Mixed Ownership Reform And Enterprise Investment Efficiency

Investment activities can enhance the value and operating efficiency of enterprises,bring huge benefits to enterprises and determine the direction of their survival and development.Although China has entered the stage of high-quality development,the problem of low investment efficiency of enterprises is still widespread.In 2013,the Third Plenary Session of the 18 th CPC Central Committee adopted the Decision on Several Major Issues of Comprehensively Deepening Reform,emphasizing that state-owned enterprises should actively participate in the reform of mixed ownership and introduce non-state-owned capital to participate in governance,which can optimize the corporate governance structure,strengthen the corporate supervision mechanism,determine a reasonable shareholding structure,promote corporate executives to make reasonable investment decisions,and boost the investment efficiency of enterprises.At the same time,there is a widespread mismatch of financial resources in China’s state-owned enterprises,which has a certain impact on the relationship between the reform of mixed ownership of state-owned enterprises and the investment efficiency of enterprises.Firstly,this paper combs the relevant literature and theories,understands the current situation of mixed reform and enterprise investment efficiency,and explains related concepts,which lays a theoretical foundation for this paper’s research;Secondly,this paper selects the data of A-share state-owned listed companies in Shanghai and Shenzhen from 2012 to 2021,and empirically studies the relationship between the mixed reform of state-owned enterprises and the investment efficiency of enterprises.In order to ensure the accuracy of the transmission of the mixed reform to the investment efficiency of enterprises,this paper makes a mechanism test and analysis;In addition,on the basis of mixed reform and enterprise investment efficiency,this paper introduces the mismatch of financial resources to study its regulatory effect on the two,and further analyzes the heterogeneity effect;Finally,according to the research conclusion,some suggestions are put forward.The empirical results show that the mixed ownership reform of state-owned enterprises can improve the investment efficiency of enterprises,and the mismatch of financial resources can weaken the improvement of investment efficiency of enterprises,and the above conclusions are confirmed by the robustness test.Through the mechanism test,it is concluded that the reform of mixed ownership can improve the investment efficiency of enterprises mainly by strengthening the financing constraints of enterprises and improving the principal-agent efficiency of enterprises.Through the heterogeneity study,the following results are obtained: compared with the central state-owned enterprises,local state-owned enterprises can improve the investment efficiency of enterprises through the promotion and implementation of mixed ownership reform;Compared with the state-owned enterprises in the eastern region,the state-owned enterprises in the central and western regions can improve the investment efficiency of enterprises through the promotion and implementation of mixed ownership reform.