混合所有制、制度环境与研发创新行为

发布时间：2018-06-19 19:43

本文选题：国有企业改革 + 混合所有制　；参考：《北京第二外国语学院》2017年硕士论文

【摘要】：改革开放以来,中国作为一个新兴与转轨经济体,不断深化市场化改革,不管在微观企业绩效,还在宏观经济效率取得举世瞩目的成就。自上世纪90年代,作为中国公有制经济的微观经济主体,国有企业不断引进社会资本和外国资本参与国有企业改革。在新的阶段,国有企业改革也进入了攻坚期和“深水区”,经过长期的国企改革实践和理论探讨,在政府政策选择中混合所有制改革成为国有企业改革的方向和目标,以期进一步激发国有企业的活力。同时,中共“十八大”提出了创新驱动发展战略,中国的经济发展动力正在由资源要素驱动向创新驱动。作为一国经济运行的微观主体,企业无疑是国家创新体系的核心环节。唯有企业不断增强其自身自主创新能力,我国才能早日成为创新型国家。显然,若想提高我国企业的自主创新能力,则需要企业持续不断地加大研发投入。国有企业混合所有制改革重要目标之一,是能够进一步提高企业研发创新水平,进而提高企业效率。异质性社会资本参与国有企业改革,必然改变企业的产权结构以及企业的控制权。在此背景下,本文探析混合所有制企业的所有权特征因素及控制权特征因素对企业研发创新行为的影响。我国国有上市公司,通过股份公开发行,在融资的同时,实现了产权多元化,是国有资本与社会资本混合形成的混合所有制企业的典型代表。本文以2011-2015年度的制造业和信息软件行业作为样本,通过股东异质性理论、委托代理理论、资源互补理论和股权制衡理论分析所有权特征因素对企业研发创新行为的影响;通过财富转移观和财富支持观分析控制权特征因素对企业研发创新行为的影响;通过新制度经济学理论分析制度环境对混合所有制企业研发创新行为的影响;通过以上理论分析,本文提出研究假设,进行实证检验,探讨在中国特殊经济制度环境下,混合所有制企业所有权特征因素及控制权特征因素对企业研发创新行为的影响。本文通过利用Tobit模型实证检验发现:所有制混合的深入有利于混合所有制企业的研发创新行为,所有制混合制衡会促进国有企业研发强度,但两者之间会呈“倒U型”关系,即多元化产权配置合适比例才能达到最优研发激励。混合所有制企业中非国有产权代表董监事分享控制权会抑制混合所有制企业的研发创新行为。但是,制度环境深刻影响着两者关系,相比制度环境薄弱的地区,制度环境健全的地区通过所有制混合所形成的产权结构与控制权特征更有利于激发企业的研发创新行为。
[Abstract]:Since the reform and opening up, China, as a new and transitional economy, has continuously deepened the market-oriented reform, not only in the performance of micro-enterprises, but also in the macroeconomic efficiency has made remarkable achievements. Since the 1990s, as the microeconomic subject of China's public ownership economy, state-owned enterprises have continuously introduced social capital and foreign capital to participate in the reform of state-owned enterprises. In the new stage, the reform of state-owned enterprises has also entered a critical period and a "deep water area." after a long period of practice and theoretical discussion on the reform of state-owned enterprises, the reform of mixed ownership has become the direction and goal of the reform of state-owned enterprises in the choice of government policies. In order to further stimulate the vitality of state-owned enterprises. At the same time, the 18th National Congress of the Communist Party of China put forward the strategy of innovation-driven development, and the driving force of China's economic development is being driven by resource factors to innovation-driven. As the microcosmic main body of a country's economic operation, the enterprise is undoubtedly the core link of the national innovation system. Only if the enterprise enhances its own independent innovation ability, can our country become an innovative country at an early date. Obviously, if we want to improve the independent innovation ability of our enterprises, we need to continuously increase R & D investment. One of the important goals of the reform of mixed ownership in state-owned enterprises is to further improve the level of R & D innovation and further improve the efficiency of enterprises. The participation of heterogeneous social capital in the reform of state-owned enterprises will inevitably change the structure of property rights and the control rights of enterprises. Under this background, this paper probes into the influence of ownership and control characteristics of mixed ownership enterprises on R & D innovation behavior. Through the public issuance of shares, the state-owned listed companies in China have realized the diversification of property rights while financing, which is a typical representative of the mixed ownership enterprises formed by the mixture of state-owned capital and social capital. This paper takes the manufacturing and information software industry in 2011-2015 as a sample to analyze the impact of ownership characteristics on R & D innovation through shareholder heterogeneity theory, principal-agent theory, resource complementarity theory and equity balance theory. Through the view of wealth transfer and wealth support, this paper analyzes the influence of the characteristic factors of control rights on R & D innovation behavior of enterprises, analyzes the influence of institutional environment on R & D innovation behavior of mixed ownership enterprises through the theory of new institutional economics. Through the above theoretical analysis, this paper puts forward the research hypotheses, carries on the empirical test, discusses under the Chinese special economic system environment, the mixed ownership enterprise ownership characteristic factor and the control right characteristic factor to the enterprise research and development innovation behavior influence. By using Tobit model, this paper finds that the deepening of ownership mixing is beneficial to R & D innovation behavior of mixed ownership enterprises, and ownership mix checks and balances will promote the R & D intensity of state-owned enterprises, but the relationship between them will be "inverted U-shaped". That is, the appropriate proportion of the allocation of diversified property rights can achieve the optimal incentives for R & D. The non-state-owned property rights representative of mixed ownership enterprises, directors and supervisors share control rights will restrain R & D innovation behavior of mixed ownership enterprises. However, the institutional environment has a profound impact on the relationship between the two. Compared with the weak institutional environment, the property structure and the characteristics of control rights formed through the ownership mix in the areas with sound institutional environment are more conducive to stimulate the R & D innovation behavior of enterprises.
【学位授予单位】：北京第二外国语学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F276.1

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