The Influence Of Mixed Ownership Reform On The Innovation Of State-owned Enterprises

The participation of state-owned enterprises in mixed ownership reform will lead to changes in the company’s ownership structure,but whether the ultimate control right changes is crucial to business decision-making.This article takes China’s state-owned listed companies from 2009 to 2019 as a sample,and sets the first case for participating in mixed ownership reforms but the state still retains the ultimate control,and the second case for changing the ultimate control right to non-state-owned.Based on the theory of Modern Property Ownership,Incomplete Contract theory and Resource-Based View,using a Time-varying DID model to explore the causal relationship between mixed ownership reform and enterprise innovation input and output.On this basis,after using the Propensity Score Matching method to overcome the sample selection bias,the regression was performed again,and the following more robust conclusions were obtained:(1)In the first case,the mixed ownership reform has a positive impact on the innovation of state-owned enterprises;(2)In the second case,the mixed ownership reform has a negative impact on the innovation of state-owned enterprises.In further analysis,this article has conducted an in-depth exploration of the influence mechanism of the mixed ownership reform on enterprise innovation,and found that:(1)In the first case,the promoting effect of mixed ownership reform on enterprise innovation output is mainly reflected in utility model patents;(2)In the second case,the inhibitory effect of mixed ownership reform on enterprise innovation output is mainly concentrated on invention patents.In addition,this paper studies the impact of mixed ownership reform on regional enterprise innovation with different levels of market competition.The results find that:(1)In the first case,the promotion effect of mixed ownership reform on the innovation input of state-owned enterprises is more pronounced in areas with weaker market competition;(2)In the second case,the inhibitory effect of mixed ownership reform on the innovation output of state-owned enterprises is more pronounced in regions with strong market competition.