Mixed ownership reform and labor investment efficiency——Evidence form shanghai and shen zhen A-share state-owned listed companies
Effective allocation of labor investment is the key for enterprises to achieve high-quality development.Taking Shanghai and Shenzhen A-share state-owned listed companies from 2007 to 2020,this paper examines the influence of mixed ownership reform on labor investment efficiency and its mechanism.It is found that mixed ownership reform can signifi-cantly improve the labor investment efficiency of state-owned listed companies.Strengthening supervision and restrai-ning soft budget constraints are important mechanisms for mixed ownership reform to improve labor investment efficiency.Further research finds that mixed-ownership reform can improve labor investment efficiency of over-investment and under-investment.In local state-owned enterprises,low information transparency,competitive industries and enterprises with low degree of marketization,mixed-ownership reform plays a greater role in improving labor investment efficiency.The research conclusion provides new evidence for the study of the consequences of mixed ownership reform in state-owned enterprises,and also has important reference significance for the relevant policy formulation of regulatory authority and the continued advancement of mixed ownership reform.
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