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Impact of mixed ownership reforms on firm innovation–empirical evidence from China

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  • Kai Wan
  • Xiaolin Yu

Abstract

Based on data from Chinese A-share listed companies from 2008–2018, an investigation is carried out upon the impact of mixed ownership reforms and relative control transfers on corporate innovation before and after the occurrence of mixed ownership reforms, and relative control transfers in state-owned and private enterprises, as well as their mechanisms of action. A double-difference propensity score matching method is adopted. It has been found that mixed ownership reforms are more likely to promote innovation in SOEs, particularly in monopolistic industries. A further sub-sample test reveals that in state-owned enterprises in monopolistic industries, the acquisition of relative control by private shares can amplify the innovation effect of mixed ownership reforms. In private companies in competitive industries, state-owned shares can only fuel innovation if they gain relative control. Reducing agency costs and easing financing constraints are important channels for mixed ownership reform to promote corporate innovation.

Suggested Citation

  • Kai Wan & Xiaolin Yu, 2022. "Impact of mixed ownership reforms on firm innovation–empirical evidence from China," Journal of Applied Economics, Taylor & Francis Journals, vol. 25(1), pages 1339-1354, December.
    • Handle: RePEc:taf:recsxx:v:25:y:2022:i:1:p:1339-1354
    DOI: 10.1080/15140326.2022.2153545
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    Cited by:

    1. Wang, Kaike & Zhang, Xin & Wang, Shuhong, 2024. "Blockchain technology concerns and corporate financial risk prevention—A quasi-natural experiment for Chinese listed A-share companies," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1496-1512.
    2. Zhao, Yueyang & Mao, Jinzhou, 2023. "Mixed blessing: Mixed ownership reform and innovation behaviour of Chinese state-owned enterprises," Finance Research Letters, Elsevier, vol. 56(C).
    3. Wang, Di & Shao, Xuefeng, 2024. "Research on the impact of digital transformation on the production efficiency of manufacturing enterprises: Institution-based analysis of the threshold effect," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 883-897.

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