| Innovation is the first driving force to lead development and the strategic support for building a modern economic system.As practitioners at the micro level in the national innovation system,the improvement of enterprises’ innovation ability and innovation level is not only the source of enhancing their own competitive advantage,but also the key to enhancing national competitiveness and comprehensive strength.The construction of enterprise innovation system is a necessary prerequisite for the construction of the national innovation system.As the mainstay and important support of China’s economic development,state-owned enterprises play a leading role in accelerating the transformation and upgrading of China’s enterprises and achieving long-term stable economic development.In recent years,with the continuous reform and development of China’s state-owned enterprises,both the scale and strength have been greatly improved,and the innovation ability and innovation level have also made great progress.However,there are still problems such as unreasonable ownership structure and imperfect governance structure,which undoubtedly reduce the motivation for innovation of state-owned enterprises,weaken the innovation ability of state-owned enterprises,and hinder the development space for innovation of state-owned enterprises.The Third Plenary Session of the 18th CPC Central Committee opened a new stage of deepening the reform of state-owned enterprises,emphasizing the development of mixed ownership as the key direction of the reform of state-owned enterprises,and clarified the importance and necessity of mixed ownership reform of state-owned enterprises(hereinafter referred to as mixed ownership reform of state-owned enterprises,the same below),with a view to optimizing the equity structure and improving the governance mechanism through cross shareholding among diversified capitals without losing the control of the state,In order to stimulate the innovative vitality of enterprises,improve the innovation level and competitiveness of enterprises,and achieve high-quality development of enterprises.Based on the practical problems of mixed transformation of state-owned enterprises and enterprise innovation,this paper analyzes and explores the relationship between mixed transformation of state-owned enterprises and enterprise innovation,with a view to providing more theoretical and practical reference for the formulation of mixed transformation strategies in state-owned enterprise innovation.First of all,this study combs and summarizes the existing literature on the relationship between ownership structure,governance structure,ultimate control attribute and enterprise innovation,as well as the classification reform of state-owned enterprises.This paper summarizes the policy measures and reform characteristics in each stage of the process of mixed reform of state-owned enterprises and their effects on enterprise innovation,proves the close relationship between mixed reform of state-owned enterprises and enterprise innovation from the practical level,and provides a practical basis for theoretical analysis of the mechanism between the two.Secondly,based on the theory of enterprise property right structure,principal-agent theory,resource dependence theory and other theories,this study constructs a theoretical correlation model of the relationship with enterprise innovation from three aspects:the change of state-owned enterprises’ mixed ownership structure,the change of governance structure and the attribute of ultimate control right.Among them,the relationship between the changes in the mixed ownership structure of state-owned enterprises and enterprise innovation is reflected in the direct impact of equity diversification and equity integration on enterprise innovation,as well as the indirect impact of easing financing constraints and enhancing equity incentives on enterprise innovation;The relationship between the changes in the governance structure of mixed transformation of state-owned enterprises and enterprise innovation is reflected in the direct impact of non-state-owned shareholders’ appointment of directors and executives on enterprise innovation,as well as the indirect impact on enterprise innovation by enhancing executive compensation incentives and mitigating agency conflicts;The relationship between the ultimate control right attribute of the mixed transformation of state-owned enterprises and enterprise innovation is that whether the nature of the ultimate control right is state-owned or non-state-owned has a significant impact on enterprise innovation;The model also expands the research on the difference of the impact of mixed transformation on enterprise innovation under the classification of state-owned enterprises.Finally,based on the theoretical correlation model,the research hypothesis of the impact of the changes in the ownership structure,the governance structure and the ultimate control right attributes of SOEs on enterprise innovation is proposed and tested through empirical analysis.The panel data regression analysis is used to test the direct impact of the changes in the mixed ownership structure and governance structure of state-owned enterprises on enterprise innovation.At the same time,the intermediary effect model is used to test the indirect effect path;The influence of the attribute of ultimate control right of