Local Spillover Effect of Technological Innovation—Another Explanation for the Fundamental Role of State-Owned Enterprises
State owned enterprises(SOEs)have played a fundamental role in the process of technological innovation in China,but few scholars have systematically investigated this issue.This paper takes the local spillover of technological innovation of SOEs as the starting point to explore the basic role of SOE.In order to solve the endogenous problems that may exist in the process of empirical research,based on the external shock events revised and implemented of"The Interim Measures for Busi-ness Performance Appraisals of Persons-in-Charge at Central Government-Owned Enterprises(CGOEs)"in 2010,by using 14348 observation data of 13 years of A-share listed enterprises in Shanghai and Shenzhen from 2004 to 2016,this paper em-ploys the difference-in-differences(DID)method to study the spillover effect of technological innovation of Central Government-Owned Enterprises(as a special type of SOEs)on private enterprises in the same region.The empirical study finds that:firstly,there is a significant regional spillover effect in the technological innovation of SOEs,which is manifested in that the revision significantly promotes the technological innovation of private enterprises in the region where SOEs are located;Secondly,at the same time,it is found that the network formed by the concurrent senior man-agement,cross shareholding and supply chain connection between SOEs and private enterprises is the channel of local spill-over of technological innovation;Furthermore,the concurrent senior management,cross shareholding and supply chain con-nection between SOEs and private enterprises are the channels of local spillover of technological innovation respectively;Fi-nally,we also find we also examine the consequences of technology local spillovers of SOEs,and find that the existence of technology spillovers attracts more venture capital.The innovation of this article includes the following three aspects:firstly,based on the knowledge pool theory,the paper explores the regional spillover effects of technology of state-owned enterprises,expanding the relevant research of knowledge pool theory;Secondly,based on network theory,the role of network connectivity between enterprises in technology information transmission is examined,providing insights for further clarifying the path of technology spillovers;Finally,from the perspec-tive of spillover,examining the role of state-owned enterprises in overall social technology spillover,providing new evidence for explaining the fundamental role of state-owned enterprises.The research helps to understand the key role of SOEs in inno-vation and provides useful enlightenment for further clarifying the path of technology spillovers.At the same time,our paper also has certain inspiration in terms of the practice of guiding technology spillover in state owned enterprises,mixed-ownership reform for governments,and building network relationships with state owned enterprises for private enterprises.
Technological InnovationLocal SpilloverThe Channel of SpilloverKnowledge PoolNetwork Theory
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