混合所有制与国有企业研发投入研究
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摘要
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.
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 stateowned 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.
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 stateowned 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.
引文
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1.《2016年规模以上工业企业R&D活动统计分析》,科学技术部发展计划司,2018年3月20日.
2.《2016年全国科技经费投入统计公报》,国家统计局、科学技术部、财政部,2017年10月10日.
[2]白重恩,路江涌,陶志刚.国有企业改制效果的实证研究[J].经济研究,2006(8):4-13.Bai C E, Lu J Y, Tao Z G. An empirical study on the effects of ownership reform in China[J]. Economic Research Journal, 2006(8):4-13.
[3]胡吉祥,童英,陈玉宇.国有企业上市对绩效的影响:一种处理效应方法[J].经济学(季刊),2011(3):965-988.Hu J X, Tong Y, Chen Y Y. Evaluating the effects of public listing on SOEs'performance in China:A treatment effect approach[J]. China Economic Quarterly, 2011(3):965-988.
[4]马连福,王丽丽,张琦.混合所有制的优序选择:市场的逻辑[J].中国工业经济,2015(7):5-20.Ma L F, Wang L L, Zhang Q. Pecking order of mixed ownership:The logic of market[J]. China Industrial Economics, 2015(7):5-20.
[5]张辉,黄昊,闫强明.混合所有制改革、政策性负担与国有企业绩效——基于1999-2007年工业企业数据库的实证研究[J].经济学家,2016(9):32-41.Zhang H, Huang H, Yan Q M. Mixed ownership reform, policy burden and state-owned enterprise performance—Based on industrial enterprises database from 1999-2007[J]. Economist, 2016(9):32-41.
[6]张祥建,郭丽虹,徐龙炳.中国国有企业混合所有制改革与企业投资效率——基于留存国有股控制和高管政治关联的分析[J].经济管理,2015(9):132-145.Zhang X J, Guo L H, Xu L B. Research on the mixed ownership reform of state owned enterprises and enterprise investment efficiency[J]. Economic Management Journal, 2015(9):132-145.
[7]刘晔,张训常,蓝晓燕.国有企业混合所有制改革对全要素生产率的影响——基于PSM-DID方法的实证研究[J].财政研究,2016(10):63-75.Liu Y, Zhang X C, Lan X Y. The influence of the mixed ownership reform on the total factor productivity of the state owned enterprises—An empirical study based on PSM-DID method[J]. Public Finance Research,2016(10):63-75.
[8]卢建词,姜广省.混合所有制与国有企业现金股利分配[J].经济管理,2018(2):5-20.Lu J C, Jiang G S. Mixed ownership and the cash dividends of state-owned enterprises[J]. Business Management Journal, 2018(2):5-20.
[9]Schumpeter J. The theory of economic development[M]. Cambridge, MA:Harvard University Press, 1934.
[10]Solow R M. Technical change and the aggregate production function[J]. The Review of Economics and Statistics,1957, 39(3):312-320.
[11]Porter M E. Capital disadvantages:America's failing capital investment system[J]. Harvard Business Review,1992, 70(5):65-82.
[12]Romer P M. Endogenous technological change[J]. Journal of Political Economy, 1990, 98(5):71-102.
[13]Hall B H, Oriani R. Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy[J]. International Journal of Industrial Organization, 2006,24(5):971-993.
[14]唐玮孙春兴,崔也光.债务期限结构与民营企业研发投资——基于银企关联的视角[J].系统工程理论与实践,2017,37(7):1780-1792.Tang W, Sun C X, Cui Y G. Debt maturity structure and private manufacturing R&D investment:Based on the perspective of the banks-firm relationship[J]. Systems Engineering—Theory&Practice, 2017, 37(7):1780-1792.
[15]汪方军,孙俊勤,王璇子.中国上市公司研发支出的非线性调整研究[J].系统工程理论与实践,2018, 38(12):3050-3058.Wang F J, Sun J Q, Wang X Z. Asymmetric adjustment of R&D expenditure in Chinese listed companies[J].Systems Engineering—Theory&Practice, 2018, 38(12):3050-3058.
[16]徐二明,张晗.中国上市公司国有股权对技术创新方式的影响[J].经济管理,2008(15):42-46.Xu E M, Zhang H. The impact of state-ownership on firm's technological innovation in the transition economy of China[J]. Economic Management, 2008(15):42-46.
[17]吴延兵.中国哪种所有制类型企业最具创新性?[J].世界经济,2012(6):3-29.
