The Impact Of State-owned Equity Participation On Enterprises’ Innovation Investment

Private enterprise is an important driving force for the vigorous development of China’s economy,experience of development shows that China’s private economy should grow stronger and move to a broader stage,it should never be weaker or left behind.However,the decisive factor that tests whether an enterprise can survive in the market competition is its own innovation and competitiveness.Therefore,they should fully realize the importance of independent innovation in order to achieve a fast transformation and development.At the same time,our country is actively encouraging state-owned capital to invest in non-state-owned enterprises in various ways.The introduction of state-owned capital may mean more smooth financing channels and abundant cash flow.Whether these resource advantages can stimulate the innovation vitality of enterprises to achieve high-quality development has also become a hot topic.Based on the above problems,this paper selected Chinese private listed companies from 2009 to 2018 as the research objects,and then established regression model to study the relationship between state-owned equity participation and private enterprises’ innovation investment.In order to ensure the robustness of core results,this paper carried out regression again by replacing indicators and controlling endogeneity.In addition,in the view of the different innovation capabilities of different industries,the complex economic policy environment recently and the characteristics of the private enterprises’ own top management team,the total samples were grouped and regressed by different industries,environments and occupational background of top management team in order to make the conclusion of this paper more targeted.Finally,this paper tried to explore the black box between state-owned equity participation and private enterprise innovation input by using the mediation effect test method.Through empirical analysis,the following five conclusions were drawn:(1)State-owned equity participation has a significant positive effect on the innovation investment of private enterprises.(2)Compared with non-high-tech industries,state-owned equity participation can better promote the innovation input of private enterprises in high-tech industries.(3)Compared with the low uncertainty of economic policy,state-owned equity participation plays a more significant role in promoting the innovation input of private enterprises in the environment with high uncertainty of economic policy.(4)Compared with private enterprises with no R&D background,when they have R&D background executive team,the positive promoting effect of state-owned equity participation is more obvious.(5)State-owned equity participation can increase the innovation input of private listed companies by increasing the government subsidies.This paper hopes that through the above research,it can not only find a way for private enterprises to enhance their independent innovation ability and achieve transformation,but also provide further evidence for the rationality and correctness of mixed ownership reform in China.Furthermore,it can also provide practical guiding significance for the implementation of mixed ownership reform.