Total Factor Productivity Of Enterprises Research Articles

Institutional Joint Ownership and Enterprise Total Factor Productivity

The total factor productivity of enterprises is the core index to measure the performance of micro-enterprises, and it is one of the key indicators to measure the high-quality development of economy. Based on the 2007-2019 A-share listed company, this paper explores the impact of institutional joint ownership on the total factor productivity of enterprises from the three dimensions of whether there is institutional joint ownership, the degree of association with the industry and the proportion of institutional joint ownership. The study finds that institutional joint ownership can improve the total factor productivity of enterprises, and the higher the degree of connection and shareholdings, the more conducive to improving the total factor productivity of enterprises. Institutional joint ownership promotes enterprise R&D investment, reduces agency costs, and plays a governance role in the capital market. In state-owned enterprises and enterprises with higher levels of internal governance, institutional joint ownership can enhance the total factor productivity of enterprises more significantly. All results are still true after the robustness tests such as tool variables and placebo tests. From the perspective of institutional joint ownership, this paper discusses the impact of this emerging ownership model on corporate governance and the total factor productivity of enterprises, which is of great significance to the healthy development of capital market and the promotion of high-quality economic development. Compared with general institutional investors, institutional joint ownership can make up for the shortage of single institutional investors’ shareholdings, and the industry synergy, supervision and governance effect brought about by its information advantage and management experience will also affect the business development of enterprises, which can effectively improve the total factor productivity of enterprises in the process of maximizing benefits. Based on this, listed companies should realize that institutional joint ownership can play an active role in improving the total factor productivity of enterprises, and actively introduce and support the participation of mutual institutional investors in corporate governance. The regulatory authorities should attach importance to and guide the active participation of mutual institutional investors in the capital market, give full play to the advantages of joint institutional investors’ shareholdings, ensure the sustainability of institutional joint ownership, create a favorable investment environment, gradually improve the level of joint institutional investors’ shareholdings, strengthen supervision and performance appraisal, further standardize the market, guide institutional joint ownership to play a role in the new round of mixed ownership reform of state-owned enterprises, and stimulate the development vitality of state-owned enterprises. With the help of this emerging ownership model in the capital market, we can construct a long-term mechanism to improve the total factor productivity, build a high-quality, high-efficiency and high-level capital market, and help China’s economic transformation and upgrading.

Administrative approval reform and the quality of economic development

Can administrative approval reform become an effective reform to improve the quality of economic development? Total factor productivity is the key measure of the quality of economic development. In this paper, we studied the influence of administrative approval reform on total factor productivity of enterprises theoretically and empirically. We found that administrative approval reform has promoted the improvement of the total factor productivity of enterprises overall. The reduction of institutional transaction costs and the increase in the threat of enterprise entry are important mechanisms for administrative approval reform to affect enterprise productivity. In addition, the decomposition results of the overall productivity growth of cities show that administrative approval reform mainly promotes the growth of total factor productivity of incumbent enterprises.

The effect of economic policy uncertainty on enterprise total factor productivity based on financial mismatch: Evidence from China

This study investigates the influence of economic policy uncertainty on total factor productivity (TFP) of enterprises. We find that economic policy uncertainty is significantly and negatively related to the TFP growth of enterprises in China. By distinguishing the nature of enterprise property rights and the scale of enterprises, we find that the reduction of the TFP growth of enterprises is more significant in non-state-owned enterprises and large-scale enterprises. Our analysis shows that economic policy uncertainty will reduce the TFP growth of enterprises by aggravating financial mismatch.

Trans-provincial Basin Horizontal Ecological Compensation and Enterprise Total Factor Productivity

