国企民营化与企业创新效率：促进还是抑制?

文章基于混合所有制改革的背景，从创新效率的视角考察了微观创新主体民营化前后创新行为的变化。研究发现，民营化抑制了企业的创新效率，企业的专利数量显著减少，这种影响在缺乏原国有大股东制衡、无系族的上市公司以及外部产权保护较弱的地区更加显著，而且相对于创业型企业，民营化企业的创新效率更低。进一步研究发现，民营化抑制企业创新效率的一个重要途径是关联交易显著增加、投资显著减少，民营化后非国有大股东更多地表现出掏空动机，减少了创新活动，降低了创新效率。文章的研究结论为理解民营化企业的效率提供了新视角，有助于我们正确认识和理解新兴转轨经济体的民营化行为，而且对于监管层如何推进混合所有制改革具有重要的政策启示。

Privatization and Innovation Efficiency:Promotion or Suppression?

In the background of mixed ownership reform in state??owned enterprises, this paper tests the differences in firm innovation behavior before and after the privatizaG tion of micro innovation subjects from the perspective of innovation efficiency.It finds that privatization curbs firm innovation efficiency and the number of patents owned by firms significantly reduces;and this effect is more significant in listed companies that lack origiG nal state??owned blockholders counterbalance & are not the family enterprises after the priG vatization and regions with weaker external property protection,and compared with entreG preneurship firms,privatized firms have lower innovation efficiency.Further study shows that an important route to the inhibition of firm innovation efficiency by privatization lies in that related exchanges obviously increase,investment significantly reduces,and after priG vatization,non??state??owned large shareholders mostly have the motivations for tunneling& decrease innovation practice,thereby leading to the reduction in innovation efficiency. The conclusions provide a new perspective for the understanding of the efficiency of privaG tized enterprises,help to correctly recognize and understand the privatization behavior of emerging transition economies,and have critical policy implications for how to advance mixed ownership reform by regulation authorities.