不同风险特征下国企混改对企业创新绩效的影响——资源效应与制度效应视角

国企混改对创新绩效的影响可以从资源效应与制度效应两个方面加以阐释：一方面，国企通过获得互补性资源提升创新能力；另一方面，国企通过融合非国有股东制度活力激发创新动机。基于2013—2019年A股国有上市公司数据验证混改程度对国企创新效率的影响关系，并证实不同内部经营风险与外部竞争风险下，国有股比例对创新绩效具有差异化影响。结果发现：国有股权比例较低的股权结构，有利于发挥非国有资本的差异化制度优势，国有股权比例较高的股权结构，有利于发挥国有股东的资源优势。国企经营风险过高或市场竞争风险过低，能够强化国有股权与创新绩效的U型关系。分组研究结果显示，国有非制造企业股权与创新绩效呈U型关系，而国有制造企业中二者关系不显著。结论可为分类推进国企混改，提升国企创新绩效提供参考。

The Influence of Mixed Reform of State-owned Enterprises on Enterprise Innovation Performance with Different Risk Characteristics： The Perspectives of Resource Effect and Institutional Effect

From the "innovation-driven development strategy" of the 18th National Congress of the Communist Party of China to the goal of "building a strong country in science and technology" at the Fifth Plenary Session of the 19th CPC Central Committee, corporate innovation has always attracted attention as a prerequisite for national development and national rejuvenation. The reason why China has an overall development in recent years is because innovation has played an extremely important role in it. For example, the improvement of national defense strength and education level, the rich scientific research achievement and the rapid development of aerospace industry, etc. all take innovation as their backbone. In addition, from the perspective of the mixed reform of state-owned enterprises promoted across the country, innovation capability has also become an important target. Therefore,it is proposed to actively develop mixed ownership and introduce non-state capital into state-owned enterprises in the report of the 18th National Congress of the Communist Party of China . On the one hand, the ownership structure of enterprises stimulates the innovation vitality of state-owned enterprises, and on the other hand, through the supervision of state-owned enterprises by non-state-owned capital, it reduces agency costs and improves the efficiency of enterprises in all aspects. So far nearly 8 years have passed since the mixed ownership reform. What is the impact of the mixed ownership reform of state-owned enterprises on innovation performance? This deserves further study. #br#In recent years, more and more state-owned enterprises have participated in the mixed ownership reform, making their equity more diversified, improving innovation performance, and achieving high-quality development is one of the motivations for state-owned enterprises' mixed ownership reform. Changes in the external environment will lead to problems such as the excessive proportion of state-owned equity in state-owned enterprises, imperfect internal governance, disproportion between costs and production capacity, and lack of management of state-owned assets, resulting in the loss of state-owned assets and insufficient ability to deal with internal and external risks.Due to the different risk characteristics of enterprises, the decline of state-owned equity in state-owned enterprises will have different effects on innovation performance. Therefore, this paper further analyzes the innovation effect of mixed reform of state-owned enterprises under different risk backgrounds. #br#As the actual controller of state-owned enterprises, the government may give up part of its economic performance due to policy goals, and thus choose to invest in projects with lower risks, which will lead to relatively low innovation capabilities and innovation performance of state-owned enterprises. The introduction of non-state-owned capital with a relatively complete governance mechanism and a dynamic management system, on the one hand, enables the integration of different types of shareholder resources to achieve a "resource effect" that complements each other's advantages andmake them learn from each other's strengths; on the other hand, it also realizes the mutual learning of management and governance systems. The "institutional effect" of integration may be an effective way to effectively improve the independent innovation capability of state-owned enterprises. Therefore, the studyadopts the empirical data of A-share state-owned listed companies from 2013 to 2019, uses Stata16.0 statistical analysis software to establish a research model and conducts multiple regression analysis. According to the"resource effect" and "system effect", this paper analyzes the degree of mixed reform of state-owned enterprises, its impact on their innovation efficiency, as well as the introduction of internal business risk and external competition risk, and further analyzes the innovation effect of mixed reform of state-owned enterprises under different risk backgrounds. The results show that there is a U-shaped relationship between state-owned equity and innovation performance, that is, enterprises with a lower proportion of state-owned equity appropriately reduce the proportion of state-owned shares, which is conducive to exerting the institutional vitality of non-state-owned capital and promoting enterprise innovation; while state-owned enterprises with a higher proportion of state-owned equity , the increase of state-owned shares is more conducive to exerting its resource advantages and promoting innovation performance. The research that considers the internal and external risks of enterprises finds that the high operating risk of state-owned enterprises will strengthen the U-shaped relationship between state-owned equity changes and innovation performance; the low market competition risk of state-owned enterprises will strengthen the U-shaped relationship between state-owned equity changes and innovation performance. The group study confirms that for manufacturing and non-manufacturing state-owned enterprises, state-owned equity has no correlation and there is U-shaped relationship with innovation performance, respectively. The research conclusions of this paper can provide guidance and direction for promoting the mixed reform of state-owned enterprises and improving the innovation performance of state-owned enterprises.#br#