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"New Quality Productive Forces and High-level Science & Technology Self-reliance" Column

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

Li Jinglin, Yang Yuchuan 

(School of Accountancy, Hubei University of Economics, Wuhan 430205, China)

Abstract: As an important measure to deepen China's economic system reform, mixed owner⁃ ship reform emphasizes both optimizing the equity structure of enterprises and stimulating their  internal innovation vitality and development potential, becoming a key measure to promote highquality 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 qual⁃ ity productive forces is highly compatible with the goals of mixed ownership reform, such as im⁃ proving corporate governance, optimizing resource allocation, and enhancing technological inno⁃ vation. 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 impor⁃ tant 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 sig⁃ nificant 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 en⁃ dogeneity 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 pro⁃ nounced in industries with high competition, digitalization, and innovation activity. Compared to existing literature, this article aims to contribute in two respects: ①at the theo⁃ retical level, on the one hand, this article examines the economic consequences of mixed owner⁃ ship 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 dimen⁃ sions: 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 perspec⁃ tive of mixed ownership reform earlier, thus enriching the relevant literature on factors influenc⁃ ing new quality productivity in enterprises. ②At a practical level, this article provides experien⁃ tial insights for comprehensively deepening the mixed ownership reform and driving the develop⁃ ment of new quality productivity in enterprises. 

Key words: new quality productive forces; mixed ownership reform; financing capacity; corpo⁃ rate governance