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Does the mixed ownership reform work? Influence of board chair on performance of state-owned enterprises

机译：混合所有权改革是否有效？董事会主席对国有企业绩效的影响

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摘要

By introducing diversity of ownership interests via "mixed-ownership reform", China seeks to alleviate internal governance problems in state-owned enterprises (SOEs), enhancing their efficiency and competitiveness. Private strategic partners invest for a large minority stake, with government typically retaining a majority share and influence. Resulting questions related to strategic leadership and corporate governance, addressed in this paper from the perspective of principal-agent theory, include: To what extent do the board chairs of SOEs affect their financial performance? How is this relationship impacted by the institutional changes induced by mixed-ownership reform? Do these effects vary between SOEs operating in competitive and monopolistic industries? Analyzing data on Shanghai- and Shenzhen-listed SOEs from 2008 to 2017 using the multilevel linear model (MLM) method, we determine that board chairs have a noticeable effect on financial performance, varying by type of SOE, and that mixed-ownership reform reduces their impact.
机译：通过“混合所有制改革”推出所有权利益的多样性，中国旨在减轻国有企业（国有企业）的内部治理问题，提高其效率和竞争力。私人战略合作伙伴投资少数股权，政府通常保留大多数份额和影响力。从本文的角度来看，从委托 - 代理理论的角度提出了与战略领导和公司治理有关的问题，包括：国务院董事会椅子在多大程度上影响其财务表现？这种关系如何受到混合所有权改革引起的机构变化的影响？这些效果是否在竞争性和垄断行业运营的国有企业之间变化？从2008年到2017年分析了上海和深圳上市国有企业的数据，采用多级线性模型（MLM）方法，确定董事会椅对金融业绩有明显的影响，通过SOE的类型不同，而且混合所有权改革减少了他们的影响。

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