管理者情绪、国资介入与创新绩效

近年来，越来越多的国有企业通过出资入股的方式嵌入民营企业的改制与治理中，使得广大民营企业拥有更有效的治理措施与融资方式。但在混改对民营企业创新绩效影响的研究中，这种促进效果是否明显仍具有较大争议。从管理者理性迎合的角度出发，以2010—2020年所有上市非ST公司的相关数据为采集样本，通过情绪词典中的情绪词汇与公司年报中相同词语的出现频次来构建管理者情绪指标，以此为基准测定管理者情绪对上市公司创新绩效的影响，并探讨国资介入在两者之间的交互调节效应。实证发现：管理者情绪与企业创新绩效表现为负向相关；国资介入与企业创新绩效表现为正向相关，且能够缓和管理者情绪对企业创新绩效的负向影响作用。

Managerial Sentiment, State Capital Involvement and Innovation Performance

In recent years, more and more state-owned enterprises have been embedded in the restructuring and governance of private enterprises through equity participation, which has enabled private enterprises have more effective governance measures and financing methods, but it is still controversial whether this promotion effect is obvious in the study of the impact of hybrid reform on the innovation performance of private enterprises. Using the data of all listed non-ST companies from 2010 to 2020 as a sample, a managerial sentiment index is constructed by using the frequency of the same words in the sentiment dictionary and the annual reports of companies to determine the impact of managerial sentiment on the innovation performance of listed companies, and explore the interactive moderating effect of state capital intervention between the two. The interactive moderating effect of state capital involvement between the two is explored. The empirical findings show that managerial sentiment is negatively correlated with innovation performance, while state capital intervention is positively correlated with innovation performance and can moderate the negative effect of managerial sentiment on innovation performance.