"Reverse Mixed Reform"and Private Enterprises Innovation:from the Perspective of Resource Advantage and Governance Effect
Based on the data of Chinese A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2021,this paper empirically examines the impact mechanism of"reverse mixed reform"on private enterprises'innovation.The study found that the"reverse mixed reform"promotes innovation in private enterprises,specifically by increasing the amount of innovation input,increasing innovation output,and reducing innovation risk.After a series of endogeneity and robustness tests,the conclusion still holds.The mechanism test shows that the"reverse mixed reform"can generate a resource advantage effect that reduces the risk of private enterprises.The test of the mechanism shows that"reverse mixed reform"can generate a resource advantage effect to reduce the cost of debt financing of private enterprises and expand commercial credit,and also exerts governance effects to alleviate the agency problem between shareholders and creditors.The beneficial exploration of innovation in private enterprises has also provided new theoretical support and empirical basis for the comprehensive promotion of mixed ownership reform in China.
NETL
NSTL
万方数据
