Mixed-Ownership Reform and Firm Productivity: New Evidence from Machine Learning

Zebiao Li, Weihao Wang, Xiaohui Xu and Jun Yang

SAGE Open, 2025, vol. 15, issue 3, 21582440251374436

Abstract: This study examines the impact of mixed-ownership reform on total factor productivity (TFP) of Chinese state-owned enterprises (SOEs), based on panel data of 1,211 firms from 1998 to 2007. The analysis identifies two primary reform pathways: reducing the share of state-owned capital and removing the SOE identity. Results reveal that eliminating SOE identity significantly improves TFP, while merely reducing the state-owned capital share exerts a negative effect. The positive impact of identity removal is linked to reductions in agency costs and policy burdens, whereas the adverse effect of ownership dilution may stem from alternative mechanisms unrelated to governance improvement.

Keywords: mixed-ownership reform; random forest method; SOEs; TFP (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:15:y:2025:i:3:p:21582440251374436

DOI: 10.1177/21582440251374436

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