The Influence Of State-Owned Equity Participation On The Innovation Investment Of Private Enterprises And Mechanism Research

As an important component of the market,private enterprises are undoubtedly the new force of China’s innovation-driven development strategy.How to improve the innovation ability of private enterprises is a vital topic.At the same time,maximizing the positive effect of state-owned capital and realizing the win-win development of different ownership of capital are gradually becoming a social consensus,and the mixed-ownership reform has entered a new stage.Based on the data of private enterprises listed in A shares from 2014 to 2021,this paper conducts theoretical analysis and empirical research on the impact of state-owned equity participation on innovation investment of private enterprises.First of all,this paper analyzes the impact of state-owned equity participation on innovation investment of private enterprises,and considers the heterogeneity of industries and regions.Secondly,from the perspectives of "innovation resources" and "innovation willingness",this paper examines the potential mechanism of state-owned equity participation affecting innovation investment of private enterprises.Finally,this paper also tests the effect of the important policy signal of mixed-ownership reform behind the state-owned equity participation: "Decision of the CCCPC on Some Major Issues Concerning Comprehensively Deepening the Reform".On the basis of theoretical and empirical analysis,the research conclusions of this paper are as follows: 1)On the whole,state-owned equity participation can significantly promote the innovation investment of private enterprises.This effect will be affected by the industry of the enterprise and region where the enterprise is located,resulting in between-group differences.2)In terms of specific mechanism,on the one hand,state-owned equity participation can promote innovation investment by increasing the innovation resources of private enterprises.On the other hand,it will restrain innovation investment by weakening the innovation willingness of private enterprises.The resultant force formed by these two channels can,to a certain extent,explain the formation of the innovation incentive effect of state-owned equity participation and the differences between groups.3)With the promulgation of the Decision as the boundary,the innovation incentive effect of state-owned equity participation has undergone significant positive structural changes,and the policy effect is different in different industries and regions.Compared with previous studies,this paper has achieved innovation in the following aspects: 1)On the basis of pointing out that state-owned equity participation can promote enterprise innovation investment,the robustness and endogeneity of between-group differences are fully discussed.2)From two new perspectives of "innovation resources" and "innovation willingness",this paper examines the mechanism of state-owned equity participation affecting enterprise innovation investment,explains the basic results through the resultant force formed by these channels,and conducts a comparative study on the mechanism of state-owned equity participation in different industries and regions.3)Based on the realistic policy background,this paper tests whether the policy effect behind the state-owned equity participation is significant and whether there are differences between groups,which provides a new perspective to prove the basic conclusions of the paper.The research results above show that China should further promote mixed-ownership reform,mobilize enterprises’ enthusiasm for innovation research with different property rights,and implement the innovation driven development strategy.