mixed ownership enterprises on enterprise innovation is tested by precise breakpoint regression analysis;The heterogeneity test is used to test the difference of the impact of mixed reform on enterprise innovation under different types of state-owned enterprises.The main research conclusions of this paper are as follows:(1)The change of mixed ownership structure of state-owned enterprises has a significant role in promoting enterprise innovation,and financing constraints and equity incentives play an intermediary role in the relationship between the change of mixed ownership structure of state-owned enterprises and enterprise innovation.This paper divides the changes in the ownership structure of state-owned enterprises after the mixed reform into equity diversification and equity integration,and empirically tests the impact on enterprise innovation.The results show that the diversification of the ownership structure and the improvement of equity integration have significant positive effects on enterprise innovation.At the same time,the study also found that financing constraints and equity incentives have a mediating effect on the relationship between the changes in the mixed ownership structure of state-owned enterprises and enterprise innovation.Among them,there is a significant negative correlation between financing constraints and the changes in the mixed ownership structure of state-owned enterprises,and there is also a significant negative correlation between financing constraints and enterprise innovation in the impact of mixed ownership structure changes on enterprise innovation,indicating that the changes in the ownership structure of state-owned enterprises after mixed ownership reform can effectively reduce financing constraints and improve the innovation input of enterprises,and financing constraints play an intermediary role;Equity incentive has a significant positive correlation with the change of mixed ownership structure of state-owned enterprises,and it also has a significant positive correlation with enterprise innovation in the impact of mixed ownership structure change of state-owned enterprises on enterprise innovation,indicating that the change of equity structure after mixed ownership reform of state-owned enterprises can effectively enhance the role of equity incentive to improve the innovation input of enterprises,and equity incentive plays an intermediary role.(2)The change in the governance structure of SOEs’ mixed transformation has a significant role in promoting enterprise innovation,and the executive compensation incentive and agency conflict play an intermediary role in the relationship between the change in the governance structure of SOEs’ mixed transformation and enterprise innovation.This paper uses the number of directors and executives appointed by non-state-owned shareholders as the measurement indicators of the changes in the governance structure of state-owned enterprises after the mixed reform and conducts an empirical test on the impact of enterprise innovation.The results show that there is a positive correlation between the number of directors and executives appointed by non-state-owned shareholders and the innovation input of enterprises.At the same time,the study also found that executive compensation incentive and agency conflict have a mediating effect in the relationship between the change of SOE’s mixed reform governance structure and enterprise innovation.Among them,there is a significant positive correlation between the executive compensation incentive and the change of the mixed reform governance structure of state-owned enterprises,and there is also a significant positive correlation between the executive compensation incentive and enterprise innovation in the impact of the mixed reform governance structure change of state-owned enterprises on enterprise innovation,indicating that the change of the governance structure after the mixed reform of state-owned enterprises can effectively enhance the executive compensation incentive role to improve the innovation input of enterprises,and the executive compensation incentive plays an intermediary role;The agency conflict has a significant negative correlation with the change of the governance structure of the mixed transformation of state-owned enterprises,and the agency conflict also has a significant negative correlation with enterprise innovation in the impact of the change of the ownership structure of the mixed transformation of state-owned enterprises on enterprise innovation,indicating that the change of the governance structure after the mixed transformation of state-owned enterprises can effectively alleviate the agency conflict and thus improve the innovation input of enterprises,and the agency conflict plays an intermediary role.(3)The fact that the ultimate control right of mixed ownership enterprises is state-owned can significantly promote enterprise innovation.Through theoretical analysis and empirical test on the impact of the ultimate control right attribute of mixed ownership enterprises on the innovation output of enterprises,the results show that the ultimate control right attribute of mixed ownership enterprises is state-owned,which has a significant positive impact on the innovation output of enterprises,and further indicates that the mixed ownership reform of state-owned enterprises insists that the ultimate control right is held by state-owned capital,which is more conducive to promoting the innovation ability and innovation level of enterprises.