国企改革的新思路：基于研发投入规模视角

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

摘要:

如何提升全要素生产率一直是国企混改面临的现实问题。本文利用倾向匹配双重差分法(PSM-DID)考察当前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,规模化研发投入是国企混改提升企业生产率的重要路径,大规模研发企业混改后提升全要素生产率的效果更为明显。此外,对于大规模研发企业而言,混改后保持较高的大股东权重更有利于发挥股权制衡的作用,企业全要素生产率的促进效果更为明显。进一步回归发现,就小规模研发企业而言,民营化更有利于企业创新,对于大规模研发企业来说,保持较高的国有资本权重是国企混改的最优选择。

关键词:国企混改;全要素生产率;研发投入规模;股权制衡

Abstract:

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

Key words:mixed-Ownership Reform; total factor productivity; scale of R D investment