A Comparative Study Of The Influence On Enterprise Efficiency Of Specific Directions Of State-Owned Shares Changing Into In Mixed Ownership Reform

Samples are selected from manufacturing enterprises that perform mixed ownership reform between 2004-2013. The impact of different varying directions of property structure on enterprise efficiency is researched. And in later study, samples are further divided into groups of state-owned enterprises and private, groups of the monopoly industry and competitive industry respectively. Empirical results show that both State-Advances-and-Private-Retreats(SAPR) and State-Retreats-and-Private-Advances(SRPA) have a significant positive impact on the efficiency of the enterprise. For state-owned enterprises, SRPA has a greater impact on enterprise efficiency than SAPR in the reform. The two ways are not significantly different among private enterprises. Among enterprises in monopoly industries, the two ways are not significantly different; among enterprises in competitive industries, SRPA has a greater impact on enterprise efficiency than SAPR in the reform.The innovation of this paper lies in the combination of adjustment of property structure, subject and nature of the industry, establishing the relationship between the change of property structure and enterprise efficiency from a dynamic perspective.