Research On The Impact Of "Two Type Of Companies" Pilot Project On The Cost Stickiness Of State-owned Enterprises

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,state-owned enterprises have entered a new stage of deepening reform in an all-round way.The reform of state-owned assets management system and the mixed ownership reform marked by " property rights reform " have become two important main directions of state-owned enterprise reform.The existing research has conducted extensive and in-depth discussions on the mixed ownership reform from the influencing factors and economic consequences,and there is little literature on the policy effects of the reform of the state-owned assets management system.The establishment of state-owned capital investment companies and state-owned capital operation companies(referred to as " two types of companies ")is an important starting point for the new round of state-owned assets management system reform,which can have a profound impact on the management system of state-owned enterprises,and this impact will also be reflected in the cost management behavior of enterprises.At the same time,its characteristics of batch pilot and gradual implementation provide an ideal research scenario for this paper to evaluate the effect of state-owned assets management system reform.In view of this,this paper uses the multi-time point difference-in-difference model to take the state-owned manufacturing listed companies from 2008 to 2021 as the research sample.Based on the principal-agent theory and government intervention theory,this paper examines the pilot effect of ’ two types of companies ’ from the perspective of cost management.The study found that the ’ two types of companies ’pilot significantly inhibited the cost stickiness of state-owned enterprises,which was more obvious in state-owned enterprises in areas with low degree of marketization.The results of the mechanism test show that reducing government intervention and alleviating agency problems are the channels through which the ’ two types of companies ’ pilot affects the cost stickiness of state-owned enterprises.The results of heterogeneity analysis show that compared with cost stickiness,the ’ two types of companies ’ pilot has a more significant inhibitory effect on cost stickiness;the pilot of ’ two types of companies ’ has a significant inhibitory effect on the cost stickiness of central enterprises and local state-owned enterprises.In state-owned enterprises with poor internal and external governance environment,the pilot of ’ two types of companies ’ has a more obvious inhibitory effect on cost stickiness.The results of the economic consequences test show that the inhibition of the ’ two types of companies ’pilot on cost stickiness helps to improve the operating performance and production efficiency of state-owned enterprises.The research conclusions of this paper enrich and expand the theoretical research on the economic consequences and cost stickiness influencing factors of the reform of the state-owned assets management system with capital management ’ as the main body,and have certain theoretical value and practical significance for further deepening the reform of state-owned enterprises and promoting the high-quality development of state-owned enterprises.