混合所有制改革对国企“走出去”高质量创新发展的影响路径及作用机制

The influence path and mechanism of Mixed-Ownership Reform on High Quality Innovation and Development of OFDI State-Owned Enterprises

摘要:

2013年是我国混合所有制改革深化加速及对外直接投资（OFDI）跨越发展交汇的起点，但目前有关我国国企改革的研究大多未涉及混合所有制改革与OFDI逆向技术溢出赋能国企协同创新的政策效果。为此，从混合所有制改革促进OFDI技术寻求战略的视角出发，基于沪深两市2003－2019年重点投资于发达国家的4 102家国企样本数据，以混合所有制改革政策冲击作为准自然实验，运用双重差分法和工具变量法等检验方法实证检验混合所有制改革对OFDI国企高质量创新的影响作用，以及非国有股东委派董事多样性和OFDI逆向技术溢出在其中的作用机制。结果发现：混合所有制改革对OFDI国企的高质量创新具有显著的促进作用，并在较大的两国技术差距、东道国治理水平和企业吸收能力的情境下更加明显，而且可以通过非国有股东委派董事多样性、OFDI逆向技术溢出产生积极作用。据此，应进一步强化混合所有制改革推动国企外循环赋能的创新发展动力，发挥非国有股东委派董事多样性、OFDI逆向技术溢出的监督制衡和枢纽传递机制作用。

Abstract:

2013 is the starting point for the deepening of China's mixed-ownership reform and the development of OFDI. However, most of the current researches on China's SOE reform have not involved the policy effect of mixed-ownership reform and OFDI reverse technology spillover enabling SOE collaborative innovation. Therefore, from the perspective of promoting OFDI technology strategy through mixed-ownership reform, based on the sample data of 4,102 state-owned enterprises in Shanghai and Shenzhen that invested heavily in developed countries from 2003 to 2019, the impact of mixed-ownership reform policy is taken as a quasi-natural experiment. The impact of mixed-ownership reform on the high-quality innovation of OFDI state-owned enterprises, as well as the mechanism of the diversity of appointed directors of non-state-owned shareholders and OFDI's reverse technology spillover, were empirically tested by using the difference-in-differences method (DID) and the instrumental variable method (IV-2SLS). The study found that: mixed-ownership reform has a significant promotion effect on the high-quality innovation of OFDI state-owned enterprises, and it is more obvious in the context of the large technology gap between the two countries, the governance level of the host country and the absorption capacity of enterprises. Moreover, it can have a positive effect through the diversity of directors appointed by non-state-owned shareholders and the reverse technology spillover of OFDI. Therefore, the mixed-ownership reform should be further strengthened to promote the innovation and development momentum of the external circulation of state-owned enterprises, and play the role of the supervision and balance of the diversity of appointed directors of non-state-owned shareholders, OFDI reverse technology spillover and the hub transmission mechanism.