Research On The Impact Of Mixed Ownership Reform Of State-owned Enterprises On Breakthrough Innovatio

China has entered a new stage of innovation-driven economic development.Breakthrough innovation represents a high level of innovation capability,and is an important reflection of whether the innovation mode is changing from "tracking" to "parallel" and "leading",which is in line with the current economic development.Breakthrough innovation can enhance the competitive advantage of state-owned enterprises and achieve high-quality development.As the main body of national economic development,state-owned enterprises have an important mission and task in the development strategy of building China into a world power in science and technology innovation.Existing studies pay less attention to the impact of mixed ownership on breakthrough innovation.Therefore,this paper takes the decision of the Central Committee of the Communist Party of China on several major reform deepening issues issued by the Central Political Bureau in 2013 as an opportunity to empirically test the impact of the implementation of mixed ownership reform on breakthrough innovation in SOEs.This paper takes Shanghai and Shenzhen A-shares listed SOEs from 2013 to 2020 as the sample,adopts the multiple regression empirical analysis method,and uses the instrumental variables method,alternative variables and Sobel test to ensure the robustness of the results;selects diversity and equity integration to measure the degree of mixed ownership reform;selects internal control and managerial compensation incentives to explore the impact of SOEs mixed ownership reform on breakthrough innovation.The study further analyzes the impact of different types of shareholders on breakthrough innovation and analyzes the importance of implementing breakthrough innovation for high quality development in terms of economic consequences.The study finds that: first,as the hybrid reform process progresses,the hybrid reform of SOEs is conducive to improving the level of breakthrough innovation in SOEs.Second,the impact mechanism of hybrid SOE reform on breakthrough innovation is to improve the quality of internal control and strengthen the incentives for executive compensation.Third,other research shows that institutional investors and foreign shareholders can enhance breakthrough innovation,while private shareholders inhibit it.Fourth,the economic consequences test shows that an increase in the level of breakthrough innovation is beneficial for SOEs to achieve high quality development.Based on the findings of this paper,we suggest that: first,in the current in-depth stage of mixed ownership reform,SOEs should actively introduce non-state shareholders,especially foreign shareholders and institutional investors,and guide non-state shareholders to actively participate in corporate management to promote the integration of state and non-state equity.Secondly,SOEs should pay attention to the improvement of internal control system and executive compensation incentive system in the process of mixed reform.Third,under the guidance of the current innovation-driven development strategy,SOEs should pay more attention to breakthrough innovation activities and reasonably allocate resources to support breakthrough innovation.Breakthrough innovation can drive SOEs to improve total factor productivity,as General Secretary Xi said,"Leading high-quality development with high-quality innovation",and insisting on breakthrough innovation can seize the key to development.The research in this paper brings important insights for SOEs that can help them better promote innovation and achieve high-quality development.