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| The Impact of Central-Local Cooperation on the Innovation Quality of Local State-Owned Enterprises |
| LIU Xuexin，TANG Xiaomeng，KONG Xiaoxu，CAO Chengzi |
| 1.Capital University of Economics and Business, Beijing, China; 2.Shandong Normal University, Jinan, China |
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Abstract Based on the difference in characteristics of central SOEs and local SOEs, this study takes A-share listed local SOEs in Shanghai and Shenzhen from 2008 to 2020 as research samples to investigate the equity integration mode in “central-local cooperation”, that is, the effect and mechanism of central state-owned shareholders’ equity participation on the innovation quality of local SOEs. The study finds that the shareholding of central state-owned shareholders improves the innovation quality of local state-owned enterprises by “increasing innovation resources” and “reducing innovation crowding out”, and the pressure of local economic assessment and the dependence degree of local state-owned enterprises positively moderate this process.
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Received: 22 August 2023
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