SOEs'Mixed Reform,Industrial Linkages and GVC Climbing——A Mechanism Analysis Based on the TOE Framework
Against the background of Chinese enterprises climbing up the global value chain(GVC)and creating world-class enter-prises,this study empirically examines the impact and mechanism of SOEs'mixed reforms on enterprises'GVC positions and the het-erogeneity of the forms of industrial linkage realization,using a sample of A-share listed SOEs in Shenzhen and Shanghai Stock Ex-change from 2008 to 2022.This study finds that SOEs'mixed reform is conducive to the enhancement of enterprises'GVC positions,which is more significant in vertical industrial linkages than in horizontal industrial linkages.Based on the TOE framework,SOEs'mixed reform mainly enhances enterprises'GVC positions by encouraging technological innovation,increasing risk-taking,and en-hancing supply chain resilience.The positive effects of SOEs'mixed reforms in enterprises'GVC positions are more significant in en-terprises with lower economic policy uncertainty,higher degree of industry competition and higher participation of non-state capital.In addition,SOEs'mixed reform can reap positive market reactions and play a value-creating function of asset preservation and ap-preciation,significantly contributing to SOEs'long-and short-term value growth.This study provides theoretical basis and practical insights for further improving the modern enterprise system with Chinese characteristics and accelerating the cultivation and con-struction of world-class enterprises with global competitiveness.
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