王新,赵西莹,于雁芳

• 1:清华大学经济管理学院
• 2:清华大学中国现代国有企业研究院
• 3:北京理工大学管理学院

摘要(Abstract)：

国有经济是我国国民经济的主导力量，在实现高质量发展中发挥战略支撑作用。本文以2007年至2021年中国深沪A股国有上市公司为样本，采用PSM-DID方法探究非国有战略投资者如何影响国有企业双元创新产出，以及技术多样性在其中发挥的作用。研究发现，引入非国有战略投资者对国有企业双元创新产出均有促进作用，且对利用式创新产出的促进效果更好。不相关技术多样性和相关技术多样性分别正向调节国有战略投资者与探索式创新产出和利用式创新产出之间的关系。作用机制检验表明，非国有战略投资者通过治理效应而并非资源效应影响国有企业双元创新产出。研究丰富了混合所有制改革与企业创新之间关系的理论探讨，也为不同技术基础的国有企业在实施混合所有制改革后如何提升创新的质与量提供了管理启示。

关键词(KeyWords)： 战略投资者;探索式创新;利用式创新;技术多样性

Abstract:

Keywords:

基金项目(Foundation): 构建国有和民营企业高质量协同发展新格局研究(国家发展改革委,20245660003);; 重点省市国有经济产业布局对比分析研究(清华大学中国现代国有企业研究院,iSOEYB202310)的资助

