国企混改影响企业创新投资的机制:政府干预效应还是代理效应

探讨混合股权结构如何影响企业创新投资及其作用机制。研究发现：国有企业实施混合所有制改革，提高非国有股权比例对于企业创新投资具有促进作用。但是，不同混合所有权方式对国有企业创新投资水平的影响具有显著差异。其中，外资+国有以及外资+民营+国有的混合所有权结构对企业创新投资改善具有积极影响；而混合股权结构中只有民营股东时，非国有股权比例与企业创新投资水平不存在统计意义上的显著性。进一步研究发现，相对于政府干预效应，代理效应是国企混合所有制改革影响企业创新投资的主导机制，即经理人观对国企创新问题的解释力更强。

The Mechanisms of State Owned Enterprises' Mixed Ownership Reform Affecting Innovation Investment: Government Intervention Effect or Agency Effect

In the context of mixed ownership reform, this paper analyzes how the ownership structure affects the level of enterprise innovation investment. The study finds that improving the proportion of non-state owned equity has a promoting effect on enterprise innovation investment. When the mixed ownership structure consists of foreign shareholders, the relationship between the proportion of non-state owned equity and enterprise innovation investment level was positively correlated. But when the mixed ownership structure contains only the private shareholders, there is no statistical significance of the relationship between the proportion of non-state owned equity and enterprise innovation investment level. Further research found that t improving the proportion of non-state owned equity can affect the level of enterprise innovation investment throw two paths: agency effect of managers and the effect of government intervention, and the key mechanism is the effect of managers' agency.