(4)The classified and mixed restructuring of state-owned enterprises will help promote enterprise innovation.First of all,when the competitiveness of the industries to which the enterprises belong is different,the changes in the ownership structure and governance structure of Chinese enterprises in the competitive industries have a significant role in promoting enterprise innovation,while the changes in the ownership structure and governance structure of Chinese enterprises in the monopolistic industries cannot have a significant impact on enterprise innovation.Secondly,when the technological characteristics of the industries to which the enterprises belong are different,the changes in the mixed ownership structure and governance structure of Chinese enterprises in high-tech industries have a significant role in promoting enterprise innovation,while in non-high-tech industries,the changes in the mixed ownership structure and governance structure of state-owned enterprises have a significant inhibition or no significant impact on enterprise innovation.The innovation of this paper is reflected in:(1)Most of the existing studies on the relationship between the mixed transformation of state-owned enterprises and enterprise innovation focus on the impact of changes in the ownership structure such as the concentration of enterprise equity,the type of equity and the proportion of non-state-owned equity on enterprise innovation after the mixed transformation,and less on the relationship between the mixed transformation of state-owned enterprises and enterprise innovation from the perspective of enterprise governance.Based on the existing research results,this paper analyzes the impact of the mixed reform of state-owned enterprises on enterprise innovation from three aspects:the change of ownership structure,the change of governance structure and the attribute of ultimate control right after the mixed reform of state-owned enterprises,establishes the corresponding theoretical correlation model,and conducts empirical tests with panel data regression analysis and precise breakpoint regression analysis,and studies the impact of the mixed reform of state-owned enterprises on enterprise innovation from different perspectives and starting points,It enriches and extends the research content of the relationship between mixed reform of state-owned enterprises and enterprise innovation,which has certain innovative significance.(2)In the existing studies on the impact of mixed reform of state-owned enterprises on enterprise innovation,more emphasis is placed on the direct impact of mixed reform of state-owned enterprises on enterprise innovation,while the research on its indirect path is relatively small.Based on the resource dependence theory,incentive theory and principal-agent theory,this paper analyzes and explores the indirect effect path of the mixed reform of state-owned enterprises on enterprise innovation,and studies that financing constraints and equity incentives play an intermediary role in the impact of the change of the ownership structure of the mixed reform of state-owned enterprises on enterprise innovation,and executive compensation incentives and agency conflicts play an intermediary role in the impact of the change of the governance structure of the mixed reform of state-owned enterprises on enterprise innovation,Deepening and specifying the indirect effect path research of SOE mixed reform to promote enterprise innovation,which provides a certain practical reference for the formulation and implementation of SOE mixed reform to promote enterprise innovation policies.(3)This paper expands the analysis and discussion on the difference of the impact of mixed reform of state-owned enterprises on enterprise innovation under the background of classified reform of state-owned enterprises.At present,the focus of the impact of mixed transformation of state-owned enterprises on enterprise innovation is mostly the impact of the changes in the organizational structure of the enterprise itself after the mixed transformation of state-owned enterprises on enterprise innovation,and less attention is paid to the difference of the impact of mixed transformation on enterprise innovation under different types of state-owned enterprises.According to the classification reform standard of state-owned enterprises,the research samples are divided into competitive enterprises and monopolistic enterprises according to the degree of competition of the industry to which the enterprise belongs,and high-tech enterprises and non-high-tech enterprises according to the technical characteristics of the industry to which the enterprise belongs.The research compares the different effects of implementing mixed reform policies on enterprise innovation in different types of state-owned enterprises,and finds that the implementation of mixed reform policies in competitive state-owned enterprises and high-tech state-owned enterprises has more significant effects on enterprise innovation,It provides a certain marginal contribution for state-owned enterprises to implement hierarchical,classified and mixed transformation to promote enterprise innovation in the future. |
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