作者(Author): 王新,赵西莹,于雁芳

参考文献(References)：

• 蔡贵龙，柳建华，马新啸.2018.非国有股东治理与国企高管薪酬激励[J].管理世界，34(5):137-149.CAI G L,LIU J H,MA X X.2018.Non-state shareholders' governance and executive compensation incentives of SOEs[J].Journal of Management World,34(5):137-149.(in Chinese)
• 陈林，万攀兵，许莹盈.2019.混合所有制企业的股权结构与创新行为——基于自然实验与断点回归的实证检验[J].管理世界，35(10):186-205.CHEN L,WAN P B,XU Y Y.2019.Ownership structure and innovation conduct of mixed-ownership enterprises:An empirical study based on natural experiment and regression discontinuity design[J].Journal of Management World,35(10):186-205.(in Chinese)
• 狄灵瑜，步丹璐.2021.混合所有制改革制度背景下异质性大股东对企业创新投入的影响——基于国有企业和非国有企业的比较分析[J].研究与发展管理，33(4):152-168.DI L Y,BU D L.2021.Impact of heterogeneous large shareholders on enterprise innovation investment in the mixed ownership reform:A comparative analysis based on state-owned enterprises and non-state-owned enterprises[J].R&D Management,33(4):152-168.(in Chinese)
• 葛永盛，张鹏程.2013.家族企业资源约束、外部投资者与合同剩余[J].南开管理评论，16(3):57-68.GE Y S,ZHANG P C.2013.Resources restriction of family business,outside investor and contract surplus[J].Nankai Business Review,16(3):57-68.(in Chinese)
• 郭晔，黄振，姚若琪.2020.战略投资者选择与银行效率——来自城商行的经验证据[J].经济研究，55(1):181-197.GUO Y,HUANG Z,YAO R Q.2020.The selection of strategic investors and bank efficiency:Empirical evidence from city commercial banks[J].Economic Research Journal,55(1):181-197.(in Chinese)
• 郝阳，龚六堂.2017.国有、民营混合参股与公司绩效改进[J].经济研究，52(3):122-135.HAO Y,GONG L T.2017.State and private non-controlling shareholders in SOEs and private firms,and firm performance[J].Economic Research Journal,52(3):122-135.(in Chinese)
• 胡宁，靳庆鲁.2018.社会性负担与公司财务困境动态——基于ST制度的考察[J].会计研究，(11):28-35.HU N,JIN Q L.2018.Social burden and the dynamics of corporate financial distress:An investigation based on the ST rules[J].Accounting Research,(11):28-35.(in Chinese)
• 胡潇婷，高雨辰，金占明，等.2020.海外并购对企业探索式和利用式创新绩效的影响研究：基于中国的实证分析[J].科学学与科学技术管理，41(9):35-54.HU X T,GAO Y C,JIN Z M,et al.2020.Empirical research on the impact of international merges and acquisitions on Chinese acquirers' explorative and exploitive innovation performance[J].Science of Science and Management of S.& T.,41(9):35-54.(in Chinese)
• 江轩宇.2016.政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J].管理世界，(9):120-135.JIANG X Y.2016.Government decentralization and state-owned enterprise innovation:A study based on the perspective of pyramid structure of local state-owned enterprise[J].Journal of Management World,(9):120-135.(in Chinese)
• 鞠晓生，卢荻，虞义华.2013.融资约束、营运资本管理与企业创新可持续性[J].经济研究，48(1):4-16.JU X S,LO D,YU Y H.2013.Financing constraints,working capital management and the persistence of firm innovation[J].Economic Research Journal,48(1):4-16.(in Chinese)
• 李文贵，余明桂.2015.民营化企业的股权结构与企业创新[J].管理世界，(4):112-125.LI W G,YU M G.2015.Ownership structure and enterprise innovation of privatized enterprises[J].Journal of Management World,(4):112-125.(in Chinese)
• 黎文靖，郑曼妮.2016.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究，51(4):60-73.LI W J,ZHENG M N.2016.Is it substantive innovation or strategic innovation?—Impact of macroeconomic policies on micro-enterprises' innovation[J].Economic Research Journal,51(4):60-73.(in Chinese)
• 潘克勤，李雨霏，潘潇阳.2022.非国有战略投资者与非国有大股东控制权水平——来自竞争性地方上市国企的证据[J].南开管理评论，25(3):139-148.PAN K Q,LI Y F,PAN X Y.2022.The existence of non-state-owned strategic investors and the control level of non-state-owned major share-holders:Evidence from locally competitive listed state-owned enterprises[J].Nankai Business Review,25(3):139-148.(in Chinese)
• 汪涛，王新，张志远.2022.双元创新视角下混改对国企创新决策的影响研究[J].技术经济，41(4):44-58.WANG T,WANG X,ZHANG Z Y.2022.Research on the effect of mixed ownership reform on innovation decision of state owned enterprises:Based on the perspective of ambidextrous innovation[J].Journal of Technology Economics,41(4):44-58.(in Chinese)
• 温忠麟，叶宝娟.2014.中介效应分析：方法和模型发展[J].心理科学进展，22(5):731-745.WEN Z L,YE B J.2014.Analyses of mediating effects:The development of methods and models[J].Advances in Psychological Science,22(5):731-745.(in Chinese)
• 熊爱华，张质彬，张涵.2021.国有企业混合所有制改革对创新绩效影响研究[J].科研管理，42(6):73-83.XIONG A H,ZHANG Z B,ZHANG H.2021.Impact of state-owned enterprise mixed ownership reform on innovation performance[J].Science Research Management,42(6):73-83.(in Chinese)
