Translated Abstract
Since the 1970s, the reform of China＇s state-owned enterprises has been unveiled. How to develop a mixed-ownership economy and improve the production efficiency of mixed-ownership enterprises has always been an important issue in government policy and academic research. Looking back at the history of mixed ownership reforms of state-owned enterprises there are still three problems in achieving the results. Firstly, the existence of bureaucratic behavior in state-owned enterprises and the stated-owned stock is always the main stock so as to controls the company which lead to the control of insiders Problems.All these problems make the reform of state-owned enterprises encountered a great difficulty in practice. Secondly, in the reform of state-owned economy in private enterprises, the effective management mechanism of mixed-ownership enterprises is difficult to establish; Thirdly. The effect of mixed ownership reforms of state-owned enterprises in different industries have different problems. Therefore, how to define the boundary of state-owned enterprises and non-state-owned enterprises, how to rationally allocation the control power between them, and how to form an appropriate balance of ownership to make the enterprise enhances its productivity is an important issue that needs to be studied in the current period. This article examines how equity restriction affect the production efficiency of mixed-ownership companies and how the nature of the industry difference affect the relationship between them.
This article combines the existing research results with the actual situation in China, focuses on different aspects of equity restriction under the background of mixed ownership reforms. There are three different type measurments of equity restrictuion have been taken. They are the traditional equity restriction, the mixed-ownership equity restriction and the depth of mixed subjects. Firstly, we theoretically discuss the effects of the above-mentioned three type of equity restrictions on the total factor productivity, and further use the micro-panel data of China＇s A-share listed companies from 2003 to 2016 to conduct empirical research. First, using the OP method and the LP method to calculate the total factor productivity; subsequently, studying the effects of equity restrictions(traditional equity restriction; the mixed-ownership equity restriction; the depth of mixed subjects) on total factor productivity, and further study the effect of the difference of the industry on the relationship between them. Finally, based on empirical results and theoretical analysis, corresponding policy recommendations are proposed.
The empirical results of this paper show that: (1) Overall, the traditional equity restriction has an inverse “U” relationship with the total factor productivity of enterprises; the increase in the degree of mixed-ownership equity restriction can increase total factor productivity; the depth of mixed subjects and total factor productivity has an Inverted ＂U＂ relationships; (2) In the monopoly industries, the traditional equity restriction and the degree of the depth of mixed subjects have a significant influence on the total factor productivity; (3) in the competitive industry, the conclusions are close to the overall conclusion; (4) In the public service industry, the mixed-ownership equity restriction has a significant impact. the depth of mixed subjects is a U-shaped relationship with total factor productivity when the nature of the equity is non-state-owned.
Translated Keyword
[Equity Restriction, Industry Nature, Mixed-body balance, Mixed subject depth, TFP]
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