民营参股、制度环境与企业创新
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摘要
本文分析了在混合所有制改革深入推进的背景下民营参股对国有企业创新的影响,并考虑了制度环境在其中的调节作用。本文以中国工业企业数据库中2004年发生民营参股的企业为样本进行实证分析,研究结果表明:民营参股促进国企创新,且民营参股比例与创新正相关。运用倾向得分匹配法克服选择性偏差与内生性偏差后结果一致;制度环境对民营参股企业创新具有调节作用,良好的制度环境显著增强民营参股企业创新。研究结论为现阶段推进国有企业混合所有制改革、提高创新绩效提供了政策启示,也为各地区根据制度环境差异,制定针对性政策完善市场、金融和法治环境提供了参考。
Under the background of further accelerating the mixed ownership reform, it analyzed the influence on the innovation caused by the non-controlling private shareholders of state-owned enterprises, and taked institutional environment into consideration. Using the enterprises privatized in 2004 from industrial enterprise database as the samples, an empirical analysis was conducted. The results show that: firstly, non-controlling private shareholders of state-owned enterprises significantly promote the enterprises' innovation input and innovation output, and their innovation is positively related to the degree of privatization; secondly, institutional environment has a moderating effect on the innovation of non-controlling private shareholders of state-owned enterprises. It also means that only in areas where the market is more developed and the system is more perfect, non-controlling private shareholders significantly improve the level of innovation. It provides policy implications for advancing the mixed ownership reform of state-owned enterprises and improving the innovation performance at present stage. Meanwhile, it also provides a reference for the regions with different institutional environment to make targeted policy and improve their market,financial and legal environment.
Under the background of further accelerating the mixed ownership reform, it analyzed the influence on the innovation caused by the non-controlling private shareholders of state-owned enterprises, and taked institutional environment into consideration. Using the enterprises privatized in 2004 from industrial enterprise database as the samples, an empirical analysis was conducted. The results show that: firstly, non-controlling private shareholders of state-owned enterprises significantly promote the enterprises' innovation input and innovation output, and their innovation is positively related to the degree of privatization; secondly, institutional environment has a moderating effect on the innovation of non-controlling private shareholders of state-owned enterprises. It also means that only in areas where the market is more developed and the system is more perfect, non-controlling private shareholders significantly improve the level of innovation. It provides policy implications for advancing the mixed ownership reform of state-owned enterprises and improving the innovation performance at present stage. Meanwhile, it also provides a reference for the regions with different institutional environment to make targeted policy and improve their market,financial and legal environment.
引文
[1] WEI S J, XIE Z, ZHANG X. From“made in China”to“innovated in China”:necessity, prospect, and challenges[J]. Journal of Economic Perspectives, 2017, 31(1):49-70.
[2]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.
[3] BOYCKO M, SHLEIFER A, VISHNY R W. A theory of privatisation[J]. Economic Journal, 1996, 106(435):309-319.
[4]余明桂,李文贵,潘红波.民营化、产权保护与企业风险承担[J].经济研究, 2013(9):112-124.
[5]袁建国,后青松,程晨.企业政治资源的诅咒效应———基于政治关联与企业技术创新的考察[J].管理世界,2015(1):139-155.
[6]冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济, 2008(7):91-101.
[7]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究, 2014(6):115-128.
[8]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.
[9]刘慧龙,吴联生.制度环境、所有权性质与企业实际税率[J].管理世界, 2014(4):42-52.
[10]陈倩倩,尹义华.民营企业、制度环境与社会资本———来自上市家族企业的经验证据[J].财经研究, 2014,40(11):71-81.
[11] HSU P-H, TIAN X, XU Y. Financial development and innovation:cross-country evidence[J]. Journal of Financial Economics, 2014, 112(1):116-135.
[12]简泽,谭利萍,吕大国,等.市场竞争的创造性、破坏性与技术升级[J].中国工业经济, 2017(5):16-34.
