Research On Ownership Structure And Efficiency Of State-owned Manufacturing Enterprises

China's economic development has shifted from the stage of high-speed growth to the stage of high-quality development.In the new stage of development,it is necessary to promote the quality,efficiency and dynamic transformation of China's economic development and improve total factor productivity through the construction of a modern economic system.The construction of modern economy should be based on real economy and give full play to the role of state-owned enterprises.Therefore,it is of great significance for the development of socialism with Chinese characteristics in the new era to promote the reform of mixed ownership of state-owned enterprises in manufacturing industry and improve the efficiency of state-owned enterprises in manufacturing industry on the basis of classification reform.At the same time,in the process of developing mixed ownership,we should clarify several questions: First,is there an optimal proportion of state ownership in state-owned enterprises? Secondly,in the state-owned enterprises that have completed the reform of mixed ownership,can state-owned capital control more capital by using a small amount of state-owned capital through the separation of control and ownership? Thirdly,in mixed ownership state-owned enterprises,is the balance between non-state-owned capital and state-owned capital conducive to the development of state-owned enterprises?In view of the above problems,this paper takes A-share state-owned listed manufacturing enterprises in Shanghai and Shenzhen stock markets as the research object,and divides all sample enterprises into "strategic state-owned enterprises" and "traditional state-owned enterprises".Firstly,we use super-efficiency DEA model to measure the efficiency of various types of state-owned manufacturing enterprises from 2004 to 2017,and make a comparative analysis.Secondly,from the perspective of the efficiency of state-owned enterprises,we use the proportion of state ownership as the threshold variable,and use the panel threshold model to analyze the threshold effect of the proportion of state ownership,the separation of two powers and the balance of ownership on the efficiency of state-owned manufacturing enterprises.This paper tries to explore the above three problems and finally find out the optimal proportion of state ownership in different types of state-owned manufacturing enterprises.The empirical results show that,firstly,there is room for improvement in the efficiency of state-owned manufacturing enterprises in China,and the overall trend of wave increase;compared with "traditional state-owned enterprises",the efficiency of "strategic state-owned enterprises" is lower at this stage,and the efficiency growth rate is slower.Secondly,from the perspective of the efficiency of state-owned manufacturing enterprises,there is an optimal proportion of state ownership in state-owned manufacturing enterprises,but theproportion of state ownership in different types of state-owned manufacturing enterprises is different.The optimal proportion of state ownership in "overall state-owned enterprises" and "traditional state-owned enterprises" is about 19%,and the optimal proportion of state ownership in "strategic state-owned enterprises" is about 51%.Thirdly,from the perspective of the efficiency of state-owned manufacturing enterprises,whether "separation of powers" can achieve a small amount of state-owned capital to control more capital depends on the proportion of state ownership.In the "overall state-owned enterprises" and "traditional state-owned enterprises",when the proportion of state ownership is less than 19.94% and 19.9%,the "separation of two rights" can achieve a small amount of state-owned capital to control more capital,but not when the proportion of state ownership exceeds the threshold value;in the "strategic state-owned enterprises",when the proportion of state ownership is less than 13.33% and more than 50.33%,the "separation of two rights" can achieve a small amount of state-owned enterprises.Capital controls more capital,but not when the proportion of state ownership is between them.Fourthly,from the perspective of the efficiency of state-owned manufacturing enterprises,when the proportion of state ownership is less than 19.74%,15.1% and 19.9% respectively in the "overall state-owned enterprises","strategic state-owned enterprises" and "traditional state-owned enterprises",the "ownership checks andbalances" are beneficial to the development of state-owned manufacturing enterprises,but not when they are larger than these thresholds.