How Does the Privatization of State-owned Enterprises Affect Original Innovation:Examining the Role of Institutions and Policies
Original innovation has assumed an increasingly pivotal role in fostering technological self-reliance and fa-cilitating the high-quality development of the Chinese economy.Among the vanguards of China's innovation drive,state-owned enterprises(SOEs)stand out prominently.They serve as a critical driving force in realizing the strengthening of original innovation within the context of the new nationwide system,which has become a cornerstone of the ongoing deepening of SOE reform.The privatization of SOEs,initiated in the 1990s,marks a momentous reform chapter in China's SOE transformation history.Furthermore,a continuous wave of SOE privatization has unfolded in China over the years.The impact of SOE privatization on the original innovation capabilities of privatized firms is a matter of profound signifi-cance in the contemporary era of Chinese SOE reform.To investigate this issue,the gradual implementation of SOE priva-tization as a quasi-natural experiment are leveraged and the comprehensive datasets,including the Chinese Industrial Enter-prise Database and the Chinese Patent Census Database,are employed.This research endeavor aims to address several key questions:The first is to delve into the impact of SOE privatization on the original innovation capacities of privatized en-terprises.The second is to explore the differential effects of distinct privatization modes,such as progressive versus radical approaches,as well as variations in capital holdings post-privatization.The last one is to scrutinize how the synergy be-tween patent subsidy policies and the intellectual property rights(IPR)framework influences the role of SOE privatization in driving original innovation.The empirical results lead to three primary conclusions.First,SOE privatization has a notably positive impact on the original innovation of privatized firms,and this effect has been progressively strengthening over time.These findings pro-vide empirical support for the continued implementation of the new round of SOE privatization in China.Second,the posi-tive influence of SOE privatization on original innovation is observed mainly in the context of the privatization of large SOEs,whereas it is not significant for small and medium-sized SOEs when they remain under state ownership post-privati-zation.However,when privatized firms transition to being collectively-capital-controlled,legal-person-capital-controlled,or privately-capital-controlled after privatization,SOE privatization fosters their original innovation.Conversely,when privatized firms come under foreign capital control,the impact of SOE privatization on original innovation becomes insig-nificant.Additionally,progressive privatization exhibits a more pronounced positive effect on original innovation com-pared to radical privatization.Third,it is worth noting that the presence of the patent subsidy policy does not hinder but rather enhances the original innovation of privatized SOEs.However,the combined impact of this policy and the intellec-tual property rights(IPR)system does not manifest significantly.Based on the findings outlined above,several policy implications emerge:First,with regard to the goals of SOE privatization,it is imperative to elevate the enhancement of original innovation capabilities as a significant objective for the new round of SOE privatization.Second,enforcing the principle of competitive neutrality across various forms of capi-tal is essential,and it is vital to fully harness the strengths of different non-state-owned capital types,particularly collec-tive,private,and legal-person capitals.Nonetheless,it's important to strike a balance and avoid adopting a radically and wholly market-oriented approach to SOE privatization.Maintaining some degree of state control,particularly for large SOEs,remains necessary.Caution should be exercised when relying on foreign-controlled enterprises to drive original in-novation,and a progressive approach to privatization is preferable to a radical one.Third,to effectively implement the new nationwide system,in addition to bolstering innovation policy support and refining the market system,it is crucial to optimize the synergy between government and the market.This entails leveraging the collaborative potential of govern-ment and market forces to achieve the desired outcomes in terms of fostering original innovation.
SOE privatizationoriginal innovationthe government-market synergypatent subsidy policyIPR system
NETL
NSTL
万方数据