[13] SCHERER F M, HARHOFF D, KUKIES J. Uncertainty and the size distribution of rewards from innovation[J]. Journal of Evolutionary Economics, 2000, 10(1/2):175-200.
[14]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.
[15]刘青松,肖星.败也业绩,成也业绩?———国企高管变更的实证研究[J].管理世界, 2015(3):151-163.
[16]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.
[17] DAVIS L, NORTH D. Institutional change and American economic growth:a first step towards a theory of institutional innovation[J]. Journal of Economic History, 1970, 30(1):131-149.
[18]石丽静,洪俊杰.开放式创新如何影响企业自主研发绩效?[J].经济评论, 2017(6):53-65.
[19]刘放,杨筝,杨曦.制度环境、税收激励与企业创新投入[J].管理评论, 2016, 28(2):61-73.
[20]鲁桐,党印.投资者保护、行政环境与技术创新:跨国经验证据[J].世界经济, 2015(10):99-124.
[21]张杰,郑文平,翟福昕.竞争如何影响创新:中国情景的新检验[J].中国工业经济, 2014(11):56-68.
[22]易信,刘凤良.金融发展、技术创新与产业结构转型———多部门内生增长理论分析框架[J].管理世界,2015(10):24-39.
[23] HALL B H, LERNER J. The financing of R&D and innovation[M]//HALL B H, ROSENBER G N. Handbook of the economics of innovation. Amsterdam:North Holland, 2010:609-639.
[24] BENFRATELLO L, SCHIANTARELLI F, SEMBENELLI A. Banks and innovation:microeconometric evidence on Italian firms[J]. Journal of Financial Economics, 2008, 90(2):197-217.
[25]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?———所有制和要素市场扭曲的联合调节效应[J].管理世界, 2015(1):75-86.
[26]徐细雄,李摇琴.高管性别、制度环境与企业CSR决策[J].科研管理, 2018, 39(3):80-89.
[27]邓路,刘瑞琪,廖明情.宏观环境、所有制与公司超额银行借款[J].管理世界, 2016(9):149-160.
[28]李新春,肖宵.制度逃离还是创新驱动?———制度约束与民营企业的对外直接投资[J].管理世界, 2017(10):99-112.
[29]樊纲,王小鲁,朱恒鹏.中国市场化指数———各地区市场化相对进程2009年报告[M].北京:经济科学出版社, 2010.
[30] ROSENBAUM P R, RUBIN D B. The central role of the propensity score in observational studies for causal effects[J]. Biometrika, 1983, 70(1):41-55.
[31] TAN Y, TIAN X, ZHANG X, et al. The real effects of privatization:evidence from China’s split share structure reform[R]. SSRN Working paper No.15-23, 2015.
[32] DINC I S, GUPTA N. The decision to privatize:finance and politics[J]. Journal of Finance, 2011, 66(1):241-269.
[33] BECKER S O, ICHINO A. Estimation of average treatment effects based on propensity scores[J]. Stata Journal,2002, 2(4):1-20.
[34]李广子,刘力.民营化与国有股权退出行为[J].世界经济, 2012(10):113-142.
[35]陈冬华,齐祥芹.地区制度环境与部分民营化绩效———来自我国上市公司的经验证据[J].当代会计评论,2010(1):36-66.
(1)数据来源:国企盈利要靠创新和改革.中华人民共和国中央人民政府网[EB/OL].[2016-04-13].http://www.gov.cn/zhengce/2016-04/13/content_5063574.html.
[2]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.
[3] BOYCKO M, SHLEIFER A, VISHNY R W. A theory of privatisation[J]. Economic Journal, 1996, 106(435):309-319.
[4]余明桂,李文贵,潘红波.民营化、产权保护与企业风险承担[J].经济研究, 2013(9):112-124.
[5]袁建国,后青松,程晨.企业政治资源的诅咒效应———基于政治关联与企业技术创新的考察[J].管理世界,2015(1):139-155.
[6]冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济, 2008(7):91-101.
[7]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究, 2014(6):115-128.
[8]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.
[9]刘慧龙,吴联生.制度环境、所有权性质与企业实际税率[J].管理世界, 2014(4):42-52.
