Research on the Impact of Mixed Reform of State-Owned Enterprises on Enterprise Performance—Based on PSM-DID Method

Abstract

Based on the data of China Industrial Enterprise Database, this paper uses the propensity score matching double difference method (PSM-DID) to study the impact of mixed ownership reform of state-owned enterprises on enterprise performance. The study found that mixed ownership reform of state-owned enterprises can enhance the performance of enterprises. Further considering marketization, industry competition and regional characteristics, it is found that the effect of reform is heterogeneous. When the degree of marketization is high, the effect of reform on improving productivity is good, and when the degree of marketization is low, the effect of reform on reducing debt is good; the reform effect of industries with low degree of competition is better than that of industries with high degree of competition. The reform of state-owned enterprises in the eastern region has the best effect, and the reform in the central region has a better effect on reducing debt. The effect of mixed ownership reform in the western region is not significant.