Research On Investment Decision Of State-owned Enterprises

State-owned enterprises have long had problems such as low investment efficiency and insufficient market competitiveness.In recent years,the advocacy of mixed ownership reform has provided new ideas for state-owned enterprises to further optimize their investment structure and improve investment efficiency.So have the state-owned enterprises that participated in the reform of mixed ownership system increased their investment expenditure levels and sensitivity to investment opportunities? Will the differences in the industrial environment and ownership structure of state-owned enterprises cause different effects of mixed ownership reforms on enterprise investment decisions?Based on this,this paper selects the data of state-owned listed companies from 2007 to 2017,studies the relationship between the equity structure and the investment expenditure level and investment sensitivity of state-owned enterprises under the mixed ownership reform,and further examines and analyzes the differences in investment efficiency between enterprises based on the heterogeneous characteristics of the competitive environment of the industry and the shareholding ratio of controlling shareholders.Empirical studies show that: The implementation of mixed ownership reforms can optimize the investment decisions of state-owned enterprises.The specific performance is the increase in investment expenditure level after the reform and a more sensitive response to changes in investment opportunities.Further research shows that: from the perspective of industry competition,compared with state-owned enterprises with low industry competition,mixed ownership reform has a greater effect on the investment level of state-owned enterprises with higher industry competition,and with higher industry competition.State-owned enterprises are also more sensitive to changes in investment opportunities;from the perspective of the nature of the controlling shareholder,compared with privately held companies,mixed ownership reform has a greater effect on improving the investment level of state-controlled companies,while privately held companies are more sensitive to changes in investment opportunities.The conclusion of this paper is helpful to provide a clear idea for the state-owned enterprises to improve investment efficiency from the perspective of mixed ownership reform and provide reference.