The Impact of Two-Way Mixing Path Choice on Corporate Innovation-A Quasi-Natural Experiment From China

This study utilizes data from Chinese publicly listed companies between 2008 and 2020 and applies the PSM-DID model to examine the impact of dual mixed-ownership reform and the shift in relative control rights on corporate innovation, as well as the underlying mechanisms. The results indicate that mixed-ownership reform significantly promotes corporate innovation, particularly enhancing innovation levels in state-owned enterprises. This positive impact of mixed-ownership reform on innovation is more pronounced in large state-owned enterprises. Moreover, when private shareholders acquire relative control, the innovation effect of mixed-ownership reform is amplified. The transfer of relative control rights in smaller private enterprises has an even greater positive effect on innovation. Further analysis reveals that market mechanisms can strengthen the innovation effect of mixed-ownership reform in private enterprises and that such reforms also significantly improve corporate economic performance. Our findings are of great significance for the breakthrough of mixed ownership reform from “quantitative change” to “qualitative change” as well as for promoting reform through classification and stratification.