China takes the horizontal ecological compensation policy as an important measure for sharing the results of green development in economically backward areas. On the basis of environmental protection, China realizes economic development and benefits the people’s livelihood, so as to accomplish “lucid waters and lush mountains are invaluable assets”. Trans-provincial basin horizontal ecological compensation is a significant exploration of China to take a market-oriented way to control cross-border water pollution, and is another institutional innovation in the process of ecological civilization construction. However, there are few studies on the impact of horizontal compensation on the total factor productivity of enterprises.In this paper, the trans-provincial horizontal ecological compensation of Xin’anjiang River Basin signed by Anhui Province and Zhejiang Province in 2011 is regarded as a natural experiment. It takes the database of Chinese industrial enterprises from 2008 to 2013 as the research sample, and uses the System GMM method to calculate total factor productivity. According to the scope of policy implementation, the enterprises located in the policy compensation area（Huangshan City）are selected as the experimental group, and the DID method is used to study the impact of trans-provincial horizontal ecological compensation on the total factor productivity of enterprises in Xin’anjiang River Basin. It is found that, the implementation of the policy significantly improves the total factor productivity of enterprises through tax relief, government subsidies, labor productivity improvement and capital deepening, and the effect is sustainable. The results of age heterogeneity show that only when enterprises enter a relatively stable period, can the policy significantly improve the total factor productivity of enterprises. The results of industry heterogeneity show that when enterprises are in labor-intensive and technology-intensive industries, the implementation of the policy is conducive to the improvement of total factor productivity, but it hinders the total factor productivity of enterprises in capital-intensive industries. This paper puts forward suggestions from three aspects: （1）Continue to promote the implementation of trans-provincial basin horizontal ecological compensation policy steadily.（2）Strengthen the supervision of ecological environment compensation funds flowing into enterprises.（3）According to the age and industry of enterprises, the policy of differentiated support and supervision should be implemented to avoid the “one-size-fits-all”.The marginal contributions of this paper are as follows: （1）In terms of research content, there are few studies on the effect of horizontal ecological compensation on total factor productivity at home and abroad. This paper analyzes the implementation mechanism of ecological compensation, and further studies the implementation of basin horizontal ecological compensation through four kinds of mechanisms for the total factor productivity of enterprises.（2）In terms of data method, this paper uses the relatively new Chinese industrial enterprise database for empirical analysis, while the DID method can effectively reduce the endogenous problem and improve the reliability and robustness of empirical regression results.

Innovation, external technological environment and the total factor productivity of enterprises

AbstractIn this paper, we study the impact of endogenous innovation and the external technological environment on total factor productivity. We first develop an endogenous growth model and derive a testable empirical model. We then estimate the empirical model based on the World Bank’s worldwide enterprise survey data for 119 countries spanning 2007–2017. Our results suggest that: (i) enterprises’ R&D activity increases their total factor productivity; (ii) a higher level of external technology weakens the impact of the R&D activity on total factor productivity; and (iii) enterprises located in low‐ and middle‐income countries often lack continuous innovation.

Does central environmental inspection improves enterprise total factor productivity? The mediating effect of management efficiency and technological innovation.

The strong demand from the public to find new ways to both improve economy and protect nature has been evoked by "pollute first and control later", which is the previous Chinese mode of development. With the new round of central environmental inspection approaching, should the Chinese government continue to intensify its supervision? The policy effect of the first round of central environmental inspection in 2015 can be a good reference. Based on the data from 1498 listed companies during the period between 2014 and 2018, the Levinsohn-Petrin (LP) method was used to measure enterprises' total factor productivity. Also, a propensity score matching-difference in difference (PSM-DID) method was established to explore the impact of central environmental inspection on enterprises' total factor productivity and its impact mechanism. The results indicate that first, central environmental inspection improved the total factor productivity of enterprises by promoting management efficiency and technological innovation. Second, the mediating effect of management efficiency accounts for approximately 16.6% of the total effect, while the mediating effect of technological innovation accounts for only 7.7% of the total effect.

Financial Structure, Financing Constraint and Total Factor Productivity of Enterprises

Financial Structure, Financing Constraint and Total Factor Productivity of Enterprises

Development zone spillover effect: the externality of the gathering of manufacturing enterprises

Using the data of manufacturing enterprises from 2003 to 2013 and the data of the state-level economic and technological development zone and high-tech development zone from 2010 to 2012, this paper uses BD-DD dual robust identification strategy to analyse the impact mechanism of the overflow effect of the establishment of state-level development zones by accurately judging the geographical relationship between enterprises and development zones. The results show that the development zone has a significant spillover effect on the surrounding manufacturing enterprises, and the total factor productivity of enterprises within 1000m is about 9% higher than that of enterprises within 1000m from the boundary of the development zone and the existence of Marshall’s adjust theory is tested. Spillover effects have a range of 1000m on innovation, while human capital is only 500m, indicating that knowledge spillover effects established in development zones are the main source of gathering externality. From the different characteristics of manufacturing, high-tech or mature manufacturing enterprises are more affected by spillover effects, possibly because high-tech or mature enterprises and regional enterprises overlap more in factors of production or technology, it is more likely to form Marshall cluster externality.

