贵州财经大学学报

贵州财经大学学报 ›› 2021 ›› Issue (02): 1-10.

• 宏观经济 •    下一篇

国企混改、政府补助与创新

杨兴全, 韩贺洋   

  1. 石河子大学 经济与管理学院/公司治理与管理创新研究中心, 新疆 石河子 832003
  • 收稿日期:2020-11-02 出版日期:2021-03-15 发布日期:2021-03-22
  • 通讯作者: 韩贺洋(1991-),男,安徽阜阳人,石河子大学经济与管理学院博士研究生,研究方向为公司治理与财务管理。
  • 作者简介:杨兴全(1969-),男,甘肃古浪人,石河子大学经济与管理学院教授,研究方向为公司治理与财务管理。
  • 基金资助:
    国家自然科学基金项目“‘中国之治’的政府行为与企业创新：基于‘国家队’持股的研究”（72062027）；国家自然科学基金项目“多元化经营与公司现金股利政策：基于转型经济背景的研究”（71762024）；“文化名家暨‘四个一批’人才工程；财政部会计名家培养工程”。

Mixed reform of state-owned enterprises, government subsidies and innovation

YANG Xing-quan, HAN He-yang   

  1. School of Economics and Management, Shihezi University, Shihezi 832003, China
  • Received:2020-11-02 Online:2021-03-15 Published:2021-03-22

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摘要： 基于中国深沪A股市场2003~2017年国企混改非平衡面板样本数据，采用固定效应回归分析政府补助与国企创新，以及国企混改对政府补助创新效应的影响。结果显示：政府补助能够促进国企创新，国企混改显著增强政府补助的创新效应。政府质量越高则政府补助的创新效应越好，国企混改对政府补助创新效应的提升作用越强。通过对《中央企业混合所有制改革操作指引》中"突出主业"的政策趋向的效果检验，结果表明，政府补助显著增加企业主业研发投入，国企混改不仅能够促进政府补助的主业研发投入，同时还可以抑制非主业研发投入。

关键词: 国企混改, 政府补助, 创新, 政府质量

Abstract: Based on the unbalanced panel data of the state-owned enterprise mixed reform in China's Shenzhen-Shanghai A-share market from 2003 to 2017, this paper uses fixed effects regression to analyze the influence of government subsidies and state-owned enterprise innovation, and the influence of state-owned enterprise mixed reform on the innovation effect of government subsidies. The results show that government subsidies can promote the innovation of state-owned enterprises; the mixed reform of state-owned enterprises significantly enhances the innovation effect of government subsidies. Further analysis found that the higher the quality of government, the better the innovation effect of government subsidies, and the stronger the effect of mixed reform of state-owned enterprises on the innovation effect of government subsidies. Finally, this article examines the policy trend of "highlighting the main business" in the "Operational Guidelines for the Reform of Mixed Ownership of Central Enterprises". The results show that government subsidies have significantly increased the R&D investment in the main business of enterprises, and the mixed reform of state-owned enterprises can not only promote the R&D investment in the main business subsidized by the government, but also curb its non-main business R&D investment.

Key words: mixed reform of state-owned enterprises, government subsidies, innovation, government quality

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