Research On The Impact Of Mixed Ownership Reform On The Performance Of State-owned Enterprises

The development of state-owned economy occupies an important position in China’s economic development and holds the lifeline of national economic development,but in terms of economic performance,state-owned enterprises often perform less well than non-state-owned enterprises,and state-owned enterprises generally have the problems of being large but not strong,large but not excellent and inefficient.In order to solve the problems of SOEs,China has made many explorations and proposed mixed ownership reform of SOEs.2022,the 20 th Party Congress again proposed to deepen the reform of SOEs and promote the construction of worldclass enterprises,and the reform of SOEs has entered a new round of deep ploughing,and making SOEs stronger,better and bigger has become an important proposition of the times.in the context of the new era,further and accurate assessment of the mixed ownership The policy effect of the reform will play an important reference role in deepening the mixed ownership reform.By selecting data from A-share listed companies from 2013-2019,this paper considers the development of SOEs and foreign-owned enterprises around 2016 as a natural experiment based on the 2016 Central Economic Work Conference,which proposed that mixed ownership reform is an important breakthrough in SOE reform,and uses a double difference model(DID)to test the impact of mixed ownership reform on SOE performance and through what mechanism affects the performance of SOEs.It was found that mixed ownership reform significantly contributed to the performance of SOEs,and our findings remained valid after a series of robustness tests such as parallel trend tests,PSM-DID tests,replacement of estimation methods and categorical regressions.The heterogeneity analysis also found that there was firm size heterogeneity,industry heterogeneity and regional heterogeneity in the impact of mixed ownership reform on SOE performance,i.e.the impact was more significant for small-sized firms,commercially competitive SOEs,SOEs in high-tech industries and SOEs in the eastern region.Further mechanistic analysis found that mixed ownership reform improves the performance of SOEs by improving their governance capacity and technological innovation,and by alleviating the financing constraints faced by SOEs.This paper explores the impact of mixed ownership reform on the performance of stateowned enterprises in the new era,and clarifies the transmission path of mixed ownership reform policies affecting the performance of state-owned enterprises,enriching the research perspective of mixed ownership reform.Based on these findings and the current situation of mixed ownership reform,the following policy recommendations are proposed: First,further deepen the mixed ownership reform to avoid the phenomenon of "similarity in form but not in spirit".Secondly,the governance system of SOEs should be optimised so that a market-oriented business mechanism can be established.Thirdly,to strengthen the innovation leadership of SOEs by encouraging greater investment in innovation,establishing a synergistic mechanism for technological innovation and increasing the protection of intellectual property rights.Fourthly,promote classified mixed reform for different enterprises,industries and regions.The first is to distinguish between different types of state-owned enterprises,so that "it is appropriate to control them and participate in them",and the second is to promote the mixed reform of enterprises,industries and regions that have not achieved the expected results of the reform.