Equity Reform and High-Quality Development of State-Owned Enterprises: Evidence From China in the New Era

Abstract

How to improve the development quality of state-owned enterprises is of great significance to the economic and social development in the transition period. And promoting the reform of mixed ownership is an important path for state-owned enterprises to achieve high-quality development. Based on the micro-data of China’s A-share listed state-owned companies, the paper explores the impact of mixed ownership reform on the high-quality development of state-owned enterprises. It clarifies the importance and moderation of equity reform and the heterogeneity of impact effects from the theoretical mechanism analysis and empirical test. It also analyzes the reasons of inverted U-shape from the perspective of the transmission mechanism of the internal competition atmosphere and non-state-owned capital speculation motivation. It is found that the relationship between equity reform and state-owned enterprises’ high-quality development is inverted U-shaped with multi-dimensional heterogeneity. From the analysis of conduction mechanism, on the one hand, the equity reform can enhance the internal competitive atmosphere, stimulate the vitality of enterprises and improve the development quality for state-owned enterprises. On the other hand, it enhances the speculation motivation of enterprises and slows down the high-quality development process.

Entrepreneurship and Export Product Quality Improvement

“…In the past, China's economic growth was characterized by high investment, high energy consumption, and high pollution [1]. As China enters a new era, the quality and efficiency of economic growth have become significantly more important than its scale and pace [2]. To address climate change, China has pledged to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060 [3].…”

Analysing influence of shareholder decision on green innovation knowledge sharing by fuzzy set qualitative comparative analysis combined evolutionary game theory

“…The first purpose of state-owned shareholders is to fulfill their corporate social responsibilities and political responsibilities in the market. Accordingly, during the course of green innovation, they exhibit a greater willingness to collaborate and engage in dialogue with non-state-owned stakeholders, aiming to embark on the journey of green transformation for their enterprises (Liao et al, 2022). The primary goal of non-state-owned shareholders is to maximize the enterprise's profit maximization, but the green transformation of enterprises requires a large amount of investment in green technology research and development, and it is difficult for enterprises to obtain reports in the short term, and non-state-owned shareholders are not willing to communicate with state-owned shareholders in the process of green innovation.…”