Commercial Credit and Corporate Productivity

As an important form of informal finance, commercial credit is widely used among enterprises. Does commercial credit promote the total factor productivity of enterprises? According to the theoretical literature and the reality, using the large sample data of Chinese industrial enterprises, the paper empirically tests the impact of commercial credit on the productivity of enterprises from three aspects: the provision and acquisition of commercial credit and the net commercial credit. The study finds that the provision of commercial credit reduces the productivity level of enterprises; the acquisition of commercial credit fails to promote productivity; while the net commercial credit as a short-term financial buffer for enterprises can alleviate the financing constraints, faced by enterprises, especially private enterprises, which help to increase their productivity levels . In addition, the study found that the higher the marketization process in the region, the more favorable the commercial credit is to the improvement of the production efficiency of private enterprises.

Modernization of Tax Governance and Total Factor Productivity of Enterprises: Research Based on Quasi-natural Experiment of Tax Credit Rating

Tax revenue is the main way for the state to absorb fiscal revenue, and it also plays a fundamental, pillar and guarantee role in national governance. Therefore, the modernization of tax governance is an important part of the modernization of national governance system and governance capacity. The realization of this goal requires the tax department not only to levy taxes according to law under the legal principle, and provide financial guarantee for national governance, but also to take into account the tax service, improve the tax business environment, and inject vitality into the high-quality economic development. At present, China’s economy has changed from a high-speed growth stage to a high-quality development stage, and is in the critical period of transforming the development mode, optimizing the economic structure and transforming the growth momentum, so it is urgent to improve the total factor productivity. Combined with this realistic background, this paper aims to answer: Can the modernization of tax governance promote enterprises to improve the total factor productivity? This is an important issue.In 2014, the State Administration of Taxation issued“the Measures for the Administration of Tax Payment Credit（Trial）”, which carries out the investigation, rating and public release of the tax credit status of enterprises every year, and implements joint credit incentive measures based on the rating results, so as to promote the integrity and self-discipline of taxpayers and improve the compliance of tax law. In practice, the tax authorities promote the“bank-tax interaction”across the country, exchange“credit”for“credit”incentive measures to help enterprises develop. According to the statistics of the tax department, by the end of September 2019, banking financial institutions across the country have issued 1.069 million loans related to“bank-tax interaction”to trustworthy enterprises, involving a total of 1.57 trillion yuan of bank tax loans. As a new type of tax governance, the enterprise tax credit management measures effectively fit the modern tax governance concept, and provide rich materials and appropriate entry point for our research. This paper takes the disclosure of corporate tax credit rating data in 2015 as a quasi-natural experiment, and uses the PSM-DID method to empirically analyze the impact effect, heterogeneity performance and mechanism of tax governance modernization on the total factor productivity of enterprises.This paper finds that: The implementation of enterprise tax credit rating system significantly improves the total factor productivity of enterprises, and this effect is more obvious for non-state-owned enterprises and enterprises with greater financing constraints. Further analysis shows that the above positive effects are mainly achieved by alleviating the financing constraints of enterprises, improving investment efficiency and playing the role of corporate governance. This conclusion provides empirical evidence for understanding the micro effect of tax governance modernization, affirms its positive role in high-quality economic development, and provides policy reference for improving the existing tax governance measures. In the future, we should pay attention to the collaborative governance effect of flexible incentive collection and management measures, further improve the tax credit evaluation system, and build a tax collection and management system with the“Tax Collection and Management Law”as the guide, and the tax risk management and tax credit system construction as the two wings, so as to lay a scientific and strict system foundation for continuously improving the tax governance ability and building a modern tax governance system.

Empirical Research on the Influence of Export Market Diversification on Total Factor Productivity:Based on the Perspective of Trade Protection

This paper mainly explores the impact of export market diversification as an important measure to deal with trade friction on firms total factor productivity. Firstly, this article focuses on the theoretical analysis of the impact mechanism, including risk diversification, reversal effect and spillover effect. Based on the sample data of Chinese manufacturing export enterprises from 2000 to 2007, this paper conducts an empirical test on the relationship between export market diversification and total factor productivity. The result indicates that export market diversification has a significant positive effect on the total factor productivity of enterprises. After considering the endogenous problem, by controlling the fixed effects, using the two-stage least square method and changing the duration of the sample for robustness analysis, the results are still consistent. In addition, the role of diversification policy in total factor productivity presents heterogeneous characteristics in terms of different types of enterprise ownership, export intensity, industry competition, trade methods, and the development degree of exporting market. Accordingly, this paper puts forward corresponding policy recommendations.

