The Impact Of Mixed Ownership Reform Of State-owned Enterprises On Promoting Enterprise Innovation

Innovation is the core driving force to promote China’s economic development.Innovation drives the economy towards sound and rapid development,further improves the competitiveness of enterprises and promotes the profitability and level of enterprises.Innovation is not only an important factor driving the economy,but also an important driving force for economic development.With the continuous development of state-owned enterprises,China is to give play to the decisive role of the market in resource allocation.Therefore,it is necessary to further increase the mixed reform of state-owned enterprises,introduce other private enterprises,improve the vitality of enterprises,promote the economic growth of enterprises,and improve the level of enterprise innovation ability.But at present,the state-owned enterprises in China are in a new stage of development.At the same time,the influence of COVID-19 is superimposed.Therefore,how to promote the use of state-owned enterprises to promote innovation and enhance the level of corporate profits and promote enterprise profits is the key point in the process of enterprise development.Based on the intermediary effect of government intervention and agency effect,this paper studies the impact of state-owned enterprises on enterprise innovation.The results show that:first,there is a significant positive correlation between the mixed reform of state-owned enterprises and enterprise innovation.Second,the impact of state-owned enterprises on enterprise innovation is heterogeneous due to different ownership concentration,industry nature and marketization level.Specifically,high-tech industries,enterprises with high equity concentration and enterprises with low marketization level,state-owned enterprises have a greater negative effect on enterprise innovation.Third,agency effect and government intervention play an intermediary role in the impact of state-owned enterprises on enterprise innovation.Firstly,the mixed reform of state-owned enterprises improves enterprise innovation by reducing the level of agency effect.Secondly,state-owned enterprises increase government intervention,reduce financing costs and increase financing willingness,so as to promote enterprise innovation.Finally,based on the analysis of empirical results,this paper puts forward targeted suggestions in order to promote the innovation of listed companies.