Research On The Impact Of Mixed Ownership Reform On The Total Factor Productivity Of Listed State-owned Enterprise

Mixed ownership reform is an important measure for the state to promote the marketization of state-owned enterprises,release the vitality of enterprises and improve the operating efficiency of enterprises.At present,the research on the mixed ownership reform of state-owned enterprises mainly focuses on the system design before the mixed ownership reform and the performance transformation after the mixed ownership reform.Profitability indicators in financial indicators are often used to evaluate business performance.Total factor productivity takes into account input and output,reflects the innovation level of enterprises,and can better measure the business performance of enterprises.At the same time,the existing literature mostly studies mixed ownership reform from a macro perspective,less from the perspective of corporate ownership structure and internal and external governance.Firstly,this paper reviews the relevant literature and the history of mixed ownership reform.Secondly,this paper selects listed soes from 2010 to 2020 as the research object,and uses the equity ratio of non-state-owned shareholders and the largest shareholder as the proxy variable of the degree of mixed ownership reform to explore the impact of mixed ownership reform on the total factor productivity of listed soes.Thirdly,the mediating effect model and moderating effect model are used to conduct in-depth research on the influencing mechanism.Heterogeneity analysis is conducted from three perspectives by dividing the degree of marketization,the degree of enterprise competition,and the degree of analyst attention.Finally,the paper analyzes the impact of mixed ownership reform on the relative value of listed soes,and puts forward corresponding policy suggestions based on the empirical analysis of the paper.This paper enriches the literature on mixed ownership reform of soes and total factor productivity,and gives some opinions from the perspective of mechanism analysis.The results show that:(1)mixed ownership reform improves the total factor productivity of listed soes,and the conclusion is still valid after the robustness test.(2)From the perspective of action mechanism,the mixed ownership reform has improved the total factor productivity of listed soes through the internal control quality of enterprises and the operation efficiency of enterprises.Corporate social responsibility plays a moderating role,and excessive social responsibility may not be conducive to the improvement of total factor productivity.(3)From the perspective of marketization conditions and competition faced by enterprises,the effect of mixed ownership reform is more obvious in enterprises with lower marketization degree and lower competition degree;At the same time,firms with more analyst coverage perform better than firms with less analyst coverage.(4)The mixed ownership reform has a better effect on the relative value of enterprises,Tobin’s Q value,that is,the mixed ownership reform can maintain and increase the value of state-owned assets.