The construction of a social credit system is a crucial component of China's national economic development.This study examines the"double-edged sword"effect of social trust and its mechanism,heterogeneity factors,and effects on the mixed ownership reform of state-owned enterprises using A-share state-owned listed companies in the Shanghai and Shenzhen stock mar-kets as a sample from 2008 to 2021.The findings reveal that regional social trust has an inverted U-shaped influence on the mixed-ownership reform of state-owned enterprises,indicating a"double-edged sword"effect.Social trust impacts the reform through transaction costs,information transparency,and corporate governance.The influence is more pronounced in state-owned enterprises operating in competitive industries with a favorable external institutional environment.Moderate social trust effectively enhances the performance of mixed-reform enterprises,improves the human capital structure,and reduces tax avoidance.This study provides em-pirical evidence for the"double-edged sword"effect of social trust in the context of social credit system construction.The findings have important implications for further advancing the mixed-ownership reform of state-owned enterprises under the new development pattern.
social truststate-owned enterprisesmixed-ownership reform"double-edged sword"effect
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