The Impact Of The Mixed Ownership Reform On State-owned Enterprises' Innovation

Since the goal of building an innovative country was proposed in 2006,our government has paid great attention to innovation.At present,China is at a critical moment of economic transformation,and its innovative development strategy has become an important national strategy,which determines the transition from China's manufacturing to China's intelligent manufacturing,and from the pursuit of speed to the quality of development.Enterprises are the main body of scientific and technological innovation.Their innovative behavior is not only the main source of their own advantages,but also an important factor that drives a country's economic growth and enhances its international competitiveness.As the mainstay and important support for the high-quality development of China's economy,state-owned enterprises must also be at the forefront of innovation.However,due to the long absence of state-owned enterprises,the dilemma of unclear property rights and political tasks,the state-owned enterprises have insufficient innovation capabilities.In order to stimulate the innovative vitality of state-owned enterprises,state-owned enterprises urgently need a deeper change.This article first made a simple background review of the mixed reform and innovative development of China's state-owned enterprises.Then,the related theoretical research is reviewed.On this basis,from the perspective of enterprise innovation,the impact of mixed reform of state-owned enterprises on innovation was explored.This article selects the more representative state-owned listed companies from 2008 to 2017 as a research sample to study the impact of mixed state-owned enterprise reform on innovation.The study found that only power balance with shareholder structure can significantly promote corporate innovation.The relationship between equity diversity and corporate innovation is not significant.And the relationship between control rights change and corporate innovation is also not significant.After conducting robustness tests and excluding a variety of endogenous problems,the research conclusions of this paper are still valid.On this basis,this article further analyzes the impact of SOE heterogeneity on the relationship between mixed reform and innovation.The study found that the promotion of innovation in equity checks and balances is more significant in competitive industries,regions with higher marketization processes,and high-tech state-owned enterprises.Finally,the test results of further intermediary effects show that the equity balance formed by the mixed reform of state-owned enterprises can promote corporate innovation through channels such as improving corporate governance and reducing the policy burden of state-owned enterprises.But the innovation level of state-owned enterprises also affected by strengthening financing constraints.The research in this paper not only enriches the relevant literature on state-owned enterprise mixed reform and enterprise innovation,but also provides policy suggestions on how to further carry out state-owned enterprise mixed ownership reform.We believe that it is entirely correct for state-owned enterprises to take the road of mixed ownership reform,and it is necessary to further deepen the mixed ownership reform of state-owned enterprises.Secondly,considering the differences between the internal and external environments faced by state-owned enterprises,the mixed ownership reform of state-owned enterprises can't be "one size fits all",and it must be promoted in accordance with factors such as the degree of competition in the industry,the degree of marketization in the region,and the technological characteristics of the industry.Finally,actively promoting market-oriented development and deepening decentralization and reform are also important steps in realizing innovative development strategies.