摘要：本文依据2008—2021年A股上市公司数据，运用双重差分法和三重差分法检验了国有资本投资、运营公司设立对其直接控股和参股企业创新产出的影响、作用机制及实施特征。研究表明：国有资本投资、运营公司设立显著促进了其参股和控股企业的创新产出，并展现出通过降低控股企业政策性负担、缓解参股企业融资约束的创新路径。上述中国特色国资治理政策效果在国有资本投资公司类、省属试点企业、采矿业等生产性行业、中部地区以及国有企业、中高持股比例的企业中更为显著。本研究有助于审视国有资本投资、运营公司试点影响在其参股和控股企业间的异质性，为加快推进国有资产监管体制改革提供经验借鉴与启示。

Abstract: This paper verifies the impact, mechanism of action and implementation characteristics of the establishment of state-owned capital investment and operation companies (hereafter refers to SOCIOCs) on the state-owned capital innovation performance for their holding and equity participation enterprises based on the data of Chinese listed companies from 2008-2021 by DID and DDD model. The results show that: the establishment of the SOCIOCs significantly promotes the innovation output of holding and equity participation enterprises, and reflects the innovation promotion path by reducing the policy burden of holding enterprises and alleviating the financing constraints of participating enterprises. The aforementioned effects of state-owned capital governance policies with Chinese characteristics are more pronounced in the category of state-owned capital investment companies, provincial pilot enterprises, productive industries such as mining, central regions of China, and state-owned enterprises, and enterprises with medium to high shareholding ratios that have participatory holding relationships. The above conclusions are helpful to examine the heterogeneity of the promote effect of SOCIOCs among equity participating enterprises and holding enterprises, and provide relevant practice and policy implications for accelerating the reform of state-owned assets supervision system.