An Empirical Research on Mixed- Ownership Reform and SOE Innovation： Evidence from China＇s Industrial Enterprises

摘要

Using the microscopic data of China's industrial enterprises, this paper measures innovation efficiency by the sales revenue of new products as a share in total sales revenue, and examines SOE mixed ownership reform's innovation efficiency effect using PSM method under a "quasi-natural experiment" theoretical framework. Results indicate that: Mixed-ownership reform can significantly increase corporate innovation efficiency. Reformed SOEs are more efficient at innovation than foreign-funded firms, private firms and firms invested by Hong Kong, Macao and Taiwan. This paper provides robust evidence for evaluating SOE innovation performance after mixed-ownership reform, and offers policy implications for promoting SOE mixed-ownership reform.