| Since both the 18 th CPC National Congress proposed to carry out the reform of mixed ownership and the 19 th CPC National Congress again proposed the development of mixed ownership again.The issue of mixed ownership reform of state-owned enterprises has become the focus and hotspot of the current economic restructuring.The integration of state-owned enterprises and private enterprises has become the most important part of the new round of SOE reform.At the same time,with the slogan of building a "sunshine state-owned enterprise",this paper shows that the state and the public pay more attention to the information disclosure of state-owned enterprises.According to all of these above,and considering the widespread inefficiency of state-owned enterprises,this paper links the reform and the information disclosure of state-owned enterprises with the efficiency of investment.On the one hand,we study the effects of mixed reform policies by researching the relationship between the reform of mixed ownership and the efficiency of investment in state-owned enterprises.On the other hand,it studies the external governance of the disclosure mechanism of the relationship between the quality of information disclosure and the investment efficiency of state-owned enterprises and further verifies the enhanced function of state-owned enterprises’ mixed governance on the external governance of information disclosure based on the group test results.Based on the data of A-share state-owned listed companies in Shenzhen from 2010 to 2016.After the conclusion of the routine multivariate regression analysis,in order to verify the accuracy of the results,the propensity score matching method(PSM)was used to match the whole sample and the robustness test was performed again with the paired samples.The results of this study prove that the reform of mixed ownership of state-owned enterprises is conducive to improving the inefficient investment and investment efficiency,the higher the quality of information disclosure,the higher investment efficiency. |
