The Impact of Cross-Shareholding Reform in State-Owned Enterprises on Capital Efficiency: An Empirical Analysis Based on China’s Mixed-Ownership Reform Data

Sihao Sun ()
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Sihao Sun: Kunming University of Science and Technology, Faculty of Management and Economics

A chapter in Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), 2025, pp 197-204 from Springer

Abstract: Abstract State owned enterprises (SOEs) occupy a pivotal core position in China’s economic system, and their operational efficiency has a profound and critical impact on the overall economic performance. In recent years, in order to enhance the efficiency and competitiveness of state-owned enterprises, the government has vigorously promoted mixed ownership reform through cross shareholding. However, the specific impact of these reform measures on capital efficiency has not yet been comprehensively and thoroughly studied. Especially when considering the dynamic characteristics of capital allocation and the inevitable endogeneity issues in empirical analysis, there are obvious shortcomings in related research. This study innovatively adopts the dynamic generalized moment estimation (GMM) model and conducts empirical analysis using longitudinal data of Chinese A-share listed companies from 2015 to 2023. The research results show that a higher proportion of cross shareholding is significantly correlated with the improvement of capital efficiency, which fully indicates that cross shareholding may be an effective and feasible way to improve the capital utilization efficiency of state-owned enterprises.

Keywords: State-Owned Enterprises; Cross-Shareholding; Capital Efficiency; Mixed-Ownership Reform; System GMM (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-874-5_25

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DOI: 10.2991/978-94-6463-874-5_25

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