李春玲 袁润森 孙熠

摘 要：本文以2013～2017年的国有上市公司为样本，从股权结构和高层治理层面探究非国有股东治理对国企创新投入的影响，并进一步分析国有企业市场化程度与行业竞争性对上述关系的调节作用。研究结果表明，非国有股东治理能显著提升国企的创新投入，其中相比于非国有股东持股，非国有股东委派董事对创新投入的提升作用更显著。进一步研究发现，非国有股东治理对国企创新投入的提升效应仅存在于东部地区以及竞争性行业的国企中。本文的研究丰富了股东治理与创新投入相关领域的研究成果，同时对提高国企的创新能力，推进国企混改进程具有重要的参考价值。

关键词：非国有股东;治理;创新投入;委派董事;混合所有制改革

中图分类号：F276.1文献标识码：A文章编号：1003-5192（2021）01-0038-07doi：10.11847/fj.40.1.38

Abstract：Taking the state-owned listed companies from 2013 to 2017 as samples， this paper explores the impact of non-state-owned shareholder governance on innovation investment of SOEs from the perspective of ownership structure and top management governance， and further analyses the moderating effect of marketization degree and industry competitiveness of SOEs on the above relationship. The research results show that the non-state-owned shareholder governance can significantly increase the innovation investment of SOEs. Compared with the shareholding ratio of non-state-owned shareholders， the proportion of directors appointed by non-state-owned shareholders has a more significant promotion effect on innovation investment. Further research indicates that the promotion effect of non-state-owned shareholder governance on innovation investment only exists in the SOEs at eastern region and competitive industries. Our findings enrich the research achievements of related fields of shareholder governance and innovation investment， and have important reference value for improving the innovation ability and promoting the process of mixed ownership reform of SOEs.

Key words：non-state-owned shareholders; governance; innovation investment; appointment of director; mixed ownership reform

1 引言

在深化國企改革的背景下，国企创新能力的提升成为学术界以及社会关注的重点问题。党的十九大提出“深化国有企业改革，发展混合所有制经济，培育具有全球竞争力的世界一流企业”，国有企业混合所有制改革（以下简称国企混改）成为新一轮国企改革的主要方向，而创新是提高国企全球竞争力和促进国家经济增长的重要驱动力，国务院2015年发布的《关于深化国有企业改革的指导意见》中也指出“提高国有企业自主创新能力”是现阶段国企改革的重要目标，可以看出，混合所有制改革将国企创新作为主要任务以提高其竞争力。……