Has the Construction of the Free Trade Zone Increased the Enterprise's Total Factor Productivity—Evidence from Generalized Synthetic Control

The Free Trade Zone(FTZ) is a new policy for China to open wider to the outside world. Reducing trade barriers and promoting high-quality enterprise development is an important part of the construction of the FTZ. This article takes the construction of the FTZ based on From 2004 to 2018 as a quasi-natural experiment. The study found that: (1) The policy evaluation results show that after controlling the time and individual effects, the construction of the FTZ plays a significant role in promoting TFP. (2) The construction of the FTZ can promote the improvement of TFP through innovation-driven effects and resource allocation adjustment effects. The analysis shows that patents and the return on assets play an intermediary role between the FTZ and TFP. (3) After considering the time and industry effects, the construction of the FTZ has a significant impact on the TFP growth in state-owned enterprises; the general synthetic control method was used to investigate 11 FTZ, and the construction of Shanghai free trade zone has the most significant effect on the promotion of TFP. The main innovation of this article is the establishment of the FTZ has carried out a policy effect evaluation on the promotion effect of TFP, and has conducted a robustness test using the multi-phase DID method. It has a guiding significance for improving the construction of FTZ and promoting the improvement of enterprise TFP.

How does Enterprise Financialization Support Innovation? From the Perspective of Finacial Moderation

Innovation is the engine of high-quality development. Studying the dynamic relationship between enterprise financialization and innovation from the perspective of moderation screening, can guide enterprises to coordinate financialization behavior and innovation, and promote the high-quality development of real economy. Using a model to measure the moderation of enterprise financialization, this paper finds that, over-financialization inhibits innovation and under-financialization promotes innovation, so that the relationship has been dynamically adjusted with moderation. The dynamic relationship originates from different motives, has different transmission mechanisms, is affected by the financial initiative, and is eventually transmitted to the total factor productivity of enterprises. The results show that under-financialization can help innovation by easing the constraints of cash flow in which factors should be considered, such as the nature of enterprises, development stage and core business development. Meanwhile, optimizing the industry environment can support financialization to play a supporting role, so as to achieve high-quality development.The possible contributions of this paper are as follows: It finds the reason of the dynamic relationship between the financialization and innovation in non-financial enterprises from the perspective of moderation, and resolves the academic disputes that the relationship is either inhibition or promotion. It reveals the general law of dynamic relationship between the financialization and innovation in non-financial enterprises, and brings new understanding to the relationship in the theory and practice circle. It finds out the route of how financialization helps innovation, and provides theoretical guidance for the realization of high quality development of real economy.The enlightenment of this paper is that: Enterprises should strive to achieve moderate financialization in order to serve innovation and achieve high-quality development. The government should take multiple measures to encourage under-financialized enterprises to make full use of cash flow and limit the excessive arbitrage behavior of over-financialized enterprises, promote the positive impact of enterprise financialization on innovation, and achieve high-quality development of real economy. Investors should take a rational view of the financialization behavior of enterprises, and make reasonable investment decisions by considering the financial investment and innovation investment level and investment environment.

Environmental regulation, total factor productivity, and enterprise duration: Evidence from China

AbstractEnvironmental regulation has been confirmed to have an important impact on enterprise productivity, which is regarded as a crucial factor of enterprise duration. However, existing studies have paid little attention to how environmental regulation affects enterprise duration. Using firm‐level data from the Chinese Industrial Enterprises Database (2003–2007) and the stochastic frontier analysis method, we estimate enterprise total factor productivity (TFP) and its four decomposed components (scale efficiency change, technological change, factor allocation efficiency change, and technical efficiency change). Meanwhile, we adopt a comprehensive index to measure the environmental regulation intensity. Furthermore, we use the linear probability model and the proportional hazards model to investigate the effect of environmental regulation on enterprise duration through the mediating role of enterprise TFP. The results show that although environmental regulation per se negatively impacts on enterprise duration, environmental regulation can present a synthetic positive effect on enterprise duration due to its positive effect on enterprise TFP. Specifically, environmental regulation significantly mitigates the scale efficiency and technical efficiency of regulated enterprises. It also stimulates regulated enterprises' technological innovation and improves their factor allocation efficiency. In addition, state‐owned and large‐scale enterprises are more malleable when facing environmental regulations. We propose that the government should encourage enterprises to innovate and improve the allocation efficiency of production factors, so as to achieve the purpose of controlling environmental pollution in stages while extending enterprise duration.

