Research On The Influence Effect And Mechanism Of State-owned Enterprises On Regional Industrial Structure Upgrading

Based on the theory of resource mismatch,this paper focuses on the impact and mechanism of state-owned enterprises on the upgrading of regional industrial structure through external perspectives.In addition,by studying the impact of state-owned enterprises on financial efficiency and technological innovation,it explores the channels of influence of state-owned enterprises on the upgrading of industrial structure,and proposes feasible proposals to optimize the upgrading of industrial structure and promote the reform of stateowned enterprises.Firstly,based on China's 2006-2015 provincial panel data,this paper uses the SGMM method to study the impact of the proportion of state-owned enterprises on the upgrading of regional industrial structure.It is found that the excessive proportion of state-owned enterprises has a significant inhibitory effect on the upgrading of industrial structure in the region,but the higher marketization level in the region will alleviate the restraining effect of the proportion of state-owned enterprises on the upgrading of industrial structure.It is because the marketization process will intensify market competition and harden the soft budget constraints of state-owned enterprises,thus reducing the drag on state-owned enterprises to industrial upgrading.In addition,based on regional heterogeneity research,it is found that compared with the eastern part of the central and western regions,the effect of state-owned enterprises on industrial structure upgrading is more significant.Compared with the northern region,the acceleration of the marketization process in the southern region will help ease the drag on state-owned enterprises to upgrade the industrial structure.Compared with the large agricultural provinces,the market-oriented process of non-agricultural provinces is more obvious to the adjustment effect of state-owned enterprises dragging the industrial structure.Further,this paper mainly uses the mediation effect model to identify how state-owned enterprises indirectly affect the upgrading of industrial structure through financial efficiency and technological innovation.Empirical analysis based on the simple individual mediation effect shows that state-owned enterprises will drag down regional financial efficiency and hinder regional industrial structure upgrading,but will stimulate regional technological innovation and promote regional industrial structure upgrading.The mediating effect of financial efficiency accounts for about 13.124% of the total effect,and the proportion of technological innovation in the total effect is about 12.817%,both of which are significant and important mediator variables.In addition,this paper also uses the unary parallel multiple mediation effect to study the overall mediating effect of the two mediators of financial efficiency and technological innovation that may be caused by interaction.It is found that the role of state-owned enterprises in promoting technological innovation is greater than its drag on financial efficiency,and the overall mediating effect is significantly positive.The conclusions of this paper include the following points:(1)The total effect of stateowned enterprises on the upgrading of regional industrial structure is significantly negative,and the conclusion is stable.(2)The marketization process played an important role in regulating the impact of state-owned enterprises on the upgrading of industrial structure.(3)In addition to the direct impact of state-owned enterprises on the upgrading of industrial structure,it will also have an indirect impact on the upgrading of industrial structure through the two intermediary variables of financial efficiency and technological innovation.To this end,the paper proposes the following policy recommendations: reduce the degree of dependence of state-owned enterprises,strengthen budget constraints;Deepen financial reform and optimize resource allocation;Deepen the reform of state-owned enterprises and promote the marketization process;give play to the advantages of state-owned enterprises resources,and promote technological innovation through multiple channels.