Can State Ownership Promote the Technological Innovation of Private Enterprises? Empirical Evidence from Chinese Listed Companies

The innovation ability of micro-level enterprises is the core driving force to maintain the national competitive advantage and promote the development of the macro economy. In the current period of economic transformation and upgrading, although the innovation efficiency and ability of private enterprises are better than those of state-owned enterprises, their technological innovation has the characteristics of large investment amount, high risk of failure and long RD while in regions with a poor business environment, there is no significant relationship between the two. After distinguishing the characteristics of state ownership, the role of state ownership as a strategic investor in promoting technological innovation in private enterprises is more significant.