Abstract: This article first constructs the matching data of the Chinese industrial enterprise database, the Chinese patent database and the Google Patent search system, and integrates the enterprise’s innovation input, innovation output and innovation efficiency into a unified research framework, and sorts out that the innovation behavior of state-owned enterprises has three feature facts. Further, using the aforementioned matching data to empirically test the effect of state-owned enterprises' introduction of private capital on corporate innovation behavior and its heterogeneity effect, it is found that the positive impact of the entry of private capital on corporate innovation output mainly comes from the increase in corporate innovation efficiency, rather than the increasing investment in enterprise innovation, and the effect is more obvious in highly competitive industries and regions with weaker government intervention. After investigating the different entry degrees of private capital, it is found that the full entry of private capital is obviously conducive to the improvement of enterprise innovation output and innovation efficiency, while the positive impact of partial entry on enterprise innovation behavior is not significant.
