国有资本参股、合作研发与民营企业创新

State Capital Participation, Cooperative R&D and Private Enterprise Innovation

摘要: 近年来，中国经济体制改革不断深化，但创新活力减弱和创新效率低下的问题依然严峻。现有研究表明国有资本参股对民营企业创新有促进作用。本文通过对2015~2022年间沪深A股上市民营企业的实证研究，探讨了国有资本参股对民营企业创新能力特别是合作研发水平的影响。研究发现，国有资本参股显著提升了民营企业的创新水平，主要通过增强企业创新意愿和增加创新要素投入实现。合作研发作为资源整合手段，有助于企业共享资源、互补优势，推动技术进步和产品创新。进一步的异质性分析表明，在中国东部地区和营商环境较好的地区，国有资本参股对民营企业创新的正向影响更为明显。本文不仅拓展了资源依赖理论在混合所有制改革背景下的应用边界，还为我国企业在复杂多变的外部环境中如何实现可持续发展提供了实证依据。

Abstract: In recent years, China’s economic system reform has been deepening, but the problems of weakened innovation vitality and low innovation efficiency remain serious. Existing studies show that state-owned capital participation has a facilitating effect on private enterprise innovation. This paper explores the impact of state-owned capital participation on the innovation ability of private enterprises, especially the level of collaborative R&D, through an empirical study of A-share listed private enterprises in Shanghai and Shenzhen during the period of 2015~2022. It is found that state-owned capital participation significantly enhances the innovation level of private enterprises, which is mainly realized through enhancing the enterprise’s willingness to innovate and increasing the input of innovation factors. Cooperative R&D, as a means of resource integration, helps enterprises share resources, complement each other’s advantages, and promote technological progress and product innovation. Further heterogeneity analysis shows that the positive impact of state capital participation on private firms’ innovation is more obvious in eastern China and regions with better business environment. This paper not only expands the boundaries of the application of resource dependence theory in the context of mixed ownership reform, but also provides empirical evidence for how Chinese enterprises can realize sustainable development in the complex and changing external environment.