Improving the efficiency of state-owned assets supervision and promoting the high-quality development of state-owned enterprises is an important goal of state-owned assets and state-owned enterprises reform.Taking the annual data of A-share state-owned listed companies from 2010 to 2021 as samples,this paper used the empirical research method to examine the impact of state-owned capital authorized operation on total factor productivity and its mechanism from the micro-enterprise level.We found that increasing the intensity of authorization can significantly improve the total factor productivity of state-owned enterprises.The conclusion is still credible after multiple robustness tests.The appointment of directors by state-owned share-holders has no significant effect on the supervision and governance effect of state-owned assets,while the appointment of senior executives strengthens the productivity enhancement effect of state-owned capital authorized operation.The state-owned capital authorized operation has a stronger productivity improvement effect on central enterprises,competitive state-owned enterprises and low market process areas.The conclusion showed that the state assets regulator should raise the authorization,enhance the a-bility of directors to perform their duties,strengthen the governance of managers,and further improve the governance effect of state-owned capital authorized operation in local state-owned enterprises,non-competitive state-owned enterprises,and ar-eas with high marketization process.
authorized operation of state-owned capitaltotal factor productivitygovernance effect
NETL
NSTL
维普
万方数据
