Impact of State-Owned Capital Shares on Dynamic Capability of Technological Innovation of Private Enterprises
Improving the dynamic capacity of technological innovation is crucial for realizing the high-quality development of private enterprises.Using the difference-in-differences model,the paper tested the impact of state capital participation on the dynamic capacity of technological innovation in private enterprises.The results indicate that state-owned capital participation positively influences the level of differentiated innovation and the ability to transform technological innovation in private enter-prises.This positive impact is particularly significant in large-scale,high-tech,and growth-oriented private enterprises.Fur-ther research suggests that state-owned capital participation can alleviate external financing constraints,thereby promoting the level of differentiated innovation.Additionally,it can improve the orientation towards social responsibility,enhancing the dy-namic capability of technological innovation.However,excessive state capital holdings are detrimental to the dynamic capabili-ties of technological innovation.Furthermore,the level of differentiated innovation and the transformation capacity of technolog-ical innovation have a positive impact on the future performance of private enterprises.
state-owned capital sharesprivate enterprisedynamic capability of technological innovationdifference-in-dif-ferences model
NETL
NSTL
万方数据
维普
