ABSTRACT
Mixed ownership reform has entered a deepening stage, and it is valuable to study whether the addition of heterogeneous property rights can effectively curb the inefficient investment behavior of state-owned enterprises. This paper selects the A-share listed state-owned enterprises (SOEs) from 2003 to 2020 as a sample to investigate whether mixed ownership can effectively suppress inefficient investment in SOEs. The empirical results show that the mixed ownership structure achieved by introducing foreign ownership and top management team shareholding in mixed ownership reform can effectively suppress inefficient investment in SOEs.
