Mixed Ownership Reform and Corporate Performance of State-Owned Enterprises -Based on Data of A-share Listed Companies

Abstract

Mixed-ownership reform is an important strategic deployment in the current reform of state-owned enterprises, aiming to achieve complementary advantages of both through the introduction of non-state-owned shares, thereby enhancing the economic and social benefits of state-owned enterprises. In the context of SOEs undertaking mixed ownership reform, this paper examines the impact of two major factors on the performance level of listed SOEs, namely, whether SOEs are reformed with or without mixed ownership and R&D investment. Firstly, the relevant literature is collated and analyzed. Then, this paper puts forward relevant hypotheses. Finally, this paper uses 161 state-owned listed companies in Shanghai and Shenzhen A-shares that underwent mixed ownership reform from 2010 to 2020 as the research sample, and uses Stata16 software to establish panel data for empirical analysis to empirically test the impact of mixed ownership reform and R&D investment in state-owned enterprises on the performance of state-owned enterprises. The study shows that: (1) Under the innovation-driven context, the mixed ownership reform of SOEs has a significant positive impact on firm performance. (2) R&D investment plays a partly mediating role in the relationship between SOE mixed ownership reform and business performance.