Research On Government Intervention, Marketization And Capital Allocation Efficiency Of State-owned Enterprises

In the past 40 years of reform and opening up,the pace of reform of state-owned enterprises has not stopped for a moment.Because there is no successful experience to learn from,the reform of state-owned enterprises is also gradually improved on the basis of constantly summarizing experience and lessons.In this process,the allocation mechanism of state-owned capital is gradually optimized in the continuous reform.However,from the current situation,there are still certain problems in the allocation of state-owned capital,and the problem of inefficiency of state-owned enterprises has always been concerned by the academic community and the public.The efficiency of capital allocation varies greatly among different industries and enterprises.Why are some enterprises with high capital allocation efficiency and some enterprises with low capital allocation efficiency? In other words,what influences the process of capital allocation or reconfiguration and Efficiency? This paper assumes that the degree of government intervention and marketization in the region where state-owned enterprises are located has a certain influence on the capital allocation efficiency of enterprises,and empirical tests are carried out on this.This paper summarizes the relevant research literatures at home and abroad.Based on the analysis of relevant theoretical foundations and influencing mechanisms,based on the investment efficiency,it pays attention to the capital allocation efficiency of enterprises,and gives the definition of capital allocation efficiency,and its calculation method and influence.The factors were sorted out in the literature.The design model used the empirical data of China's state-owned enterprises from 2006 to 2017 to establish a panel model.The empirical analysis of the impact of government intervention and marketization on the efficiency of capital allocation of enterprises,the conclusion is as follows: the government intervention is more serious The state-owned enterprises in the region have low capital allocation efficiency,and the state-owned enterprises have higher capital allocation efficiency in areas with higher marketization.Finally,they propose relevant policy recommendations to comprehensively promote market-oriented reforms and accelerate the construction of market-oriented processes.