Proceedings of the 5th International Conference on Economic Management and Model Engineering, ICEMME 2023, November 17–19, 2023, Beijing, China

Research Article

Research on the Impact of Mixed Ownership Reform on the Investment Efficiency of Enterprises

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  • @INPROCEEDINGS{10.4108/eai.17-11-2023.2342759,
        author={Yaqiong  Pan and Kechen  Liu},
        title={Research on the Impact of Mixed Ownership Reform on the Investment Efficiency of Enterprises},
        proceedings={Proceedings of the 5th International Conference on Economic Management and Model Engineering, ICEMME 2023, November 17--19, 2023, Beijing, China},
        publisher={EAI},
        proceedings_a={ICEMME},
        year={2024},
        month={2},
        keywords={mixed ownership reform; investment efficiency; holding mode; equity checks and balances},
        doi={10.4108/eai.17-11-2023.2342759}
    }
    
  • Yaqiong Pan
    Kechen Liu
    Year: 2024
    Research on the Impact of Mixed Ownership Reform on the Investment Efficiency of Enterprises
    ICEMME
    EAI
    DOI: 10.4108/eai.17-11-2023.2342759
Yaqiong Pan1,*, Kechen Liu1
  • 1: Wuhan University of Science and Technology
*Contact email: panyaqiong@wust.edu.cn

Abstract

The mixed ownership reform of State-owned enterprises(SOEs) introducing non-public capital has important theoretical and practical significance in promoting enterprise development. This paper takes 246 SOEs in China's A-share market as the research sample, based on data from 2011-2020, and applies paired-sample t-tests to study the changes in investment efficiency before and after the mixed reform, and constructs a panel regression model to empirically analyze the relationship between the mixed reform and the investment efficiency, as well as the differential impact of the holding mode and the degree of equity checks and balances of the mixed reformed enterprises on the investment efficiency. The results show that (1) mixed ownership reform of SOEs can improve investment efficiency. (2) The improvement effect of mixed reform on investment efficiency is optimal when the enterprise's holding mode is changed from absolute to relative after mixed reform. (3) The degree of equity checks and balances of enterprises under mixed reform will positively affect their investment efficiency.