driven development.On the one hand,in the current SOEs'reform process,non-state shareholders appointing directors to SOEs have produced positive results.Relevant departments should continue to deepen reforms and stimulate the vitality of SOEs.On the other hand,to effectively play the active role of non-state shareholders requires relevant supporting measures.Local governments must coordinate and optimize the business environment in terms of administrative efficiency and other aspects to ensure that non-state shareholders truly participate in the governance of SOEs.关键词
国有企业/创新质量/政府行政效率/国企治理/非国有股东治理Key words
state-owned enterprise/innovation quality/government administrative efficiency/state-owned enterprise's governance/non-state shareholders'governance引用本文复制引用
马新啸,汤泰劼..非国有股东治理与国有企业高质量创新[J].当代经济科学,2024,46(2):132-144,13.基金项目
"泰山学者"工程专项经费资助项目(tsqn202306100) （tsqn202306100）
中国博士后科学基金面上资助项目"产权权利束分割提升国有企业核心竞争力的效果与机理研究"(2023M733331) （2023M733331）
国家自然科学基金项目"国有企业与民营资本组建混合战略联盟的动因、效果及作用机理研究"(72302224). （72302224）
