Research On Innovation Efficiency Of State-Owned Enterprises Under The Background Of Mixed Ownership Reform

Deng Xiaoping mentioned that science and technology is the primary productive force."Leading the transformation and upgrading of the real economy through innovation" is an important strategic guideline for current economic development.With the development of the times,the benefits brought by science and technology are more and more significant,and technological innovation plays a key role in promoting economic development.According to statistics,the economic growth of developed countries is about 80% due to technological progress,while China's technological innovation is far lower than that of developed countries.Therefore,how to accelerate the technological innovation of enterprises and build an innovation-oriented country is the problem we need to solve at present.As the pillar enterprises supporting the development of national economy and society,state-owned enterprises have always been the focus of academic and even social attention.However,due to the lack of ownership of state-owned enterprises,the corporate governance structure is rigid,bureaucratic system and other problems,so the innovation ability of state-owned enterprises is low.In 2013,the third plenary session of the 18 th CPC central committee made clear the need to develop a mixed-ownership economy.In his government work report in 2014,premier Li Keqiang encouraged non-state capital to take equity stakes,promoted the integration of state-owned and private enterprises,and stimulated the vitality of state-owned enterprises.The 19 th national congress of the communist party of China(CPC)called for deepening the reform of state-owned enterprises and building a number of innovative enterprises.It can be seen that the reform of state-owned enterprises over the past 40 years has gradually transformed China's state-owned enterprises from a single public ownership structure to a multi-ownership economy.This round of mixed ownership reform of state-owned enterprises has put forward higher requirements on the governance structure of state-owned enterprises and injected new vitality into the national economy.In the face of this "difficult bone",we must grasp the nettle,take the development of mixed ownership as the new normal,and constantly deepen the reform of state-owned enterprises.Based on the above,after sorting out the literature on the mixed ownership reform and enterprise innovation of state-owned enterprises,this paper also expounds the relevant theoretical basis,mainly starting from the principal-agent theory,system theory and resource theory.On this basis,the paper analyzes the historical process and current situation of the reform of state-owned enterprises in China.In the selection of samples,starting fromthe mixed ownership reform proposed by the third plenary session of the 18 th central committee,the mixed ownership enterprises and private enterprises from 2010 to 2018 were selected as the research objects.Among them,the mixed ownership enterprises were taken as the experimental group and the private enterprises as the control group.The propensity score matching method was used to carry out one-to-one matching on the data of the experimental group.The new sample data after matching was used for differential regression.By comparing the data of the experimental group and the control group before and after the reform,the author explores the net effect of the mixed ownership reform policy.To further specifically analyze the effects of mixed reform policies,this article divides the sample data into monopolistic industries and competitive industries,and analyzes the effects of mixed ownership reforms between different industries.Through empirical research,it is found that mixed ownership reform can promote the improvement of innovation efficiency of state-owned enterprises,which is mainly divided into two aspects.Second,from the perspective of patents,the paper analyzes that the mixed ownership reform has a significant effect on promoting the total patent output,but has a significant effect on promoting the invention patent.According to different industry characteristics,in the competitive industry,mixed ownership reform can promote enterprises to increase R&D investment and accelerate total patent output,especially the output of invention patent grants;in monopoly industries,mixed ownership reform can significantly promote the increase of enterprises R&D investment,but it will significantly reduce the total patent output of the enterprise,and it has no significant effect on the output of the number of invention patent authorizations.Compared with monopolistic industries,mixed ownership reform can significantly promote the innovation efficiency of competitive enterprises.Combined with the empirical analysis,the corresponding policy suggestions are given.The innovation of this article is that the mixed ownership reform of state-owned enterprises is different from the previous shareholding reform in terms of content and measures.Most of the existing literature is based on the shareholding split in 2005.The main reason for this phenomenon is the limited availability of data.This article examines the changes in innovation efficiency of state-owned enterprises by setting up experimental groups(mixed-owned enterprises)and control groups(private-owned enterprises),and uses the propensity score matching method to make the experimental group(mixed-owned enterprises)and the control group(private-owned enterprises)in each The aspect has the same characteristic trend.After solving the deviation problem of regression,the difference is used for regression to make the research conclusion more reliable.