Abstract:

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 enterprises. This positive impact is particularly significant in large-scale, high-tech, and growth-oriented private enterprises. Further 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 dynamic capability of technological innovation. However, excessive state capital holdings are detrimental to the dynamic capabilities of technological innovation. Furthermore, the level of differentiated innovation and the transformation capacity of technological innovation have a positive impact on the future performance of private enterprises.

Key words: state-owned capital shares, private enterprise, dynamic capability of technological innovation, difference-in-differences model

摘要：

提升技术创新动态能力是实现民营企业高质量发展的关键。文章采用双重差分模型，实证检验国有资本参股对民营企业技术创新动态能力的影响。研究结果表明，国有资本参股对民营企业提升差异化创新水平和技术创新转化能力有正向影响，且这种正向影响在大规模、高新技术和成长性民营企业中表现更加显著。进一步的研究发现，国有资本参股民营企业，不仅有助于民营企业缓解融资约束进而提升差异化创新水平，还能够强化民营企业社会责任导向进而提升其技术创新动态能力，但过高的国有资本持股比例不利于民营企业技术创新动态能力的提升，差异化创新水平和技术创新转化能力对民营企业未来绩效有正向影响。

关键词: 国有资本参股, 民营企业, 技术创新动态能力, 双重差分模型