国企改革的新思路：基于研发投入规模视角

试图从新的视角考察混合所有制企业在不同研发投入规模下的创新差异,从而剖析股权制衡对企业全要素生产率的影响以及国有企业混合所有制改革最优方向选择问题.利用双重差分倾向得分匹配(PSM-DID)方法,基于2005—2018年A股部分上市企业数据分析当前我国混合所有制改革对国有企业生产率的影响,并着重分析混改政策提升企业全要素生产率的关键路径.研究发现:混合所有制改革可以显著提升国企生产率水平,总体呈现递增的动态影响,并且对大规模研发企业、垄断性行业企业的政策效果尤为明显;规模化研发投入是国企混改提升企业生产率的重要路径,国有资本大规模研发企业比重处于50％～75％时更有利于提升企业生产率,小规模研发企业比重小于25％时提升企业全要素生产率的效果更为明显.在此基础上,对促进国企混改提出促进股权多元化、保持较高国有股比重、优化激励考核制度、采取差异化混改政策等建议.

New Thoughts on State-owned Enterprise Reform: Based on the Perspective of Scale of R D Investment

How to improve total factor productivity has always been a realistic problem faced by the reform of mixed ownership of state-owned enterprisesThis paper uses the tendency matching double difference method (PSM-DID) to investigate the impact of the current mixed ownership reform on the productivity of state-owned enterprises, and focuses on the analysis of the key path of mixed reform policies to improve the total factor productivity of enterprises. The study found that:Mixed ownership reform can significantly improve the productivity of state-owned enterprises. Large-scale R D investment is an important way for mixed reform of state-owned enterprises to improve the productivity of enterprises.In addition, for large-scale R D companies, maintaining a high weight of large shareholders after mixed reform is more conducive to the role of equity checks and balances, and the effect of promoting the company"s total factor productivity is more obvious.Further regression found that for small-scale R D companies, privatization is more conducive to enterprise innovation. For large-scale R D companies, maintaining a higher weight of state-owned capital is the best choice for mixed reform of state-owned enterprises