Mixed Ownership Reform of State-Owned Enterprises and R&D Investment
State-owned enterprise (SOE) reforms may play a vital role in R&D investment. This paper investigates the impact of mixed ownership reform of SOEs in China on R&D investment. Using a large sample of Chinese SOEs for the 2009–2018 period, we find that the reform has a positive effect on R&...
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| Veröffentlicht in: | Mathematical problems in engineering 2022-08, Vol.2022, p.1-14 |
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| creator | Luo, Haohan Wu, Xiao Wu, Ying |
| description | State-owned enterprise (SOE) reforms may play a vital role in R&D investment. This paper investigates the impact of mixed ownership reform of SOEs in China on R&D investment. Using a large sample of Chinese SOEs for the 2009–2018 period, we find that the reform has a positive effect on R&D investment. The result is robust to a battery of robustness tests and more prominent for firms with non-state-owned large shareholders holding more shares relative to state-owned large shareholders, and for firms with less stress from local officials pursuing political promotion. Furthermore, we find that to compensate for the adverse impact of R&D on the political promotion of the CEO, non-state-owned large shareholders allow the CEO to increase perk consumption. Our study suggests that the ongoing mixed ownership reform in China improves the SOEs’ efficiency. |
| doi_str_mv | 10.1155/2022/8660937 |
| format | Article |
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| ispartof | Mathematical problems in engineering, 2022-08, Vol.2022, p.1-14 |
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| subjects | Boards of directors Consumption Corporate governance Economic reform Innovations Local government Ownership Politics Public officials R&D Research & development Stockholders Supervision Wages & salaries |
| title | Mixed Ownership Reform of State-Owned Enterprises and R&D Investment |
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