Research On The Impact Of State Capital Participation On Innovation Investment Of Private Listed Companies In China

With the development of the new normal of China’s economy and the formation of a new era of competition,technological innovation have undoubtedly become a necessary way for enterprises to achieve high-quality development.At the same time,in recent years,the Chinese government is actively promoting the further deepening of the mixed ownership reform of enterprises,and guiding state capital to buy shares in non-state-owned enterprises.On the one hand,the introduction of state-owned capital not only makes both private enterprises and government departments form a "community of interests" and sends a positive signal to the outside world,but also can serve as an alternative mechanism to make up for the lack of marketization,to bring the resource effect to the private enterprises and enable it access to more and rare innovation resources and policy protection;On the other hand,there is a serious agency contradiction between major shareholders and minority shareholders in Chinese private enterprises,and the introduction of state-owned capital may play the governance effect of non-controlling shareholders,form certain checks and balances on the controlling shareholders of private enterprises,and alleviate the agency problem in private enterprises.To sum up,whether the state-owned capital participation can improve the innovation investment level of private listed companies by exerting the resource effect and governance effect.This is the main research question of this paper.In order to study the above problems,this paper selects the Shanghai and Shenzhen A-share private listed companies in China from 2013 to 2020 as the research objects,and establishes a multiple regression model to test the influence effect of state-owned capital participation on the innovation investment of China’s private listed companies.This paper also used the method of the instrumental variable method,the tendency matching score and the Heckman method to ensure the robustness of the benchmark regression results.Further,from the perspectives of resource effect and governance effect,this paper introduces the variables such as government subsidy,the second type of agency cost and organization redundancy to explore the main path of state-owned capital participation to promote the innovative investment of private listed companies in China.After the empirical tests,the following four conclusions are drawn:(1)State-owned capital participation can significantly improve the innovation investment level of private enterprises;(2)State-owned equity shareholders can bring resource effect to private enterprises,increase in government subsidies for private enterprises,so as to improve the level of innovation and investment of enterprises;(3)In the meantime,state-owned shareholders can play the governance effect,reduce the second type of agency cost of private enterprises,so as to improve the innovation and investment level of private enterprises;(4)The introduction of state capital can promote the utilization efficiency of redundant resources in private enterprises,so when the private enterprises have more unabsorbed redundant resources,the participation of state capital plays a more significant role in promoting the innovation investment of private enterprises.It is hoped that the research in this paper not only provides reference for the innovation of private enterprises and their high-quality development of private enterprises,but also provides certain practical guidance for the development and implementation direction of the relevant policies of "two-way mixed reform" in Chinese enterprises.