Can the Introduction of an Environmental Target Assessment Policy Improve the TFP of Textile Enterprises? A Quasi-Natural Experiment Based on the Huai River Basin in China

Green development is an inevitable requirement to build a modern economic system and fundamental solution to pollution problems. Exploring the relationship between environmental regulation and enterprise total factor productivity (TFP) has great significance for realizing the win-win goal of achieving both environmental protection and economic development. Based on a firm-level dataset from 2000-2007, this paper explores the economic effects of the Environmental Target Assessment Policy of Huai River Basin (ETAP, HRB) in 2004, an environmental regulation that clarifies the responsibility of local governments, by identifying changes in the TFP of the clothing industry (CMI). The empirical findings support that the ETAP can significantly promote improvement in the TFP using the difference in differences (DID) method. Robustness tests, such as the triple differences (DDD) and propensity score matching-difference in differences (PSM-DID), are used to address concerns about the DID approach. Analysis of dynamic effects shows that the ETAP has no impact on enterprise TFP in 2004 but significantly improve the TFP on the next three years (2005-2007). The heterogeneity test results indicate that nonstate-owned enterprises are more sensitive to the ETAP, and the coefficient of the average treatment effect is 0.033. In addition, the ETAP has no noteworthy impact on large- and medium-scale enterprises but results in an average increase of 0.037 in small-scale enterprises’ TFP.

Firm’s outward foreign direct investment and efficiency loss of factor price distortion: Evidence from Chinese firms

This paper investigates whether China’s outward foreign direct investment (OFDI) can solve the problem of low productivity caused by factor price distortions and the marketization of China’s factor market. For this analysis industrial enterprise data, covering a period of 5 years from 2003 to 2007, is used. To reveal the relationship between efficiency loss caused by factor price distortion and OFDI the trend score matching method is applied. The results of the analysis are threefold. First of all, the price distortion of elements inhibits the increase of total factor productivity, and labor price or capital price distortion has a significant negative impact on firm productivity. Second, foreign direct investments can mitigate the negative impact of factor price distortions on total factor productivity. Finally, from the perspective of different investment liberalization, there is a heterogeneous impact on the relationship between foreign direct investments and factor price distortions affecting the total factor productivity of enterprises.

The impact of command-and-control environmental regulation on enterprise total factor productivity: A quasi-natural experiment based on China’s “Two Control Zone” policy

Command-and-control environmental regulation is a traditional environmental policy that is still widely used in developing countries. This study examined a rarely discussed but significant issue for environmental sustainability and economic development—the impact of command-and-control environmental regulation on enterprise total factor productivity growth—based on a large enterprise-level sample. Employing China’s “Two Control Zone” policy as a quasi-natural experiment, we used a Chinese industrial enterprise panel dataset from 1998 to 2007 to estimate the effects of command-and-control environmental regulation in a difference-in-difference framework. It is found that command-and-control environmental regulation hassignificantly hindered the growth of enterprise total factor productivity, and this negative effect was lagging and continuous. In addition, we leaned that this negative effect mainly came from the increase in costs of enterprises and the negative impact on the enterprise resource allocation efficiency. When considering enterprise heterogeneity in terms of pollution intensity, size, and ownership, the study further found that the negative effects are exacerbated for enterprises in more heavily polluting industries, those of smaller size, and those owned by foreign companies, respectively. Our research is a reexamination of the Porter hypothesis in China, and fills the gap in the literature on the micro effects of command-and-control policy on enterprise total factor productivity for developing countries. Based on a rigorous empirical analysis, we conclude that it is difficult to achieve a win–win scenario with sustainable environmental development and enterprise total factor productivity growth under command-and-control environmental regulation. Environmental regulations should have clear objectives and take a flexible approach, and it is necessary to adopt diversified environmental regulation policies based on market instruments.

