| The 20 th Party Congress pointed out that high-quality development is the primary task of comprehensively building a modern socialist country.The private economy is an important part of China’s socialist market economy,and is the core driving force to promote the high-quality development of China’s economy.However,in recent years,as the pace of China’s economic opening to the outside world has accelerated,more and more foreign-funded enterprises have entered the domestic market,and this phenomenon has led to increased market competition in the development of private enterprises,which has seriously hindered the development of the private economy.Private enterprises should improve their independent innovation capability through innovation activities to cope with the fierce market competition.Enterprise independent innovation can help private enterprises to enhance their core competitiveness and help them to get rid of difficulties and achieve high-quality development.However,at this stage,due to the imperfect development of China’s capital market,it is difficult for private enterprises to obtain the economic resources they need to carry out innovation activities directly from the capital market,so they face the dilemma of difficult and expensive financing.Mixed ownership reform is not only an important direction of SOE reform,but also an important trend in the development of private enterprises in recent years.Established studies have shown that the introduction of state-owned capital into private enterprises will improve their financing capacity and ease the level of financing constraints.So,will the introduction of state-owned capital by private enterprises affect their own innovation capacity and what is the mechanism of impact? The answer to this question is important to improve the innovation capacity of private enterprises and promote the high-quality development of China’s economy.Focusing on the above issues,this paper firstly collates the reality of introducing state-owned capital into private enterprises in China,secondly analyzes the impact of introducing state-owned capital into private enterprises on enterprise innovation from the theoretical level,then uses the double difference model and the data of national A-share private listed companies from 2013-2020 to make an empirical analysis of the impact of introducing state-owned capital on private enterprise innovation,and finally puts forward targeted suggestions on how to better improve the mixed The study finds that the introduction of state-owned capital is beneficial to the innovation of private enterprises.The study finds that the introduction of state-owned capital is conducive to promoting innovation in private enterprises,and alleviating financing constraints,accessing innovation resources and improving corporate governance are the main influencing mechanisms to promote innovation in private enterprises after the introduction of state-owned capital;compared with investment and financial state-owned capital,the promotion effect of the entry of state-owned capital in the entity category on innovation in private enterprises is more significant.The above findings provide a basis for the government’s decision to improve the institutional design of mixed ownership reform and promote the high-quality development of China’s economy.The innovations of this paper are as follows.First,it enriches the research on mixed ownership reform to provide quasi-natural experiment-based evidence for the country to carry out mixed ownership reform.Second,it improves the research on corporate innovation channels and provides empirical support for the innovation activities of private firms.The research in this paper contributes to the development of theoretical studies on the impact of equity structure on enterprise innovation,which is of great theoretical and practical significance for accelerating the mixed ownership reform,breaking down the barriers faced by private enterprises’ technological innovation,stimulating the vitality of market players,and promoting the high-quality development of China’s economy. |
