关键词:

Abstract: The Third Plenary Session of the 18th Central Committee of CPC set mixed ownership as the main direction of state-owned enterprise reform. Can non-state-owned capital share-holding as the main form of mixed ownership reform promote enterprise technological innovation? This article uses China’s A-share listed state-owned companies as a sample and finds that non-state-owned capital share-holding is conducive to promoting technological innovation in state-owned enterprises. This result is more robust when non-state-owned capital’s share-holding rate exceeds 10%. Further research shows that after the Third Plenary Session of the 18th Central Committee, non-state- owned capital plays a stronger role in promoting technological innovation in state-owned enterprises when its proportion exceeds 10%. The test results of the intermediary effect model show that non-state-owned capital share- holding mainly affects the innovation level of state-owned enterprises through two channels: strengthening internal control and improving executive compensation incentives. From the perspective of technological innovation, this article provides theoretical and empirical evidence for the rationality and effectiveness of the mixed ownership reform established by the Third Plenary Session of the 18th Central Committee.

Key words: Mixed Ownership Reform, Enterprise Innovation, Non-state-owned Capital