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Does the mixed-ownership reform of Chinese state-owned enterprises improves their total factor productivity?

Author

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  • Zhang, Shijin
  • Zhang, Weiwei
  • Chen, Fu
  • Guo, Bingxin

Abstract

This study empirically tests the effects of the mixed-ownership reform of SOEs on the total factor productivity (TFP), the mechanisms, and the heterogeneity effect of different degrees of mixed-ownership reform on TFP. Based on the data of Chinese A-share listed state-owned enterprises (SOEs) from 2010 to 2020, this study draws several key conclusions. Firstly, the mixed-ownership reform of Chinese SOEs can improve their TFP. Secondly, in the dimension of governance, the mixed-ownership reform of Chinese SOEs can also improve their TFP, but the effect of improvement is smaller than that within the dimension of equity structure. Finally, corporate research and development (R&D) has a mediating effect on the relationship between the mixed-ownership reform of Chinese SOEs and their TFP. The results of this study are not only useful to provide countermeasures and suggestions for the mixed-ownership reform of Chinese SOEs, but also can be adapted to many other developing countries, especially for those in the transition and realize high-quality development through speeding up corporate R&D.

Suggested Citation

  • Zhang, Shijin & Zhang, Weiwei & Chen, Fu & Guo, Bingxin, 2023. "Does the mixed-ownership reform of Chinese state-owned enterprises improves their total factor productivity?," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:pacfin:v:82:y:2023:i:c:s0927538x23002536
    DOI: 10.1016/j.pacfin.2023.102182
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    References listed on IDEAS

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    Cited by:

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    4. Song, Gaoya & Wang, Yu, 2025. "Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 103(C).
    5. Tu, Bingqian & Zhou, Zhou & Dang, Jingqi & Qiu, Yitian, 2024. "Information matters: The effectiveness of mixed-ownership reform in mitigating financial constraints," Economic Analysis and Policy, Elsevier, vol. 83(C), pages 1115-1132.
    6. Ge, Shilong & Luo, Xiaodan & Li, Yuangang & Zheng, Lanxing, 2024. "The impact of green credit policy on total factor productivity of enterprises," International Review of Economics & Finance, Elsevier, vol. 95(C).
    7. Peng, Meihong & Yan, Qian, 2025. "The impact of managerial myopia on enterprise digital innovation," Finance Research Letters, Elsevier, vol. 80(C).
    8. Han, Ziteng & Chen, Lingxi & Zhong, Teng, 2025. "Mixed-ownership reform and AI adoption in state-owned enterprises: A pre-registered report," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    9. Qian, Yifan, 2025. "Public data openness and corporate total factor productivity," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 733-753.
    10. Peiyu Zhao & Jiajun Xu, 2025. "Can Removing Policy Burdens Improve SOEs’ ESG Performance? Evidence from China," Sustainability, MDPI, vol. 17(18), pages 1-28, September.

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