[10]陈倩倩,尹义华.民营企业、制度环境与社会资本———来自上市家族企业的经验证据[J].财经研究, 2014,40(11):71-81.
[11] HSU P-H, TIAN X, XU Y. Financial development and innovation:cross-country evidence[J]. Journal of Financial Economics, 2014, 112(1):116-135.
[12]简泽,谭利萍,吕大国,等.市场竞争的创造性、破坏性与技术升级[J].中国工业经济, 2017(5):16-34.
[13] SCHERER F M, HARHOFF D, KUKIES J. Uncertainty and the size distribution of rewards from innovation[J]. Journal of Evolutionary Economics, 2000, 10(1/2):175-200.
[14]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.
[15]刘青松,肖星.败也业绩,成也业绩?———国企高管变更的实证研究[J].管理世界, 2015(3):151-163.
[16]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.
[17] DAVIS L, NORTH D. Institutional change and American economic growth:a first step towards a theory of institutional innovation[J]. Journal of Economic History, 1970, 30(1):131-149.
[18]石丽静,洪俊杰.开放式创新如何影响企业自主研发绩效?[J].经济评论, 2017(6):53-65.
[19]刘放,杨筝,杨曦.制度环境、税收激励与企业创新投入[J].管理评论, 2016, 28(2):61-73.
[20]鲁桐,党印.投资者保护、行政环境与技术创新:跨国经验证据[J].世界经济, 2015(10):99-124.
[21]张杰,郑文平,翟福昕.竞争如何影响创新:中国情景的新检验[J].中国工业经济, 2014(11):56-68.
[22]易信,刘凤良.金融发展、技术创新与产业结构转型———多部门内生增长理论分析框架[J].管理世界,2015(10):24-39.
[23] HALL B H, LERNER J. The financing of R&D and innovation[M]//HALL B H, ROSENBER G N. Handbook of the economics of innovation. Amsterdam:North Holland, 2010:609-639.
[24] BENFRATELLO L, SCHIANTARELLI F, SEMBENELLI A. Banks and innovation:microeconometric evidence on Italian firms[J]. Journal of Financial Economics, 2008, 90(2):197-217.
[25]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?———所有制和要素市场扭曲的联合调节效应[J].管理世界, 2015(1):75-86.
[26]徐细雄,李摇琴.高管性别、制度环境与企业CSR决策[J].科研管理, 2018, 39(3):80-89.
[27]邓路,刘瑞琪,廖明情.宏观环境、所有制与公司超额银行借款[J].管理世界, 2016(9):149-160.
[28]李新春,肖宵.制度逃离还是创新驱动?———制度约束与民营企业的对外直接投资[J].管理世界, 2017(10):99-112.
[29]樊纲,王小鲁,朱恒鹏.中国市场化指数———各地区市场化相对进程2009年报告[M].北京:经济科学出版社, 2010.
[30] ROSENBAUM P R, RUBIN D B. The central role of the propensity score in observational studies for causal effects[J]. Biometrika, 1983, 70(1):41-55.
[31] TAN Y, TIAN X, ZHANG X, et al. The real effects of privatization:evidence from China’s split share structure reform[R]. SSRN Working paper No.15-23, 2015.
[32] DINC I S, GUPTA N. The decision to privatize:finance and politics[J]. Journal of Finance, 2011, 66(1):241-269.
[33] BECKER S O, ICHINO A. Estimation of average treatment effects based on propensity scores[J]. Stata Journal,2002, 2(4):1-20.
[34]李广子,刘力.民营化与国有股权退出行为[J].世界经济, 2012(10):113-142.
[35]陈冬华,齐祥芹.地区制度环境与部分民营化绩效———来自我国上市公司的经验证据[J].当代会计评论,2010(1):36-66.
(1)数据来源:国企盈利要靠创新和改革.中华人民共和国中央人民政府网[EB/OL].[2016-04-13].http://www.gov.cn/zhengce/2016-04/13/content_5063574.html.