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The Impact of Property Rights Structure on High-Quality Development of Enterprises Based on Integrated Machine Learning—A Case Study of State-Owned Enterprises in China

Author

Listed:
  • Yanfei Bai

    (School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China)

  • Dongxue Zhai

    (School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China)

  • Xuefeng Zhao

    (School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China)

  • Delin Wu

    (School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China)

Abstract

High-quality development of state-owned enterprises (SOEs) is of great significance to the transformation of the dynamic energy of the Chinese economy in the new development stage and the improvement of quality and efficiency. To this end, we selected 32 evaluation indicators based on three perspectives: social responsibility, effectiveness and efficiency, and independent innovation. Then, we applied the fixed-base efficacy coefficient method and the longitudinal and horizontal pull-out gearing method to obtain the indexes for measuring the level of high-quality development of SOEs by linear weighting. On this basis, a model constructed by an integrated machine learning algorithm was used to explore the impact of changes in the ownership structure of SOEs on the level of high-quality development of enterprises. The study shows that (1) the overall development quality of SOEs has been on an upward trend since 2008, among which the quality of competitive SOEs has been on an upward trend, while the performance of public welfare SOEs is slightly less; (2) the property rights reform of SOEs introduces the shareholding ratio of the largest non-state shareholder and the level of high-quality development as a sine function, keeping the nature of state property rights unchanged, while maintaining the ratio in the range of 25.2–50%; (3) the relationship between the ratio of the share capital of the employee stock ownership plan to the total share capital and the level of high-quality development of SOEs is increasing, then decreasing, and then stabilizing, the ratio is maintained at about 5%, and the marginal effect of the employees’ motivation on the improvement of the quality of enterprise development is stronger; (4) the implementation of an employee stock ownership plan by SOEs more than twice a year can play a positive role in improving the quality of enterprise development. This can provide theoretical guidance for measuring the level of high-quality development of SOEs, reforming the ownership structure of SOEs, and promoting the process of high-quality macroeconomic development.

Suggested Citation

  • Yanfei Bai & Dongxue Zhai & Xuefeng Zhao & Delin Wu, 2023. "The Impact of Property Rights Structure on High-Quality Development of Enterprises Based on Integrated Machine Learning—A Case Study of State-Owned Enterprises in China," Sustainability, MDPI, vol. 15(4), pages 1-23, February.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:4:p:3016-:d:1060677
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    References listed on IDEAS

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    1. Megginson, William L. & Ullah, Barkat & Wei, Zuobao, 2014. "State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 276-291.
    2. Montfort Mlachila & René Tapsoba & Sampawende J. A. Tapsoba, 2017. "A Quality of Growth Index for Developing Countries: A Proposal," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 134(2), pages 675-710, November.
    3. Minor, Peter & Walmsley, Terrie & Strutt, Anna, 2018. "State-owned enterprise reform in Vietnam: A dynamic CGE analysis," Journal of Asian Economics, Elsevier, vol. 55(C), pages 42-57.
    4. Yu Gong & Seung Uk Choi, 2021. "State Ownership and Accounting Quality: Evidence from State-Owned Enterprises in China," Sustainability, MDPI, vol. 13(15), pages 1-17, August.
    5. Chengete Chakamera & Paul Alagidede, 2018. "The nexus between infrastructure (quantity and quality) and economic growth in Sub Saharan Africa," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(5), pages 641-672, September.
    6. Yusheng Kong & Takuriramunashe Famba & Grace Chituku-Dzimiro & Huaping Sun & Ophias Kurauone, 2020. "Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms," IJFS, MDPI, vol. 8(2), pages 1-26, April.
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