碳排放权交易制度对企业全要素生产率的影响——基于上市公司的三重差分实证研究

碳排放权交易制度对企业全要素生产率的影响——基于上市公司的三重差分实证研究

Talent Allocation and Total Factor Productivity: With a Discussion on the High-Quality Growth of China’s Real Economy

The tendency of talent allocation Shifting from Real to Fictitious” is an important issue faced by the current Chinese economy （Li, et al., 2017; Huang, et al., 2017; Liu, et al., 2018）. According to the one-percent national sample census in the year of 2005 and 2015, the average years of education for manufacturing employees were 9.37 years and 10.26 years respectively, with those with junior middle school education accounting for 55.83% and 52.42% respectively. At the same period, the average years of education for those employed in the financial industry are 13.45 years and 14.27 years respectively, and those with higher education account for 55.11% and 69.63% respectively. The existing literature discusses talent allocation mainly from the perspective of government-enterprise （Murphy, et al., 1991; Li and Yin, 2014, 2017; Li and Nan, 2019）, but there has been a new change in the allocation of talents in China. In addition to public administration departments （government）, financial industry, real estate industry and other virtual economy that generate money with money” are also preferred occupation of the human capital groups, which is exactly the problem that the academic world cannot ignore. Given this background, this paper tries to answer the following questions: Has talent allocation been excessively biased towards the financial industry? If so, how will talent allocation affect Total Factor Productivity （TFP）? Before conducting the empirical regression, we construct a sample theoretical model to demonstrate the nonlinear effect of talent allocation between finance and manufacturing industry on TFP and its mechanism. Then, in the empirical part, we use the one-percent national sample census data and China Industrial Enterprise Database to establish the prefecture-level talent allocation indicator and empirically test the impact of talent allocation on the TFP of enterprises. We find that talent allocation and TFP show an inverted U-shaped relationship on the premise of controlling city and enterprise variables. We calculate the inflection point of talent allocation between financial industry and manufacturing is 1.10. For 283 prefecture-level cities in China, there are 273 cities whose talent allocation has been excessive biased towards the financial industry. And this phenomenon has significantly reduced the TFP of manufacturing. Considering the problem of omitted variables, reverse causality and measurement error of explanatory variables, and using the real estate-manufacturing talent allocation for regression and placebo testing, we find that the main conclusions remain established. If talents are efficiently allocated to manufacturing, Chinese manufacturing TFP can continue to grow by 2.7%, which is economically significant. In addition, heterogeneity analysis shows that there is a significant difference in the impact of over-allocation of talents on the high-tech manufacturing and non-high-tech manufacturing, and the optimal talent allocation of the high-tech manufacturing shifts to the left. This paper may have the following contributions: First, it provides empirical analysis to study the relationship between talent allocation and TFP from a new perspective. Some literature has recognized that talent allocation may be biased towards virtual economy sectors, but all of their analysis is descriptive. Second, it finds that China’s limited human resources are over-biased to the virtual economy sector which is represented by the financial industry. The policy implication is that, to promote real economy, policy-makers should attach great importance to this issue and adjust the manufacturing talent development plan properly.

Study on the ownership balance and the efficiency of mixed ownership enterprises from the perspective of heterogeneous shareholders.

Based on the database data of Chinese industrial enterprises from 2000 to 2007 and the LP method, this paper measures the total factor productivity of enterprises and investigates the effect of different mixed ownership forms on enterprises’ efficiency and the effect of heterogeneous ownership balance on the mixed ownership enterprises’ efficiency. The state-owned enterprise and mixed ownership enterprise are identified by the enterprise’s paid-up capital. The results show that, on the whole, for the mixed ownership enterprise, the higher the diversification degree of the shareholders is, the higher the efficiency becomes, and in different types of industries, the mixed forms of shareholders have different effects on the efficiency of enterprises. The heterogeneous ownership balance and the enterprise efficiency show nonlinear U-type relationships. Both the higher and lower heterogeneous ownership balance degrees will promote the enterprise’s efficiency. However, when the ownership balance degree is in the range of [0.2 0.5], the increase in ownership balance will lead to the decline of enterprise efficiency. Therefore, when introducing non-state-owned capital, state-owned enterprises should take full account of their own characteristics by rationally controlling the shareholding ratio of non-state-owned capital and play the positive role of a mixed ownership structure in corporate governance with appropriate ownership balances.