Property right changes and the production efficiency:A study based on the dual perspective of micro-empirical evidence and aggregate productivity decomposition
The paper employs microdata from A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2004 to 2022 to carry out a systematic empirical analysis of the characteristics of actual controllers'property rights changes in listed companies,the impact of property rights changes on individual enterprise production efficiency,and their impact on sectoral total factor productivity.The research findings are as follows:1)The prevalent"beautiful brides marry first"phenomenon during the first wave of state-owned enterprise reforms in the 1990s essentially no longer exists from 2004 to 2022.There is also no significant"cherry-picking"phenomenon where state-owned capital controls private listed companies.The productivity level of listed companies participating in the reform is generally lower than that of other similar listed companies.2)The micro-empirical research results based on asymptotic DID models indicate that whether it is privatization or nationalization,the change in the property rights nature of the actual controllers of listed companies helps improve the individual production efficiency of enterprises.3)The sectoral total factor productivity decomposition results based on the DOP framework show that the effect of property rights changes has increased the total factor productivity of both state-owned and non-state-owned sectors,especially contributing more to the growth of total factor productivity in non-state-owned sectors.In summary,the changes in the nature of property rights of listed companies predominantly reflect the mixed ownership reform concepts of"state capital assistance""concession to the people",and"private sector advance and state sector retreat",releasing significant reform dividends.
property right changestotal factor productivityasymptotic DIDDOP decom-position
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万方数据
