Mixed-Ownership Reform and Internal Capital Market Efficiency
Based on the data of state-owned group member enterprises from 2008 to 2021,this paper explores the impact of mixed-ownership reform on the internal capital market efficiency within business groups,as well as its underlying mechanisms.The results indicate that mixed-ownership reform signifi-cantly enhances the efficiency of the internal capital market in state-owned enterprise groups.According to the mechanism test,mixed-ownership reform improves the efficiency of the internal capital market primari-ly through the appointment of directors by non-state shareholders and the enhancement of internal control quality.The impact of mixed-ownership reform on internal capital market efficiency becomes more pro-nounced when non-state shareholders appoint directors to the companies.However,when the proportion of directors appointed by non-state shareholders is excessively high,the mixed-ownership reform fails to significantly enhance internal capital market efficiency.Further analysis shows that when the degree of group diversification is high and the degree of market competition is low,mixed-ownership reform has a greater impact on internal capital market efficiency.
state-owned business groupinternal capital marketmixed-ownership reforminternal control
万方数据
维普
