Research On The Impact Mechanism Of Mixed Ownership Reform On The High-quality Development Of State-owned Enterprises

The "14th Five-Year Plan" period is the first five years of China’s new journey of comprehensively building a modern socialist country,based on a new stage,China takes high-quality development as the theme and promotes China’s high-quality economic development to a new level.In the final analysis,the high-quality development of the economy in the new era is the high-quality development of enterprises,and as the "pillar" of the socialist economy with Chinese characteristics,the high-quality development of state-owned enterprises is directly related to the success or failure of deepening the reform of state-owned enterprises and the high-quality development of the macroeconomy.The 14th meeting of the Central Comprehensive Reform Commission in 2020 deliberated and adopted the Three-Year Action Plan for the Reform of State-owned Enterprises(2020-2022),which provides a clear timetable and roadmap for the reform of state-owned enterprises.As a kind of policy reform,mixed ownership reform has set off a wave of enthusiasm in China’s enterprise reform,and the implementation of mixed ownership reform by state-owned enterprises is not only conducive to the high-quality development of state-owned enterprises,but also plays a win-win role for non-state-owned enterprises.As the "pillar" of state-owned enterprises,the mixed ownership reform has solved the problems that have been difficult to solve for many years,optimized the capital structure of state-owned enterprises,stimulated the vitality of state-owned enterprises,and played an important role in promoting the high-quality development of state-owned enterprises.By analyzing the development of mixed ownership reform policies,this paper sorts out the mixed ownership reform and the high-quality development of state-owned enterprises based on existing policy documents and literature.On this basis,the direct effect of mixed ownership reform on the high-quality development of state-owned enterprises is studied.In this study,the A-share state-owned listed companies in Shanghai and Shenzhen from 2012 to 2021 were used as samples,and the propensity score matching method and the multi-period double difference method(PSM-DID)were used as the analysis tests.It is found that the mixed ownership reform affects the corporate governance effect,innovation ability effect and resource allocation effect of state-owned enterprises to promote the high-quality development of state-owned enterprises.On the basis of significant direct effects,the impact mechanism of mixed ownership reform on the high-quality development of state-owned enterprises is studied,and the double difference method is combined with chain intermediary effect,and it is found that the mixed ownership reform promotes the high-quality development of state-owned enterprises through technological innovation and improvement of enterprise performance,and its parallel intermediary effect and chain intermediary effect both show positive intermediary effect.Finally,based on the existing research,further group testing shows that the corporate governance effect is significant,especially whether the two positions of chairman and general manager of state-owned enterprises are combined has a significant impact on the high-quality development of state-owned enterprises,and the study finds that the separation of the two positions is conducive to the high-quality development of state-owned enterprises.This study enriches the research methods and related literature of mixed ownership reform,enriches the literature on the influence mechanism of high-quality development of state-owned enterprises,and further clarifies the mechanism of mixed ownership reform on the high-quality development of state-owned enterprises,which makes a useful supplement to the factors of high-quality development of enterprises and provides enlightening suggestions for the optimization of mixed ownership reform policies.