| Due to the issues of traditional state-owned enterprises on rigidity management modes and the failure of internal mechanisms,the enterprises reform of a mixed-ownership has become a vital decision and policy to boost the development of the Chinese market economy.The enterprise reform of mixed-ownership aim to bring in non state-owned funds,to optimize the effect and operational efficiency.Since the proposal of "developing the mixed-ownership economy actively" has been claimed by the Third Plenary Session of the 18 th CPC Central Committee,a gradually acceleration showed out to the mixed-ownership reform process of the state-owned enterprises across the whole state,and it has showed improvements in amounts of key-industries.Under the background of the new era,the report of the 19 th National Congress of the Communist Party of China put forward the important development concept of "optimizing the economic structure and transforming the driving force of growth",indicating that the economic model of innovation-driven development has become inevitable,and the improvement of the total factor productivity level is regarded as technological innovation.It insures the Chinese economy to achieve high-quality transformation and upgrading.Based on the above considerations,this paper examines the policy impact of mixed ownership reform on state-owned enterprises from the aspects of total-factors-productivity,and provides empirical evidence for the continuous deepening of state-owned enterprise reform.China’s A-share listed state-owned enterprises from 2008 to 2019 have been chosen to be research objects of this essay,through a double difference model(DID)analysis,and the compares of the changes in the total factor productivity level of state-owned enterprises between the data both before and after the mixed reform,exploring the net effect of the "mixed ownership reform" policy.In addition,this paper deeply studies the difference in the impact of mixed ownership reform on the total factor productivity of state-owned enterprises in different industries and regions,and further examines the mechanism of technological innovation in the process of mixed ownership reform affecting the total factor productivity of state-owned enterprises.The empirical results show that,after alleviating the endogenous problem,the conclusion that mixed ownership reform could bring benefit and improving the total factor productivity of state-owned enterprises still holds;from the industry level,the mixed reform effect of state-owned enterprises in competitive industries is more effective than that in monopoly industries;from the perspective of regional structure,the impact of state-owned enterprise mixed ownership reform on total factor productivity in the eastern region is stronger than that in the central and western regions;from the perspective of the mechanism of action,R&D input and innovation output,as measures of technological innovation,played the function of intermediary in the process of mixed ownership reform promoting the improvement of the total factor productivity of state-owned enterprises.Based on the above research conclusions,this paper puts forward relevant suggestions: actively introduce non-state capital to optimize the governance structure of state-owned enterprises,improve the supervision and incentive mechanism,and promote the continuous development of mixed ownership reform;continuously strengthen the marketization process and promote the construction of compliance,and create a fair,just and healthy competition environment.Promote industry competitiveness and narrow regional economic differences to achieve sustainable,stable and coordinated development of the national economy;increase investment in state-owned enterprise research and development,optimize the quality of enterprise research and development,resource growth capabilities,the efficiency of scientific and technological achievements in productivity,advance economic realization high-quality development. |
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