商业研究

商业研究

• 经营管理 • 上一篇    下一篇

民营化改制与企业研发投资：一个准自然实验

程仲鸣1,2，朱自超1，张烨1,2   

  1. （温州大学 1.商学院;2.金融研究院，浙江 温州 325035）
  • 收稿日期:2018-04-14 出版日期:2018-11-10
  • 作者简介:程仲鸣（1972-），男，湖北咸宁人，温州大学商学院/金融研究院教授，管理学博士，研究方向：公司治理、企业技术创新；朱自超（1991-），女，辽宁朝阳人，温州大学商学院研究生，研究方向：转型国家资本市场问题；张烨（1985-），女，浙江温州人，温州大学商学院/金融研究院副教授，管理学博士，研究方向：企业财务与审计问题。
  • 基金资助:
    浙江省自然科学基金项目“民营化、研发投资与企业竞争力”，项目编号：LY14G020008；国家社会科学基金一般项目“地方官员的晋升竞争对企业创新投资的影响及机制”，项目编号：14BGL036。

Privatization of State-owned Enterprises and R&D Investment of Enterprises： Evidence from a Quasi-Natural Experiment

CHENG Zhong-ming1,2, ZHU Zi-chao1，ZHANG Ye1,2   

  1. （1. School of Business, Wenzhou University, Wenzhou 325035, China; 2.Academy of Financial Research, Wenzhou University, Wenzhou 325035, China）
  • Received:2018-04-14 Online:2018-11-10

摘要： 进一步完善我国企业技术创新激励机制，实现实体经济更高质量和更可持续增长，是国有企业资产管理体制改革的重要目标之一。以当前正在推进的国企民营化改革实践为准自然实验，本文重点考察国有企业民营化改制是否影响企业的研发投资。采用倍差分法（DID）模型，以沪深上市公司民营化改制企业为样本进行检验，结果发现，在民营化改制后，企业研发投资意愿和强度显著提高，并且这种积极的正向效应具有可持续性；民营化改制企业高管持股占比越高，企业的研发投资增加越明显。进一步考察其效应的影响机制，结果表明，民营化改制企业是通过降低政治成本和代理成本的路径来影响研发投资的。

关键词: 民营化改制, 研发投资, 政治成本, 代理成本

Abstract: One of the aims of the asset management system reform of state- owned enterprises is to improve the incentive mechanism of technological innovation, and to realize the higher quality of real economy and more sustainable growth. Based on the similar quasi experiment of the practice of privatization reform of state-owned enterprises, this paper studies whether the privatization reform of state-owned enterprises affects the R&D investment of enterprises. Employing DID model and taking the privatization samples of listed companies in stock markets of Shanghai and Shenzhen as research samples,the paper finds that the willingness and intensity of R&D investment by the reformed enterprises are significantly improved,and this positive effect is sustainable after the privatization;with a higher shareholding ratio of senior executives, the increase of R&D investment is more obvious in enterprises implementing the privatization. Furthermore, this paper also studies influence mechanism. The results show that the privatization enterprises affect the R&D investment through reducing political costs and agency costs.

Key words: privatization of state-owned enterprises, R&D investment, political cost, agency cost