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Mixed Ownership Reform of State-Owned Enterprises and R&D Investment

Author

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  • Haohan Luo
  • Xiao Wu
  • Ying Wu
  • Fatih Ecer

Abstract

State-owned enterprise (SOE) reforms may play a vital role in R&D investment. This paper investigates the impact of mixed ownership reform of SOEs in China on R&D investment. Using a large sample of Chinese SOEs for the 2009–2018 period, we find that the reform has a positive effect on R&D investment. The result is robust to a battery of robustness tests and more prominent for firms with non-state-owned large shareholders holding more shares relative to state-owned large shareholders, and for firms with less stress from local officials pursuing political promotion. Furthermore, we find that to compensate for the adverse impact of R&D on the political promotion of the CEO, non-state-owned large shareholders allow the CEO to increase perk consumption. Our study suggests that the ongoing mixed ownership reform in China improves the SOEs’ efficiency.

Suggested Citation

  • Haohan Luo & Xiao Wu & Ying Wu & Fatih Ecer, 2022. "Mixed Ownership Reform of State-Owned Enterprises and R&D Investment," Mathematical Problems in Engineering, Hindawi, vol. 2022, pages 1-14, August.
    • Handle: RePEc:hin:jnlmpe:8660937
    DOI: 10.1155/2022/8660937
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