|关键词: 国有企业 混合所有制改革 非国有股东治理 数字化
|Can Mixed Ownership Reform Improve the Digital Level of State-Owned Enterprises
HUANG Xiao-shan1, MA Xin-xiao2,3
1.Accounting School， Nanfang College， Guangzhou 510970， China;2.Management College， Ocean University of China， Qingdao 266100， China;3.China Business Working Capital Management Research Center， Ocean University of China， Qingdao 266100， China
|Digital transformation is crucial for stimulating new development momentum of micro-economic entities and boosting high-quality macroeconomic development. To effectively improve the digital level of state-owned enterprises constitutes the crucial link of the reform practice of state-owned enterprises in the new era. By manually collecting and sorting the shareholder relationship and appointed director data of state-owned listed companies from 2008 to 2020， it used non-state shareholders’ governance to measure the degree of mixed-ownership reform of state-owned enterprises， and adopted two-way fixed effects model to empirically explore the influence and mechanism of non-state shareholders’ governance on the digital level of state-owned enterprises. The result shows that non-state shareholders’ sending directors to participate in state-owned enterprises effectively alleviate government intervention， improve operational efficiency and reduce information asymmetry， thereby promoting the digital level of state-owned enterprises. Further research finds that the aforementioned effects are more pronounced after the State Council first proposed the development of “Digital Economy” in 2017. And the effect is more significant in state-owned enterprises with commercial competition or with better financial technology environments. Finally， after the non-state shareholders’ governance has a driving effect on the digital level of state-owned enterprises， it significantly improves the productive efficiency and market value of state-owned enterprises. The conclusions indicate that mixed ownership reform has significantly promoted the process of digital transformation of state-owned enterprises， which not only greatly expands the academic research on enterprise digital level and mixed-ownership reform of state-owned enterprises， but also provides policy reference for government departments to draw up the digital transformation of traditional industries and digital technology to serve the development of real economy.
|Key words: state-owned enterprise mixed ownership reform non-state shareholders’ governance digitization