国有股权参股对家族企业创新效率影响机制与路径研究

在混合所有制改革和创新驱动发展战略实施背景下，国有资本“举牌”民营企业对企业创新体系的作用机制亟待研究。基于2008-2018年上市家族企业数据，从创新投入和创新产出两个视角探讨国有股权参股对家族企业创新效率的影响，根据股东资源理论分析可能的影响路径。通过Heckman两阶段模型实证发现：国有股权参股显著促进家族企业创新投入和创新产出，并最终对创新效率产生积极影响，而获取政府补贴和提升创新管理能力是两条中介路径。该结论揭示了混合所有制改革在激发民营企业创新活力中所发挥的重要作用和影响机制，为家族企业提高创新效率提供了新方向。

Research on the Influence Mechanism and Path of State-owned Equity Participation on Family Business Innovation Efficiency

Under the background of the mixed ownership reform and the implementation of the innovation-driven development strategy, the influence mechanism of state-owned capital's "placard" private enterprises on the enterprise innovation system needs to be studied urgently.Based on the data of listed family companies from 2008 to 2018, from the perspectives of innovation input and innovation output, this paper explores the impact of state-owned equity participation on the innovation efficiency of family companies, and this paper further analyzes the possible impact paths based on shareholder resource theory.Through the empirical findings of Heckman's two-stage model: it is found that the participation of state-owned equity has greatly promoted the innovation input and output of family enterprises, and has finally had a positive impact on the innovation efficiency; Access to government subsidies and improved innovation management capacity are two intermediary channels.The conclusion reveals that the mixed ownership reform has the important role and influence mechanism to stimulate the innovation vitality of private enterprises, and the conclusion also provides a new direction for the family enterprises to improve their innovation efficiency.