Research On The Investment Efficiency Of Private Enterprises With The Introduction Of State-Owned Capital "Reverse Mixed Reform"

Since the 18 th National Congress of CPC,the policy documents of the Party Central Committee and the State Council have repeatedly emphasized the importance of mixed ownership reform in the exploration of socialist economic modernization with Chinese characteristics.Mixed ownership reform includes not only the mixed reform method in which state-owned enterprises introduce private capital,but also the "reverse mixed reform" method in which private enterprises introduce state-owned capital.The essence of mixed reform is to break the constraints and restrictions brought by the "ownership background" to improve the efficiency of enterprises.As an important research direction of enterprise efficiency,investment efficiency provides a good experimental scene for evaluating the actual effect of mixed-ownership reform on private enterprises.This paper takes enterprise investment efficiency as the research object,and conducts theoretical analysis and empirical research on the relationship between the equity balance and investment efficiency introduced by private enterprises into state-owned capital,so as to provide a reference for the current reverse mixed ownership reform of private enterprises.This paper takes private listed companies in china from 2011 to 2020 as the research sample,uses the FE model to test the relationship between the mixed ownership reform of private enterprises and enterprise investment efficiency,and proposes a possible impact mechanism based on the literature,which is verified by the stepwise regression method.In addition,the degree of regional economic development and whether it is a state-owned entity are used as moderator variables to test the heterogeneity of the reverse mixed reform effect of private enterprises.Finally,combined with the research results,recommendations are made to the main players in mixed ownership reform.The research results show that the reverse mixed ownership reform introduced by private enterprises into state-owned capital can significantly improve the investment efficiency of enterprises;Through the group test,it is found that the introduction of state-owned capital by private enterprises not only reduces the over-investment of enterprises,but also alleviates the under-investment of enterprises;In the test of the impact mechanism,it is found that the reverse mixed-ownership reform of private enterprises will indirectly affect investment efficiency through "financing constraints" and "agent costs";In the heterogeneity test,it is found that when private enterprises are located in developed provinces and inefficient investment is excessive investment,reverse mixed ownership reform can achieve relatively better results;private enterprises introduce state-owned enterprises.When private enterprises introduce state-owned non-physical capital for reverse mixed ownership reform,the investment efficiency of enterprises will be improved even more.