Research On The Impact Of Privatization Of State-owned Listed Companies On R&D Intensity

Mixed ownership reform has becoming a new direction of state-owned enterprise restructuring.Among them,the privatization of state-owned listed companies in specific fields is an important way to promote the reform of mixed ownership and an institutional innovation to further implement the innovation-driven development strategy.In this context,this paper studies the impact of privatization reform on the innovation R&D intensity of state-owned listed companies from the theoretical and empirical perspectives.Firstly,based on the view of wealth support and wealth transfer,this paper analyzes the theoretical logic of the impact of privatization on the R&D intensity of state-owned listed companies,and extracts the mechanism of action.From the perspective of wealth support,the key mechanism for the privatization of state-owned listed companies to promote R&D intensity is to reduce agency cost and improve investment efficiency.From the perspective of wealth transfer,the possible mechanisms for the privatization of state-owned listed companies to restrain the R&D intensity are the increase of related transactions and the increase of financing costs.Secondly,this paper uses the data of listed companies to empirically test the causal effect and dynamic effect of privatization of state-owned listed companies on R&D intensity.Specifically,this paper takes the central issued "about certain major issue decision" comprehensively deepen reform in 2013 as policy implementation,will be set as the research range of 2010-2017,2013-2017,the implementation of the privatization reform of state-owned listed companies as treatment group,using matching times tend to score difference method(PSM-DID)test state-owned listed companies privatization effects on enterprise innovation.The measurementresults show that the privatization reform can continuously and significantly promote the R&D investment of state-owned listed companies.To be specific,the privatization reform has a significant positive incentive effect on the R&D investment intensity of state-owned listed companies.In the robustness test,we change the R&D input intensity to per capita R&D input intensity,add group regression,and use Heckman two-step method to estimate the R&D input intensity,the basic conclusion still holds.Then,in the analysis of heterogeneity,this paper conducts heterogeneity regression to the benchmark model based on the dimension of industry,region and property right structure by using grouping data.The results show that: from the perspective of industry,the privatization reform has a more significant promoting effect on the R&D intensity of Chinese listed companies in competitive industries.From the regional level,the research and development innovation promotion effect of the privatization reform of state-owned listed companies is more obvious in the eastern region.From the perspective of property right structure,the privatization of state-owned listed companies has the most significant positive promoting effect on the R&D intensity when the proportion of non-state-owned shareholders holding shares is within an appropriate range.Finally,based on the theoretical analysis and empirical analysis results,this paper puts forward policy Suggestions in the following three aspects :(1)in the privatization reform,state-owned listed companies should pay attention to the improvement of the governance mechanism,encourage non-state-owned controlling shareholders to assume the role of internal supervisors,and encourage the company to invest in innovation.(2)when state-owned listed companies introduce non-state-owned holding shares,they should keep them within a reasonable range,which is conducive to maximizing the promotion effect of privatization reform on the company's R&D intensity.(3)for the government,it should not only continue to push forward the privatization reform,but also pay attention tothe improvement of the institutional environment.To reduce the direct intervention on enterprises and turn to the role of serving the market,the central and western regions with weak basic innovation capacity can have a certain degree of policy preference.The above conclusions and Suggestions are of certain reference value for further implementing the innovation-driven strategy to realize the high-quality development of state-owned listed companies.