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The impact of mixed-ownership reform on breakthrough innovation of state-owned enterprises

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  • Li, Yi
  • Fang, Danhui
  • An, Zixuan
  • Li, Li

Abstract

Mixed-ownership reform, as a significant breakthrough in deepening the reform of state-owned enterprises (SOEs), has increasingly become an effective approach to stimulating innovation vitality and enhancing the innovation capacity of SOEs. Based on panel data of A-share listed companies in Shanghai and Shenzhen from 2005 to 2022, this study employs a difference-in-differences model to empirically examine the impact and underlying mechanisms of mixed-ownership reform on breakthrough innovation in SOEs. The study finds that: First, mixed-ownership reform significantly enhances the level of breakthrough innovation in SOEs. Second, in terms of the mechanism, mixed-ownership reform improves breakthrough innovation by reducing the financing constraints of SOEs. Third, the effect of mixed ownership reform on promoting breakthrough innovation in SOEs is relatively stronger among firms with higher management expenses, more intense market competition, and greater absorptive capacity. The study reveals the impact of mixed-ownership reform on the breakthrough innovation of SOEs, providing practical insights into unlocking the innovation potential of enterprises.

Suggested Citation

  • Li, Yi & Fang, Danhui & An, Zixuan & Li, Li, 2025. "The impact of mixed-ownership reform on breakthrough innovation of state-owned enterprises," International Review of Economics & Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:reveco:v:102:y:2025:i:c:s1059056025004848
    DOI: 10.1016/j.iref.2025.104321
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