Mixed ownership reform is an important way to achieve the total factor productivity of state-owned enterprises.This paper empirically studies the impact of non-state-owned capital participation on the total factor productivity of state-owned enterprises by using Shanghai-Shenzhen A-share listed companies from 2013 to 2022 as research samples.The results show that the participation of non-state capital has a positive effect on the total factor productivity of state-owned enterprises,and the result is more significant when the participation of non-state capital exceeds 10％.The mechanism test shows that non-state-owned capital participation mainly affects the total factor productivity of state-owned enterprises through three ways:easing policy burden,improving technological innovation and promoting executive compensation in-centives.Further heterogeneity analysis shows that in enterprises with low leverage,perfect institutional environment and high management ability,non-state-owned capital participation has a more significant promoting effect on the total factor productivity of state-owned enterprises.
关键词
非国有资本参股/全要素生产率/政策性负担/技术创新/高管薪酬激励
Key words
participation of non-state-owned capital/total factor productivity/policy burden/technological innovation/executive compensation incentive
维普
万方数据