| With the continuous development of new technological revolution and industrial innovation worldwide,the traditional mode of economic development has been overthrown to a certain extent,and the importance of innovation for industrial upgrading has once again come into people’s view.In order to comply with the trend of economic globalization,our country has launched an innovation-oriented development strategy and started a new round of mixed ownership reform scheme in state-owned enterprises.In the mixed ownership reform,Chinese state-owned enterprises have obtained many development opportunities by attracting non-stateowned capital into enterprises.The integration of heterogeneous capital also greatly improves the innovation ability of state-owned enterprises and further enhances the market competitiveness of state-owned enterprises.On this basis,this paper analyzes in detail the influence path and effect of the introduction of non-state capital on the innovation performance of state-owned enterprises in the mixed ownership reform,and then puts forward the corresponding suggestions.First of all,this paper selects the literature research method to conduct a literature review,and analyzes the ways and methods of introducing non-state capital in the mixed ownership reform of state-owned enterprises,as well as the relevant literature on non-state equity and innovation performance.Based on the theory of corporate governance,principal-agent theory and innovation theory,this paper studies in detail the ways that non-state-owned capital influences the innovation output and innovation capability of enterprises,summarizes the relevant influence mechanism and path,which serves as the theoretical basis of this paper and sets up the research framework.According to corporate governance theory and innovation theory,stateowned enterprises are directly or indirectly affected by three aspects,including corporate governance system,market-based management decisions and strategic resource advantages,which ultimately promote the improvement of enterprise innovation ability.According to the principal-agent theory,the introduction of nonstate-owned equity and the implementation of employee equity incentive plan in the mixed ownership reform can effectively reduce the agency cost of state-owned enterprises,promote the innovation enthusiasm of enterprise executives,prevent the enterprise’s innovation resources from being occupied by major shareholders and executives,promote the rational allocation of enterprise resources,and improve the work enthusiasm and innovation willingness of employees.Improve the innovation capacity of enterprises.On the basis of comprehensive logical theory analysis,this paper further advances the article research,and further discusses the influence of mixed ownership reform on the innovation ability of Chinese state-owned enterprises,which provides the theoretical basis for the relevant case analysis next.Secondly,this paper takes Xugong Machinery,a very representative manufacturing enterprise,as an example to discuss the influence of mixed ownership reform on enterprise innovation ability,and find out its internal influence mechanism and final effect.Firstly,this paper summarizes how Xugong Machinery implements mixed ownership reform on the basis of existing theories.Then,from the two dimensions of ownership and competitiveness,the internal logic and mechanism of the influence of mixed ownership reform on enterprise innovation ability are analyzed in terms of Xugong Machinery Company’s governance mechanism,market operation decision and strategic resource cooperation.Finally,according to the characteristics of Xugong Machinery as a state-owned manufacturing enterprise,this paper establishes a comprehensive innovation performance evaluation system including three indicators of innovation input,innovation output and innovation efficiency,and makes a detailed comparison and analysis of the trend of these indicators of innovation ability of Xugong Machinery before and after the mixed-ownership reform.Based on the above research,this paper analyzes that mixed ownership reform will firstly improve the internal governance system of enterprises through equity reform,help enterprises actively adapt to market competition,and influence the optimization of enterprises’ external management mechanism.The reform of mixed ownership can promote state-owned enterprises to carry out ownership reform and participate in the market competition,promote enterprises to constantly improve the internal and external governance system,promote the management to pay more attention to innovation in the actual work,actively make innovative decisions and carry out innovative activities,and finally improve the innovation ability of enterprises.Therefore,by summarizing the experience of mixed-ownership reform of state-owned enterprises and concluding that the implementation of mixed-ownership reform can improve the innovation ability of enterprises,this paper provides certain references for the future mixed-ownership reform of state-owned enterprises.The research of this paper has three aspects of innovation in theory and practice.First of all,it has enriched the existing literature research perspective,with the change of innovation index as the entry point,and analyzed the influence path and effect of mixed ownership reform on the innovation capability of Chinese state-owned enterprises in detail.Secondly,this paper analyzes the influence path of mixed ownership reform on the innovation capability of enterprises in detail,and establishes an innovation capability measurement framework of innovation input-innovation output-innovation efficiency on the basis of the theoretical literature of principal-agent theory and innovation theory,which is of great significance for the index analysis of innovation capability.Finally,this paper uses the method of case study to make up for the current academic circle’s lack of empirical research on mixed ownership reform.In the process of research,the paper uses the data of Xugong Machinery from 2016 to2021 to make a detailed analysis of the influence mechanism and effect from the time dimension combined with the key time points of mixed ownership reform.It provides practical reference significance for guiding state-owned enterprises to carry on the mixed ownership reform. |
