摘要
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。
In the background of mixed ownership reform in state-owned enterprises,this paper tests the differences in firm innovation behavior before and after the privatization 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 original state-owned blockholders counterbalance are not the family enterprises after the privatization and regions with weaker external property protection,and compared with entrepreneurship 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 privatization,non-state-owned large shareholders mostly have the motivations for tunnelingdecrease innovation practice,thereby leading to the reduction in innovation efficiency.The conclusions provide a new perspective for the understanding of the efficiency of privatized 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.
出处
《财经研究》
CSSCI
北大核心
2016年第7期4-15,共12页
Journal of Finance and Economics
基金
国家自然科学基金项目(71102076
71372060
71472040
71572035
71528006)
对外经济贸易大学中央高校基本科研业务专项资金(2013YQ03
CXTD6-02)
对外经济贸易大学学科建设专项经费(XK2014201)
中国企业"走出去"协同创新中心科研项目(201501YY002B)
关键词
国企民营化
企业创新
掏空
产权保护
privatization of state-owned enterprises
firm innovation
tunneling
property protection
作者简介
钟昀珈（1985-），女，浙江金华人，北京大学经济学院博士研究生，对外经济贸易大学人力资塬管理处；
张晨宇（1989-），男，河南沈丘人，对外经济贸易大学国际商学院博士研究生
陈德球（1981-），男，安徽安庆人，对外经济贸易大学国际商学院教授，博士生导师
