Market-oriented Reform's Influence On The Performance Of Enterprises Of Different Ownership

Since the 1978 reforming and opening up, China's market-oriented reform step by step, while promoting China's booming economic, the institutional change during the market transformation has also played a huge role in promoting the enterprise internal microscopic productivity. However, this process of incremental reform, due to the conflict and alternation of old and new systems, the effective allocation of resources and incentives can not penetrate all areas of the economy, resulting in the formation of internal reform split-level, from the micro-enterprise level, shows up the asynchrony in different ownership enterprises affected by the market-oriented reform. Then, during the process of China's construction of market system, what are the mechanisms of market-oriented reform acting on enterprises of different ownership? Or the marketization actually inspired whose energy? Research on this question has certain theoretical value and practical significance.Based on the controversy of the efficiency of enterprises of different ownership in existing literature, this paper constructed a theoretical model of market-oriented reforms affect the efficiency of enterprises from the perspective of enterprise ownership, and tested the influence of market index to state-owned enterprises and non-state-owned enterprises operating performance by the system GMM method based on the China's provincial panel data from 2005 to 2011, finally, evaluated the effects of state-owned enterprise reform policy at the end of 2003 by regression discontinuity method. It is found that, market-oriented reforms have different effects on enterprises of different ownership in the elimination of obstacles to the flow of resources, credit ownership discrimination and SBC, and the effect size is closely related to the degree of market. Market-oriented reform can increase both of SOEs' and non-SOEs' operating performance, but less impact on SOEs and greater impact on non-SOEs. A series of national policy At the end of 2003 has driven a substantial increase in the probability of state-owned enterprise restructuring, state-owned enterprises increased vitality after the reform, enhance production efficiency by about 38.4 percentage points, profitability increased nearly 2 times. Which shows that the state-owned enterprises reform as an important part of market-oriented reforms significantly stimulate the vitality of state-owned enterprises, but in the long run, the system incentives released by market-oriented reforms is more helpful to the non-state enterprises development.