Nonstate capital participation and innovation in state-owned enterprises: Scale, structure and quality

Shuang Zhang, Wenzhi Wang and Liying Zhou

Finance Research Letters, 2024, vol. 61, issue C

Abstract: This paper measures enterprises’ innovation from three perspectives—the scale, structure and quality of innovation output—and investigates the innovation effect of mixed ownership reform (MOR). We find that MOR enhances the scale of innovation output, optimizes the innovation structure, and improves the innovation quality of state-owned enterprises (SOEs). It follows that the introduction of multiple ownership supervision and governance mechanisms by SOEs is conducive to promoting enterprise innovation. MOR can alleviate the principal–agent problem in SOEs, improve internal control quality, inhibit SOE financialization, and thus indirectly facilitate innovation.

Keywords: Mixed ownership reform; Innovation; Financialization; Internal control quality (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:61:y:2024:i:c:s1544612324000692

DOI: 10.1016/j.frl.2024.105039

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