Research On The Impact Of Non-state-owned Shareholders’ Governance On The Innovation Performance Of State-owned Enterprises

In recent years,as the mixed-ownership reform of state-owned enterprises has entered a stage of comprehensive deepening,the introduction of non-state-owned shareholders’ participation governance has become the focus of the new round of the reform.The report of the 20 th National Congress of the Communist Party of China emphasized that it is necessary to focus on the transformation mechanism,further deepen the mixed reform of state-owned enterprises,shift from "mixed capital" to "reform mechanism",and continue to optimize the layout of the state-owned economy.However,there are few studies on the short-term motivation and long-term effects of non-state-owned shareholders’ participation in governance and decision-making.In order to promote the implementation of the new round of mixed reform system and promote the high-quality development of state-owned enterprises,this paper focuses on the innovation performance of state-owned enterprises,takes A-share listed state-owned enterprises from 2013 to 2021 as the research object,manually collects and sorts out data such as the appointment of directors by non-state-owned shareholders,and empirically tests the impact effect and mechanism of non-state-owned shareholder governance on the innovation performance of state-owned enterprises.The study found:(1)The governance of non-state-owned shareholders can effectively improve the innovation performance of state-owned enterprises,and the robustness test further verifies the reliability of the conclusions through endogenous analysis and substitution variables.(2)Heterogeneity analysis shows that,due to the differences in administrative level,industrial competition degree and marketization level,non-state-owned shareholders’ governance has a differentiated impact on enterprises’ innovation.Specifically,governance of non-state-owned shareholders has a significant role in promoting innovation in local state-owned enterprises,but not in central enterprises.It has a significant effect on competitive state-owned enterprises’ innovation,but not on monopolistic ones.And it has a significant promoting effect on the innovation of enterprises in areas with a higher degree of marketization,while it has an inhibiting effect on enterprises in areas with a lower degree of marketization.(3)Function mechanism test results show that reducing the policy burden and improving the internal governance level of state-owned enterprises are important two important channels for non-state-owned shareholders’ governance to promote enterprises’ innovation.Finally,according to the research conclusion,this paper puts forward some policy suggestions that the mixed-ownership reform should focus on appointing personnel to the senior management team,and promote the reform according to the internal and external environment differences,so as to better play the role of mixed-ownership reform in promoting the micro implementation of the innovation-driven development strategy.