Research On The Impact Of Private Enterprises’ Participation In The Mixed Reform Of State-owned Enterprises On Their Investment In Innovation

At present,China’s economy has changed from high-speed growth stage to high-quality development stage,state-owned enterprises control the lifeline of national economy,improve the innovation ability of state-owned enterprises,to achieve high-quality development of state-owned enterprises,promote high-quality economic development play a key role.As an important subject in carrying out innovation activities,state-owned enterprises have put forward new requirements for the innovation of state-owned enterprises under the strategic policy of innovation-led innovation driving sustainable development.Among them,innovation input plays an important role as a key factor.In recent years,China’s investment in innovation continues to increase,the intensity of rapid improvement,but compared with developed countries,there is still a big gap.Due to their own attributes and characteristics,state-owned enterprises have sufficient R&D input.However,as state-owned enterprises need to bear more policy burdens and social responsibilities,state-owned enterprises still have insufficient innovation input.As private enterprises are the main body of innovation output,private enterprises’ participation can promote the improvement of innovation input of stateowned enterprises.Other studies show that there is a significant positive relationship between the integration of non-state-owned capital and the innovation development of enterprises.In view of this,based on unbalanced panel data of China’s listed state-owned enterprises from 2007 to 2019,this paper adopts a high-dimensional fixed-effect model to study the relationship between private enterprises’ participation in SOE mixed-ownership reform and innovation input.And further analysis of the influence mechanism.In addition,according to the classification idea and principal-agent theory of the SOE mixed reform,the relationship between the participation of private enterprises in the SOE mixed reform and the innovation input of enterprises is further studied from the perspective of enterprises’ own scale,participation degree of private enterprises and participation of management right.The findings are as follows: First,the participation of private enterprises in SOE reform has a positive impact on innovation input.Second,the participation of private enterprises in SOE reform has a more significant promoting effect on the innovation input of small enterprises.The deeper the participation of private enterprises,the stronger the investment in enterprise innovation.Third,the participation of private capital in the mixed reform of stateowned enterprises from the two aspects of ownership participation and management participation is more conducive to promoting enterprise innovation input.Fourthly,the participation of private enterprises promotes enterprise innovation input mainly through alleviating financing constraints.This paper verified the corporation to participate in the stateowned enterprises to mix to the positive influence of innovation investment,explores the corporation participating in mixed change the influence mechanism of the innovation in stateowned enterprises,respectively,from the enterprise scale,the corporation participation and management involved in three angles to study the effect of heterogeneity and regulating effect,in order to further research corporation to participate in the state-owned enterprises to mix change and promote state-owned enterprise innovation ability provides the reference.