Reform of the State-owned Assets Supervision System and the Investment Efficiency of State-owned Enterprises
The state-owned assets supervision system has shifted from a model that"combines asset management with personnel management"to a model that focuses on"capital management",provi-ding institutional guarantees for the high-quality development of state-owned enterprises.This article takes state-owned enterprises listed on the Shanghai and Shenzhen A-shares of China from 2009 to 2019 as samples to empirically test the impact of the reform of the state-owned assets super-vision system on the investment efficiency of state-owned enterprises.The research results indicate that the reform of the state-owned assets supervision system has significantly improved the invest-ment efficiency of state-owned enterprises,and the reduction of agency costs and the weakening of government intervention have played an intermediary role in it.Further research has found that the level of government governance has a positive moderating effect on the reform of the state-owned assets supervision system and the investment efficiency of state-owned enterprises.Heterogeneity a-nalysis found that in state-owned enterprises in non-western regions and those with lower pyramid levels,the reform of the state-owned assets supervision system has a more significant effect on im-proving the investment efficiency of state-owned enterprises.The economic consequence test shows that the reform of the state-owned assets supervision system has increased the value of state-owned enterprises by improving their investment efficiency.The research conclusion provides an empirical basis for further deepening the reform of state-owned assets and enterprises.
Government GovernanceState-owned Assets Supervision SystemState-owned Capital Investment and Operation CompanyState-owned EnterprisesInvestment Efficiency
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