How Can the Mixed Ownership Reform of SOEs"Change the Mechanisms"and"Integrate the Advantages":Mixed Ownership M&As of SOEs from the Perspective of Institutional Change
With the mixed ownership reform entering a new stage of reforming mechanism,promoting mechanism reform of state-owned enterprises(SOEs)and coordinating the advantages of state-owned and private capital have become the focus of mixed ownership reform at the current stage.The theory of institutional change has important value in understanding the mechanism reform and advantage coordination of mixed ownership reform.However,there is a lack of research on mixed ownership reform from the perspective of institutional change,especially on how private shareholders as external institutional entrepreneurship and SOEs'executives as internal institutional entrepreneurship work together in the mixed ownership reform of SOEs.This article takes mixed ownership M&As of SOEs as the proxy variable for mixed ownership reform and uses the improvement of the return on total assets of SOEs after mergers and acquisitions as the proxy variable for the performance of mixed ownership reform.Using the CSMAR database and based on M&A transaction data of SOEs,theoretical analysis and empirical testing are conducted to determine whether mixed ownership M&As of SOEs achieve the reform performance,and how private shareholders as external institutional entrepreneurship and SOEs'executives as internal institutional entrepreneurship affect the reform performance of mixed ownership M&As of SOEs.Empirical research shows that mixed ownership M&As of SOEs significantly improve the performance of mixed ownership reform;the more private capital introduced in M&As,the higher the performance of mixed ownership reform;and the cross system ties of SOEs'executives positively moderate the impact of mixed ownership M&As and private capital on the performance of mixed ownership reform.After changing the variable measurement method,replacing the research sample,and controlling for endogeneity,the regression results remain robust.Further research shows that there is heterogeneity in the effectiveness of mixed ownership reform in different institutional environments:in provincial-level regions with higher levels of marketization,industries with larger private economy scales,and SOEs with more pyramid chains,the mixed ownership M&As of SOEs and the proportion of private capital have a more significant effect on the performance of mixed ownership reform.In addition,mixed ownership M&As of SOEs are positively correlated with cumulative abnormal returns,indicating a positive market evaluation of mixed ownership M&As of SOEs.
NETL
NSTL
万方数据
