混合所有制改革与新质生产力——基于中国上市公司的微观证据

Mixed Ownership Reform and New Quality Productive Forces-Based on the Micro Evidence of Chinese Listed Companies

混合所有制改革是促进企业新质生产力发展进而实现企业高质量发展的重要举措。以2013—2020年中国沪深A股非ST类、非金融类上市公司为样本,考察了混合所有制改革对企业新质生产力的影响效应及作用机制。研究发现:①混合所有制改革显著促进了企业新质生产力发展,且经过稳健性检验及内生性检验后,该研究结论仍然成立;②影响机制检验结果表明,混合所有制改革主要通过增强企业融资能力与提升公司治理水平的双重机制促进企业新质生产力发展;③异质性分析结果表明,混合所有制改革对企业新质生产力的促进效应在高竞争程度行业、高数字化程度行业及高创新活跃度行业中更为明显。研究结论为驱动企业新质生产力发展和深化混合所有制改革提供了经验启示。

As an important measure to deepen China's economic system reform,mixed ownership reform emphasizes both optimizing the equity structure of enterprises and stimulating their internal innovation vitality and development potential,becoming a key measure to promote high-quality development of enterprises and drive the transformation and upgrading of the Chinese economic system.Developing new quality productive forces is the intrinsic requirement and an important focus of promoting the development of various forms of ownership economy in China,and has become a key factor in promoting sustainable enterprise development and industrial transformation and upgrading.It plays a significant role in improving the quality of production factors and empowering the innovation ecosystem.We can see that the development of new quality productive forces is highly compatible with the goals of mixed ownership reform,such as improving corporate governance,optimizing resource allocation,and enhancing technological innovation.However,the academic research on the relationship between mixed ownership reform and the development of new quality productive forces is still relatively weak.Therefore,it is important to explore the impact and mechanism of mixed ownership reform on the development of new quality productivity in enterprises,which has both practical significance and theoretical value.Based on the research gaps and research value mentioned above,and considering the significant impact of the Third Plenary Session of the 18th Central Committee of the Communist Party of China in 2013 on deepening the reform of mixed ownership,this article takes non-ST and non-financial listed companies in China's Shanghai and Shenzhen A-shares from 2013 to 2020 as samples to examine the specific impact and mechanism of mixed ownership reform on the enterprise's new quality productivity.This study found that:①the mixed ownership reform significantly promoted the development of new quality productivity in enterprises.Even after conducting robustness tests of adjusting the sample interval and replacement variables,and endogeneity tests of Heckman two-stage regression,propensity score matching,lagged explanatory variables by one period,and high-dimensional fixed effects models,the research conclusion still holds true.②The results of the impact mechanism test revealed that the mixed ownership reform mainly enhances enterprise new quality productivity by improving their financing capabilities and corporate governance level.③The heterogeneity analysis results showed that the promotion effect of mixed ownership reform on the enterprise's new quality productivity is more pronounced in industries with high competition,digitalization,and innovation activity.Compared to existing literature,this article aims to contribute in two respects:①at the theoretical level,on the one hand,this article examines the economic consequences of mixed ownership reform from the perspective of new quality productivity earlier and investigates the impact mechanism of mixed ownership reform on new quality productivity of enterprises from two dimensions:financing capacity and corporate governance,thus enriching the relevant literature on the economic consequences of mixed ownership reform;On the other hand,this article also explores the driving factors of the development of new quality productivity in enterprises from the perspective of mixed ownership reform earlier,thus enriching the relevant literature on factors influencing new quality productivity in enterprises.②At a practical level,this article provides experiential insights for comprehensively deepening the mixed ownership reform and driving the development of new quality productivity in enterprises.