Research On The Impact Of Mixed Ownership Reform On The Embedding Of Global Value Chain In State Owned Enterprises

The mixed-ownership reform of state-owned enterprises(SOEs)is a significant strategic measure for the high-quality development of state-owned enterprises in the new era.It holds important significance in promoting the high-quality development of SOEs,optimizing the layout of the state-owned economy,and advancing the coordinated development of different ownership economies.The mixed-ownership reform has made significant progress in China and has once again attracted attention and ushered in a new round of reforms in state-owned enterprises,setting a new direction for their development.Meanwhile,against the backdrop of increasingly detailed global division of labor and intensifying international competition,it is an urgent issue to address how state-owned enterprises can integrate into global production,enhance their international competitiveness,and strive to become world-class enterprises.As a key focus of state-owned enterprise reform,can the mixed-ownership reform effectively promote the integration of state-owned enterprises into the global value chain? If the answer is yes,what are the underlying mechanisms of this influence? Will this influence manifest differently due to different characteristics? Clarifying the above questions can provide a theoretical reference for further evaluating the effectiveness of mixed-ownership reform,enhancing the international participation and competitiveness of state-owned enterprises,and promoting their high-quality development.This article employs a systematic analysis approach that combines theory and empirical evidence to examine the comprehensive impact of mixed-ownership reform on the global value chain integration of state-owned enterprises.In the theoretical analysis section,the article summarizes the significance of state-owned enterprises’ integration into the global value chain.It points out that after integrating into the global value chain,state-owned enterprises can enhance their production efficiency through competitive effects,access a broader international market through scale effects,and obtain more abundant and affordable intermediate goods through intermediate product effects.These factors are crucial for the high-quality development of state-owned enterprises and their progress towards becoming world-class enterprises,clarifying the significance of state-owned enterprises’ integration into the global value chain.On the other hand,the article demonstrates the impact mechanisms of mixed-ownership reform on the global value chain integration of state-owned enterprises through two intermediate pathways: alleviating policy burdens and improving the overall factor productivity of enterprises.It theoretically analyzes the underlying mechanisms of these two pathways.In the empirical analysis section,the article uses matched data from listed companies and customs data from 2003 to 2016 to calculate the foreign value-added of enterprises as a measure of their degree of global value chain integration.The article employs a two-way fixed-effects model to conduct various empirical tests.The empirical results indicate the following:(1)The mixed-ownership reform has a significant positive impact on the global value chain integration of state-owned enterprises.This conclusion remains robust even after addressing endogeneity issues using instrumental variable methods,conducting a series of robustness tests such as replacing the dependent and explanatory variables,transforming regression methods,and including additional control variables.(2)After employing a three-step mediation effect model to test the mechanisms,it is found that improving overall factor productivity and alleviating policy burdens are the intermediate mechanisms through which mixed-ownership reform affects the global value chain integration of state-owned enterprises.(3)The results of heterogeneity analysis show that compared to public welfareoriented state-owned enterprises,centrally-owned state-owned enterprises,and state-owned enterprises in regions with low levels of marketization and weaker innovation capabilities,the promotion of state-owned enterprises’ global value chain integration through mixed-ownership reform is more significant in samples of business-oriented enterprises,locally-owned enterprises,and enterprises in regions with high levels of marketization and stronger innovation capabilities.(4)The appointment of directors from non-state shareholders to state-owned enterprises has a significant positive impact on the global value chain integration of state-owned enterprises.The aforementioned findings reveal the positive impact of mixed-ownership reform on the global value chain integration of state-owned enterprises.In light of these findings,the following policy recommendations are proposed to better leverage this positive effect:(1)Deepen the promotion of mixed-ownership capital reform to enhance the international competitiveness of state-owned enterprises.(2)Gradually improve the overall factor productivity of state-owned enterprises and reduce the policy burdens imposed on them.(3)Strengthen the classification management of state-owned enterprises and implement differentiated strategies to advance the mixed-ownership reform of state-owned enterprises.(4)Pay attention to the executive dimension of mixedownership reform and ensure that non-state shareholders have the appropriate rights to appoint executives.