| The 20th National Congress of the Communist Party of China pointed out that innovation is the first driving force for development.In the process of building and developing modern society,it is necessary to always put innovation at the core,drive social construction with innovation,and achieve breakthrough development.As the main body of innovation in a country,the innovation behavior of enterprises is not only conducive to the enhancement of their own value,but also has important significance for the construction of the country,which can significantly improve the overall innovation ability.Compared with other ownership enterprises,state-owned enterprises play a pillar role in the development of the national economy,which has a significant impact on the socio-economic level,and is closely related to China’s overall technological innovation capacity.In the government work reports for 2019 and 2020,both addressed the issue of enterprise innovation.The document states that China’s stateowned enterprises need to continuously improve their innovation capabilities and levels,follow a high-quality development path,lead enterprise construction,and achieve world-class construction level.The reform of mixed ownership has always run through the entire process of China’s stateowned enterprise reform,and is an important breakthrough in comprehensively deepening the reform of state-owned enterprises.The reform of state-owned enterprises has gone through three stages: decentralization,institutional innovation,and the development of state-owned assets,achieving good results,but also entering a "deep water zone" of difficult progress.At this stage,the reform of mixed ownership in state-owned enterprises has achieved significant results,and it is also entering the stage of overcoming difficulties and difficulties.On the one hand,enterprises need to continuously optimize their own systems and mechanisms through reform,and on the other hand,they also need to continuously enhance their international competitive advantage.In the process of mixed ownership reform in state-owned enterprises,the focus is not on the cross holding of various types of capital,but on the continuous improvement of the actual status of non-state capital,which has a corresponding "voice" in the development of enterprises.Therefore,formal reform should gradually transition to substantive mixed reform,maximizing the actual value of various types of capital,and complementing each other’s advantages.In the process of reform practice,there is often a dilemma.On the one hand,the proportion of non state-owned capital holdings is insufficient to effectively improve the governance level of state-owned enterprises;On the other hand,the introduction of non-state capital may lead to the loss of state-owned assets.Therefore,the equity structure of state-owned enterprises after the reform of mixed ownership,the balance between state-owned capital and non-state capital,and whether non-state capital can effectively improve the level of corporate governance are crucial.The important goal of the new round of mixed ownership reform is to enhance the innovation level of state-owned enterprises,continuously improve their comprehensive competitiveness and competitive advantage,and occupy a favorable position in global competition.In this context,exploring the relationship between mixed ownership reform and innovation in China’s state-owned enterprises has important practical significance.Against the above background,this article takes the A-share state-owned listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2020 as research samples,and conducts a systematic analysis and discussion around the role of integrating non-state capital in the development of state-owned enterprises in their innovation level.The empirical research results indicate that,from the perspective of shareholder governance,when state-owned enterprises introduce more than 5% of non state-owned equity,it has a promoting effect on technological innovation of state-owned enterprises undergoing mixed transformation,and the greater the proportion of non state-owned shareholders’ ownership,the stronger the promoting effect on enterprise innovation;From the board level,compared to non-state shareholders who do not appoint directors to the state-owned enterprise under mixed reform,the role of appointing directors in promoting innovation in the state-owned enterprise under mixed reform is more significant.The higher the proportion of directors appointed by non-state shareholders,the more significant the promotion role of enterprise innovation.When non-state shareholders appoint executive directors,they further promote enterprise innovation.In addition,through impact mechanism testing and reasoning,this article verifies that introducing non-state capital into state-owned enterprises can improve the ability and level of technological innovation of state-owned enterprises by reducing agency costs and improving the level of enterprise risk bearing.The first chapter of this article is an introduction,which discusses the relevant background and research value around the research topic,clarifies the main ideas and research methods during the research process,summarizes the research content,draws a research framework,and points out the innovation and shortcomings of this article.The second chapter is a literature review,which combs the factors that caused and promoted the reform of mixed ownership in state-owned enterprises,economic consequences,and other literature materials.At the same time,it queries the main reasons that have affected the innovation and development of enterprises,and makes a literature review based on all the literature materials.The third chapter is a theoretical overview,clarifying the concepts of state-owned enterprises,non-state capital,and non-state capital,explaining the definition of mixed ownership economy,and analyzing relevant theories.The fourth chapter is theoretical analysis and research assumptions.It analyzes the impact of the introduction of non-state capital into state-owned enterprises on enterprise technological innovation from the shareholder level and the board level,as well as the ways in which the introduction of non-state capital into state-owned enterprises promotes enterprise technological innovation by reducing the agency cost of managers and improving risk bearing.Therefore,the main research assumptions and research design of this article are proposed.Chapter 5 is empirical testing,including descriptive statistics,univariate analysis,basic test results,robustness testing,and functional mechanism testing.Chapter 6 is the research conclusion and inspiration.It synthesizes all research content and results,proposes corresponding countermeasures based on actual development requirements,and identifies the shortcomings in the research process.The value of this study is mainly manifested in three aspects: Firstly,it enriches and expands relevant research on the ways of influencing enterprise technological innovation from the perspective of introducing private capital from state-owned companies.Although existing literature has demonstrated the impact of mixed reform of state-owned enterprises on technological innovation from the perspective of non-state capital participation in the governance of state-owned enterprises undergoing mixed reform(Li Wengui and Yu Minggui,2015;He Ying et al.,2022),few literature has explored the ways in which the introduction of non-state capital affects technological innovation in state-owned enterprises undergoing mixed reform.From the perspective of the impact of non-state capital participation in governance on manager agency costs and risk taking,this study explores the ways to affect the technological innovation of mixed reform state-owned enterprises,which can serve the development of reform and innovation in mixed reform state-owned enterprises and provide practical innovation paths for them.Secondly,it enriches and expands relevant literature on the effects of heterogeneous shareholder governance from the perspectives of non-state capital introduction and participation in shareholder governance and board governance in state-owned companies.The existing literature on the economic consequences of mixed reform of stateowned enterprises is quite rich(Baietal.,2009;Zhang Wenkui,2017),but the existing research does not distinguish between the shareholding ratio of non-state capital,the characteristics of appointed directors,and appointed directors to test the impact of non-state capital participation in governance on technological innovation.Based on the internal corporate governance mechanism of "shareholder governance board governance",this article examines the impact of mixed reform of state-owned enterprises on technological innovation from two dimensions:participation of non-state shareholders in shareholder governance and board governance.On the one hand,it provides a supplementary and practical basis for the impact of mixed reform of state-owned enterprises on economic development,and on the other hand,it can provide a powerful explanation and explanation for the controversy caused by mixed reform of stateowned enterprises,Serving the construction and development of enterprises.Finally,from the perspective of the impact of state-owned companies introducing private enterprises on innovation,enrich and expand relevant research on the economic consequences of mixed transformation of state-owned enterprises.Although there is a wealth of research on the economic consequences of corporate governance,few documents have included shareholder governance and board governance within the same framework to examine the impact of nonstate shareholder participation in governance on the economic consequences of the mixed reform of state-owned enterprises.This study helps to enrich and expand relevant research on the economic consequences of shareholder participation in governance. |
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