State-owned enterprises'strengthening the industrial sector is of great strategic significance for consolidating China economic foundation,and whether the introduction of non-state-owned capital has promoted the industrial investment bias of the state-owned enterprises can test the reform effectiveness of the state-owned enterprises.Based on the data of the A-share listed companies from 2007 to 2020,this study empirically tests the impact of the equity balance of mixed ownership reform on the investment bias of the state-owned enterprises.It is found that a higher degree of equity balance in mixed ownership reform can promote the industrial investment bias of the state-owned enterprises,and the mechanism testing has found that a stronger degree of equity balance in mixed ownership reform promotes the industrial investment bias of the state-owned enterprises by suppressing enterprises'excessive financialization.Further research has found that the promoting effect of mixed ownership reform on the industrial investment bias of the state-owned enterprises is more obvious in the samples with better corporate governance,more directors appointed by non-state-owned shareholders and better policy environment.Therefore,it is necessary to continuously introduce non-state-owned shareholders,continuously perfect the incentive and constraint mechanism that match the three-layer structure of the state-owned asset supervision,perfect corporate governance structure,and improve policy environment so as to enhance the promoting effect of mixed ownership reform equity balance on the industrial investment bias of the state-owned enterprises.
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