[18]唐跃军,左晶晶.所有权性质、大股东治理与公司创新[J].金融研究,2014(6):177-192.Tang Y J, Zuo J J. Ownership property, blockholders governance and corporate innovation[J]. Journal of Financial Research, 2014(6):177-192.
[19]董晓庆,赵坚,袁朋伟.国有企业创新效率损失研究[J].中国工业经济,2014(2):97-108.Dong X Q, Zhao J, Yuan P W. Research on innovation efficiency loss of state-owned enterprises[J]. China Industrial Economics, 2014(2):97-108.
[20]李文贵,余明桂.民营化企业的股权结构与企业创新[J].管理世界,2015(4):112-125.
[21]江轩宇.政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J].管理世界,2016(9):120-135.
[22]钟昀珈,张晨宇,陈德球.国企民营化与企业创新效率:促进还是抑制?[J].财经研究,2016, 42(7):4-15.Zhong Y J, Zhang C Y, Chen D Q. Privatization and innovation efficiency:Promotion or suppression?[J]. Journal of Finance and Economics, 2016, 42(7):4-15.
[23]郝云宏,汪茜.混合所有制企业股权制衡机制研究——基于“鄂武商控制权之争”的案例解析[J].中国工业经济,2015(3):148-160.Hao Y H, Wang Q. Balance mechanism of control in mixed ownership enterprise—Case research based on the"E Wushang control of contention"[J]. China Industrial Economics, 2015(3):148-160.
[24]甄红线,朱菲菲,迟国泰.治理环境,金字塔结构与公司业绩[J].系统工程理论与实践,2017, 37(8):1963-1972.Zhen H X, Zhu F F, Chi G T. Governance environment, pyramid structure and corporate performance[J]. Systems Engineering—Theory&Practice, 2017, 37(8):1963-1972.
[25]张春霖.从融资角度分析国有企业的治理结构改革[J].改革,1995(3):34-36.
[26]Vickers J, Yarrow G. Economic perspectives on privatization[J]. Journal of Economic Perspectives, 1991, 5(2):111-132.
[27]Shleifer A, Vishny R W. A survey of corporate governance[J]. Journal of Finance, 1997, 52(2):737-783.
[28]Shleifer A. State versus private ownership[J]. Journal of Economic Perspectives, 1998, 12(4):133-150.
[29]Laffont J J, Tirole J. A theory of incentives in procurement and regulation[M]. Cambridge:MIT Press, 1993.
[30]Gupta N. Partial privatization and firm performance[J]. Journal of Finance, 2005, 60(2):987-1015.
[31]Shleifer A, Vishny R W. Politicians and firms[J]. Quarterly Journal of Economics, 1994, 109(4):995-1025.
[32]韩朝华.明晰产权与规范政府[J].经济研究,2003(2):18-26.Han C H. Efficient institution and restriction of administrative powers[J]. Economic Research Journal, 2003(2):18-26.
[33]Qian Y. Government control in corporate governance as a transitional institution:Lessons from China[R]. Working Paper, Stanford University, 1998.
[34]Sappington D, Stiglitz J. Privatization, information and incentive[J]. Journal of Political Analysis and Management, 1987, 6(4):567-579.
[35]Seru A. Firm boundaries matter:Evidence from conglomerates and R&D activity[J]. Journal of Financial Economics, 2014, 111(2):381-405.
[36]倪骁然,朱玉杰.劳动保护、劳动密集度与企业创新——来自2008年《劳动合同法》实施的证据[J].管理世界,2016(7):154-167.Ni X R, Zhu Y J. Labor protection, labor intensity and firm innovation:Evidence from enactment of labor contact law in 2008[J]. Management World, 2016(7):154-167.
[37]陈传明,孙俊华.企业家人口背景特征与多元化战略选择——基于中国上市公司面板数据的实证研究[J].管理世界,2008(5):124-133.Chen C M, Sun J H. Entrepreneurs'demographic characteristics and their diversified strategic options[J]. Management World, 2008(5):124-133.
[38]Aggarwal R, Ere I, Ferreira M, et al. Does governance travel around the world? Evidence from institutional investors[J]. Journal of Financial Economics, 2011, 100(1):154-181.
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1.《2016年规模以上工业企业R&D活动统计分析》,科学技术部发展计划司,2018年3月20日.
2.《2016年全国科技经费投入统计公报》,国家统计局、科学技术部、财政部,2017年10月10日.