Partitioning of Property Rights and the Digital Transformation of Central State-owned Enterprises:Based on the Quasi-natural Experiment of the Bonus Incentives Reform
Digital transformation is crucial to stimulate the production momentum of microeconomic entities and promote the high-quality development of macroeconomy.How to effectively promote the digital transformation of central state-owned enterprises has become a key link to comprehensively deepen the reform of state-owned enterprises in the new era.Based on the quasi-natural ex-periment of bonus incentives reform in central government-owned enterprises(No.148),this paper systematically explores the effect and mechanism of partitioning of property right on the digital transformation of central state-owned enterprises.The paper shows that the bonus incentives reform can promote the digital transformation of the pilot central government-owned enterprises by improving the efforts of employees,improving the level of team cooperation and strengthening the supervision.Economic significance measure-ment shows that after the reform of bonus incentives,compared with non-pilot central government-owned enterprises,the degree of digital transformation of pilot central government-owned enterprises has increased by 43.5%on average.Further research shows that,on the one hand,the aforementioned effect requires to be supported by solid talent base,which is more obvious in central state-owned enterprises with better talent cultivating level and living environment;on the other hand,the aforementioned effect can pro-mote the transformation and development of relatively backward central state-owned enterprises,which is more prominent in central state-owned enterprises with poor industry development and strong industrial chain uncertainty.Finally,after the bonus incentives reform to promote the digital transformation of central state-owned enterprises,the production efficiency and product market competi-tive position of central state-owned enterprises have been effectively improved.The conclusion shows that the partitioning of proper-ty rights can form the social effect of positive interaction between state-owned enterprise development and employee growth,and achieve the Chinese path to modernization goal of"win-win situation between labor and capital,common prosperity",which not only contributes to the expansion of academic research on digital transformation and partitioning of property rights,but also provides poli-cy reference value for government departments to draw up"the reform of state-owned assets and state-owned enterprises"and"pro-mote common prosperity through high-quality development".
State-owned EnterprisesCentral State-owned EnterprisesDigital TransformationPartitioning of Property RightsBo-nus Incentives Reform