“混改”国企股权结构、董事会配置与创新绩效

在中国经济增速换挡、新旧动能转换背景下，创新成为引领经济发展、促进制造业转型升级的关键驱动因素。国有企业作为提升国家竞争优势的主力，其自主创新仍然面临着一些体制障碍。以2013-2017年沪深A股进行“混改”的制造业国有上市公司为研究样本，实证检验了股权结构对企业创新绩效的影响，并探析了董事会配置对股权结构与创新绩效关系的调节作用。研究表明：股权多样性越丰富、股权制衡度越高则创新绩效越好，股权集中度越高创新绩效越差；董事会中行政型董事比例弱化了股权多样性对创新绩效的促进作用，强化了股权集中度对创新绩效的抑制作用；董事会中经济型董事比例强化了股权多样性和股权制衡度对企业创新绩效的促进作用。

Equity Structure,Board Configuration and Innovation Performance of State-owned Enterprises Proceeding Mixed Ownership Reform

In the background of the shift of China's economic growth and the adjustment of new growth drivers, innovation is the key driving factor of the economic development and the transformation of manufacturing industry.Although state-owned enterprises are the main force of promoting the competitive advantage of national economy, there are still some institutional obstacles to independent innovation.This paper takes the stated-owned listed companies in manufacturing industry as a research sample, which undertake mixed ownership reforming in 2013-2017 listed in Shanghai and Shenzhen A shares.This study empirically tests the impact of the shareholding structure on the innovation performance of enterprises and analyze the moderating effect of board configuration on the relationship between shareholding structure and innovation performance.The research shows that:①the richer the equity of the enterprise and the higher the equity balance are, the better the firms' innovation performance is; the higher the concentration of equity is, the worse the firms' innovation performance is;②The proportion of executive directors in the board of directors weakens the role of equity diversity in promoting innovation performance, and strengthens the restraining effect of equity concentration on innovation performance;③The proportion of economic directors strengthens the positive effects of equity diversity and equity restriction on the firms’ innovation performance.