Research On The Influence Of Mixed-Ownership Reform To Market Power Of Enterprises

The Third Plenary session of the 18 th CPC Central Committee adopted the "Decision of the CPC Central Committee on Some Major Issues on Comprehensively Deepening Reform" which calls for actively developing the mixed-ownership economy,which refers to the crossholding of state-owned capital with collective capital and non-public capital.At the same time,the document actively encourages state-owned capital to participate in the production and operation of private enterprises in the form of equity participation.Mixed ownership reform has long been included in the top-level design framework of China’s comprehensive reform,and it is a major breakthrough to crack the problem of high-quality development.However,although mixed ownership reform plays an important role in improving the production efficiency,innovation level and tax contribution of state-owned and private enterprises,there is no literature concerned about whether state-owned and private enterprises have gradually become market subjects of fair competition under the influence of mixed ownership reform.The 2019 Government Work Report pointed out that "in accordance with the principle of competition neutrality,enterprises of all types of ownership will be treated equally in terms of access to factors of production,market access and licensing,business operation,government procurement and bidding".The principle of competition neutrality is the key to promote the high-quality development of enterprises of the two types of ownership and improve the efficiency of market resource allocation.Therefore,how to use the mixed ownership reform to promote the two types of enterprises to obtain a neutral market competitive position and how to play the role of the mixed ownership reform to improve the market competitiveness of enterprises under the background of the principle of competition neutrality are both important issues to be solved at present.This thesis firstly sorted out the historical evolution of mixed ownership reform,and analyzed the changes in the layout of state-owned capital at the macroeconomic level and its economic significance under the background of mixed ownership reform.From the macroeconomic level,the total amount of Chinese state capital maintains a steady growth rate,and increases the proportion and control of energy,industrial production and national life security industries;State capital has withdrawn from some competitive industries.There has been obvious aggregation of state-owned capital in economically developed provinces,and with the continuous promotion of reform,the distribution of state-owned capital has gradually shifted to the western region.Secondly,based on the existing theories,this thesis not only analyzes the direct effect mechanism of mixed ownership reform on the market power of stateowned and private enterprises,but also analyzes the indirect effect mechanism of mixed ownership reform on the market power of the two types of enterprises through the effect of governance,the effect of resources,the effect of cost and the effect of competition.Then,the influence of mixed ownership reform on the market power of enterprises and the mediating mechanism of mixed ownership reform are tested by PSM-DID,two-way fixed effect model,IV method,Heckman two-stage least squares method and mediating effect model.Finally,from the perspective of the principle of competition neutrality,this thesis finds that there are logical commonalities between the impact of mixed ownership reform on the market power of enterprises and the connotation of the principle of competition neutrality.Then this thesis tests whether the change results of the market power of the two types of enterprises can help the state-owned capital to maintain and increase the value of private enterprises.Finally,the main conclusions and policy suggestions are given.The main conclusions are as follows: Firstly,from the microeconomic level,the influence of mixed ownership reform on the market power of state-owned and private enterprises has significant heterogeneity.The influence of mixed ownership reform on the market power of state-owned enterprises is significantly negative,but it significantly enhances the market power of private enterprises.Secondly,in addition to having a direct impact on the market power of the two types of enterprises,mixed ownership reform also has an indirect impact on their market power through the effect of governance resources costs and competition.Thirdly,the influence of mixed ownership reform on the market power of the two types of enterprises is also influenced by the nature of the industry,the level of competition and the level of marketization process in the locality.Fourthly,the change of the market power of the two types of enterprises promotes the improvement of the enterprise’s value of their respective enterprises and there is a logical commonality between the results of the heterogeneous impact of mixed ownership reform on the market power of the two types of enterprises and the principle of competitive neutrality.The innovation of this thesis,First based on the content of the traditional industrial organization theory as the foundation,this thesis puts forward "system changes to capital structure changes to market power" of the theoretical hypothesis which conforms to the mixed ownership reform policy in China.Second,from the perspective of two-way mixed reform,this thesis systematically and comprehensively studies the overall effect,mediating mechanism,heterogeneity effect and economic consequences of mixed ownership reform on the market power of the two types of enterprises.Thirdly,this thesis concludes that the mixed ownership reform is one of the important means to promote the neutral convergence of the market power of the two types of enterprises,and holds that the results of the neutral convergence of the market power of the enterprises under the influence of the mixed ownership reform have a logical commonality with the connotation of the competitive neutrality principle.