The Influence Of Mixed-ownership Reform On The Investment Efficiency Of State-owned Enterprises

In November 2013,the Third Plenary Session of the 18 th CPC Central Committee adopted the "Decision on Comprehensively Deepening the Reform of Some Major Issues",which proposed to "actively develop a mixed ownership economy",and the mixed reform began to become a hot spot for state-owned enterprise reform.As one of the core of China's future economic system reform,the mixed reform aims to solve the problem of the inefficiency of the existence of state-owned enterprises in China.Investment efficiency is an important aspect of business efficiency,which has an important impact on business efficiency and determines the direction of a company's development.Based on the investment efficiency,this paper examines the policy impact of mixed reform on state-owned enterprises and provides empirical support for continuously deepening the development of mixed ownership in China.This paper starts from the following aspects: First,combing the existing literature related to the subject of this paper,and through summarizing and analyzing to draw the significance of this paper.Secondly,it expounds the development process of China's state-owned enterprise reform,and based on information asymmetry,principal-agent and investment efficiency theory,discusses the mechanism of the effect of mix ed reform on state-owned enterprise investment efficiency.We take all the A-share listed state-owned enterprises in Shanghai and Shenzhen from 2011 to 2015 as the research object of this paper.By constructing the enterprise non-efficiency investment model,we use the PSM-DID empirical method to test the change trend of investment efficiency after the state-owned enterprises undergo mixed reform.The empirical results show that after the elimination of selectivity bias,the mixed ownership reform can improve the investment efficiency of state-owned enterprises.At the same time,the research results also show that the effect on regulatory state-owned enterprises is better than the non-regulated state-owned enterprises,and the state-owned enterprises in the central and western regions have a better effect than in the eastern regions.Then the article examined the mechanism of the effect of mixed reform on investment efficiency,and found that financing constraints played a partial intermediary role in the impact of mixed reform on investment efficiency.The results of this study confirm that the reform of mixed ownership helps to improve the investment efficiency of state-owned enterprises.At the same time,for regulated industries,it is necessary to relax the industry access policy,promote the competitiveness of the industry,and improve the vitality of state-owned capital.For the less developed regions of the central and western regions,corresponding policies should be formulated to not only improve the external environment,but also introduce more enterprises with good qualifications,which will fundamentally improve the corporate governance structure and promote the improvement of investment efficiency,achieving the aim of enhancing corporate value.