论文标题
来自中国的州资本参与，管理情绪和公司创新绩效证据
State capital involvement, managerial sentiment and firm innovation performance Evidence from China
论文作者
论文摘要
近年来，越来越多的国有企业（国有企业）通过公平参与私人企业的重组和治理中，为私人企业提供了融资和创新方面的更有利的环境。但是，缺乏有关国有企业干预公司创新绩效的基本机制的知识。因此，在这项研究中，我们调查了州资本干预与创新绩效的协会，同时进一步研究了从2010年到2020年，分别使用所有列出的非ST公司作为样本，分别使用了管理情感和融资限制的潜在调解和调节作用。结果表明，两个主要发现：1）国家资本干预将通过管理情绪提高创新绩效； 2）融资限制将减轻国家资本干预对公司创新绩效的影响。
In recent years, more and more state-owned enterprises (SOEs) have been embedded in the restructuring and governance of private enterprises through equity participation, providing a more advantageous environment for private enterprises in financing and innovation. However, there is a lack of knowledge about the underlying mechanisms of SOE intervention on corporate innovation performance. Hence, in this study, we investigated the association of state capital intervention with innovation performance, meanwhile further investigated the potential mediating and moderating role of managerial sentiment and financing constraints, respectively, using all listed non-ST firms from 2010 to 2020 as the sample. The results revealed two main findings: 1) state capital intervention would increase innovation performance through managerial sentiment; 2) financing constraints would moderate the effect of state capital intervention on firms' innovation performance.