• 曾德明，李励，王泓略.2016.研发强度对二元式创新的影响——来自汽车产业上市公司的实证研究[J].科学学与科学技术管理，37(1):69-79.ZENG D M,LI L,WANG H L.2016.A study of the impact of R&D intensity on dualistic innovation:Empirical evidence from automobile listed companies[J].Science of Science and Management of S.& T.,37(1):69-79.(in Chinese)
• 朱雪春，陈万明.2014.知识治理、失败学习与低成本利用式创新和低成本探索式创新[J].科学学与科学技术管理，35(9):78-86.ZHU X C,CHEN W M.2014.Knowledge governance,learning from failure,low cost exploitative innovation and low cost exploratory innovation[J].Science of Science and Management of S.& T.,35(9):78-86.(in Chinese)
• BECK T,LEVINE R,LEVKOV A.2010.Big bad banks?The winners and losers from bank deregulation in the United States[J].Journal of Finance,65(5):1637-1667.
• BENNER M J,TUSHMAN M L.2003.Exploitation,exploration,and process management:The productivity dilemma revisited[J].Academy of Management Review,28(2):238-256.
• BERTRAND O.2009.Effects of foreign acquisitions on R&D activity:Evidence from firm-level data for France[J].Research Policy,38(6):1021-1031.
• BHARATH S T,JAYARAMAN S,NAGAR V.2013.Exit as governance:An empirical analysis[J].Journal of Finance,68(6):2515-2547.
• CAO X P,CUMMING D,ZHOU S L.2020.State ownership and corporate innovative efficiency[J].Emerging Markets Review,44:100699.
• CEIPEK R,HAUTZ J,MAYER M C J,et al.2019.Technological diversification:A systematic review of antecedents,outcomes and moderating effects[J].International Journal of Management Reviews,21(4):466-497.
• CHOI S,McNAMARA G.2018.Repeating a familiar pattern in a new way:The effect of exploitation and exploration on knowledge leverage behaviors in technology acquisitions[J].Strategic Management Journal,39(2):356-378.
• COHEN W M,LEVINTHAL D A.1990.Absorptive capacity:A new perspective on learning and innovation[J].Administrative Science Quarterly,35(1):128-152.
• DASí à,IBORRA M,SAFóN V.2015.Beyond path dependence:Explorative orientation,slack resources,and managerial intentionality to internationalize in SMEs[J].International Business Review,24(1):77-88.
• GARCIA-VEGA M.2006.Does technological diversification promote innovation?An empirical analysis for European firms[J].Research Policy,35(2):230-246.
• HADLOCK C J,PIERCE J R.2010.New evidence on measuring financial constraints:Moving beyond the KZ index[J].Review of Financial Studies,23(5):1909-1940.
• HAYES A F.2013.Introduction to mediation,moderation,and conditional process analysis:A regression-based approach[M].New York:Guilford Press.
• KATILA R,AHUJA G.2002.Something old,something new:A longitudinal study of search behavior and new product introduction[J].Academy of Management Journal,45(6):1183-1194.
• KIM J,LEE C Y,CHO Y.2016.Technological diversification,core-technology competence,and firm growth[J].Research Policy,45(1):113-124.
• LAI H C,WENG C S.2014.Accessing external technological knowledge for technological development:When technological knowledge distance meets slack resources[J].IEEE Transactions on Engineering Management,61(1):80-89.
• LI C Q,LU J.2018.R & D,financing constraints and export green-sophistication in China[J].China Economic Review,47:234-244.
• LIN C,LIN P,SONG F.2010.Property rights protection and corporate R&D:Evidence from China[J].Journal of Development Economics,93(1):49-62.
• PAN X,CHEN X J,SINHA P,et al.2020.Are firms with state ownership greener?An institutional complexity view[J].Business Strategy and the Environment,29(1):197-211.
• PAPAZOGLOU M E,SPANOS Y E.2018.Bridging distant technological domains:A longitudinal study of the determinants of breadth of innovation diffusion[J].Research Policy,47(9):1713-1728.
• QUINTANA-GARCíA C,BENAVIDES-VELASCO C A.2008.Innovative competence,exploration and exploitation:The influence of technological diversification[J].Research Policy,37(3):492-507.
• ROSENBAUM P R,RUBIN D B.1985.Constructing a control group using multivariate matched sampling methods that incorporate the propensity score[J].The American Statistician,39(1):33-38.
• WAGNER M.2011.To explore or to exploit?An empirical investigation of acquisitions by large incumbents[J].Research Policy,40(9):1217-1225.
• ZOOK C,ALLEN J.2003.Growth outside the core[J].Harvard Business Review,81(12):66-73,125.
• (1)此数据库将上市公司前十大股东的性质划分为七类:国家、国有法人、境内非国有法人、境内自然人、境外自然人、境外法人和其他。
• (2)因为是逐年匹配,存在各年份匹配对照组不一致的现象,导致对照组和处理组企业个数不同。
• (3)后文各表格中的控制变量均已控制,未逐一列出,统一用Control variable表示。
• (4)SA指数由Size和Age计算而得,包含了Size和Age通过融资约束对创新产出的间接影响。本文发现,控制SA指数后,国有企业的创新产出仍会被Size和Age影响,说明Size和Age可通过其他路径影响。