The Reform Of Mixed Ownership Of State-Owned Enterprises And The Efficiency Of Capital Allocation

One of the main objectives of the mixed ownership reform is to improve the efficiency of capital allocation.Efficient capital allocation is the key to successful investment and capital return,and also an important factor to promote economic growth.Whether the mixed ownership reform in state-owned enterprises has played a role in optimizing the allocation of resources and achieving the goal of reform is seldom studied by the theoretical circles at present.Taking A-share state-owned listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2017 as samples,this paper studies the impact of the mixed ownership reform of state-owned enterprises on the efficiency of capital allocation.From the perspective of ownership structure,this paper measures the degree of the mixed ownership reform of state-owned enterprises from four aspects: ownership diversity,ownership dispersion,ownership integration and ownership checks and balances,and studies its impact on capital allocation efficiency.It is found that the degree of mixed transformation of state-owned enterprises has a significant positive effect on the efficiency of capital allocation of enterprises,and the efficiency of capital allocation of enterprises can be improved by improving the quality of internal control of enterprises.On this basis,further heterogeneity analysis is made from three aspects: industry,institutional environment and government's willingness to decentralize.The study finds that the positive impact of state-owned enterprises mixing degree on the efficiency of capital allocation is more significant in competitive industries,regions with higher marketization level and higher government's willingness to decentralize.In order to verify the robustness of the research results,the annual industry mean of explanatory variables was used as a tool variable to deal with the possible endogenous problems,and the main variables were changed to measure the way of regression.The uncertainty of government subsidies and economic policies was controlled from micro and macro aspects respectively,and the regression results were still robust.The conclusion provides some decision-making basis and policy suggestions for mixed reform of state-owned enterprises,and provides theoretical guidance for improving the efficiency of capital allocation of state-owned enterprises.