The Influence Of The Proportion Of State-owned Shares On The Knowledge Spillover Effect Of Enterprises

As China’s economic development has entered the new normal,achieving high-quality development has increasingly become an important task of economic development,and developing strategic emerging industries is an important way to achieve high-quality development.The report to the Party’s 20th National Congress in 2022 clearly states that"promoting the integration of strategic emerging industries cluster development,building a new generation of information technology,artificial intelligence,biotechnology,new energy,new materials,high-end equipment,green environmental protection and a number of new growth engines." In recent years,the development of strategic emerging industries has made great progress,but there are still problems such as inadequate and unbalanced development and core technology being restricted by others,mainly because of insufficient knowledge reserve and poor knowledge spillover effect.At the same time,due to the technical advantages of stateowned shares,it is of practical policy significance to study the influence of the proportion of state-owned shares on the knowledge spillover effect of listed companies in strategic emerging industries to promote the knowledge spillover of related enterprises,realize the balanced development of enterprises in strategic emerging industries,and make the development level of strategic emerging industries reach the world frontier level.In the process of studying the influence of the proportion of state-owned shares of listed companies in strategic emerging industries on knowledge spillover effect,this paper firstly summarizes the literature and relevant theories of knowledge spillover and strategic emerging industries.Secondly,the research hypothesis of this paper is put forward on this basis.Subsequently,listed companies in strategic emerging industries from 2016 to 2020 were selected as research objects,and a two-way fixed-effect model was constructed.The proportion of state-owned shares was taken as explanatory variable,and the constructed index to measure the level of knowledge spillover was taken as explained variable to conduct benchmark model regression,and then heterogeneity analysis was conducted.Since financing constraints will restrict the development and innovation ability of enterprises,and state-owned shares can alleviate the financing constraints of enterprises to a certain extent,financing constraints may play an intermediary role in the process of the influence of state-owned shares ratio on knowledge spillover effect.Therefore,this paper takes financing constraints measured by WW index as the intermediary variable to analyze the intermediary effect.On this basis,the conclusion of this paper is obtained and relevant suggestions are put forward.This study shows that the increase of the proportion of state-owned shares can significantly improve the knowledge spillover level of listed companies in strategic emerging industries.The influence of the proportion of state-owned shares on the knowledge spillover level shows heterogeneity among enterprises of different ownership,different scale and different regions.In strategic emerging industries,compared with non-state-owned enterprises,the increase of state-owned shares in state-owned enterprises can significantly promote knowledge spillover.Compared with the larger scale listed companies in strategic emerging industries,the increase in the proportion of state-owned shares in smaller listed companies can significantly promote knowledge spillover.Compared with listed companies in strategic emerging industries in eastern regions,the increase in the proportion of state-owned shares of listed companies in strategic emerging industries in central and western regions can significantly promote knowledge spillover.And through the mechanism test,it is found that for listed companies in strategic emerging industries,increasing the proportion of state-owned shares can promote knowledge spillover by easing financing constraints.