State-owned Capital Authorized Operating System Reform And Enterprise Upgrade

In recent years,the actions that China should take to achieve industrial upgrading has received extensive attention from academia,and the realization of industrial upgrading depends on whether the representative enterprises in the industry can achieve optimal upgrading.The reform of the authorized operation system of state-owned capital is based on the needs of state-owned enterprises for high-quality development,and is crucial for stimulating the development potential of state-owned enterprises and continuously promoting the transformation and upgrading of state-owned enterprises.In the reform of the state-owned capital authorization management system,the effectiveness and the effect mechanism that the new authorization model based on capital management have on upgrading of state-owned enterprises,have yet to be analyzed and discussed.This article takes the quasi-natural experiment provided by the reform of the state-owned capital authorization management system as an opportunity to discuss the core issues of how the state-owned capital authorization management system reform affects the upgrading of state-owned enterprises.The reform of the capital authorization management system has also been explored by stimulating the innovation of state-owned enterprises and thus affecting the upgrading of state-owned enterprises.In response to the above main research issues,this paper uses the central enterprises and local state-owned enterprises that were included in the pilot reform of the state-owned capital investment and operation platform from 2014 to 2016 as the initial total sample.The construction of the Difference-in-Differences model explores the relationship between the reform of the state-owned capital authorized management system and the upgrading of enterprises.The study has found that after the state-owned enterprises were included in the pilot reform of authorized operation of state-owned capital,the optimization and upgrading of enterprises were significantly promoted,and the reform results of the pilot reform of authorized operation of state-owned capital was effectively reflected.This finding has also played an intermediary role,and has put forward the effect mechanism of enterprise innovation working on the relationship between the reform of the capital authorized management system and enterprise upgrading.The above conclusions are still valid after robust tests such as parallel trend test,placebo test,and replacement of proxy variables.The innovations in this paper are mainly reflected in: First,based on the policy background of the reform of the state-owned capital authorization management system,this paper reveals the new authorization system for the innovation and upgrading of state-owned enterprises by the reorganization or new establishment of state-owned capital investment companies and operating companies as authorization undertaking platforms.The internal mechanism and the influence mechanism have enriched the research on the economic consequences of authorized operation between state-owned capital regulatory agencies and state-owned enterprises.Second,this paper takes state-owned enterprises as the research object,reveals the mechanism of state-owned capital authorization operation mechanism optimization as well as authorization model changes on enterprise upgrading,and enriches the research on the determinants of enterprise upgrading.Third,this article focuses on the quasi-natural experiment of “reform of authorized operation system of state-owned capital” to test whether the reform of authorized operation system of state-owned capital promotes the upgrading of state-owned enterprises,which further enrich and expand the research on the effect and path of the reform of state-owned enterprises.The research findings of this paper have the following three practical significances: First,based on the quasi-natural experiment,the article provides empirical evidence for the positive effects of the pilot reform of authorized operation of state-owned capital,and further promotes the reform of the authorized management system of state-owned capital and the related policies of state-owned enterprise reform the introduction of provides a certain reference.Second,by confirming the positive effect that the pilot reform of state-owned capital authorization management system has on enterprise upgrading,the conclusion provides a theoretical basis and has important policy implications for further advancing and deepening the reform of the state-owned capital management system.Third,by constructing the effect mechanism that the reform of stated-owned authorized operation system works on enterprise upgrading,and examining the effects that the new authorized managment system have on the reform,the conclusion can provide references for other state-owned enterprises that are not included in the pilot reform of state-owned authorized management system to increase the effectiveness of capital allocation,improve ability of technological innovation and promote enterprise upgrading.