Mixed-ownership reform, as a core initiative for deepening the reform of state-owned enterprises (SOEs), is recognized as a key institutional arrangement for activating innovation resources and improving innovation efficiency. Using panel data on Chinese state-owned listed enterprises on the Shanghai and Shenzhen A-share markets from 2005 to 2023, this study systematically examines the impact of mixed-ownership reform on exploitative innovation in SOEs and its transmission mechanisms through a two-way fixed-effects model and mechanism tests. The results indicate that: First, mixed-ownership reform significantly enhances the level of exploitative innovation in SOEs. Second, mechanism analysis reveals that this effect is primarily realized through three pathways: the optimization of corporate governance structures, the release of redundant resources, and the expansion of knowledge breadth. Third, heterogeneity tests show that the promoting effect of the reform on exploitative innovation is more pronounced in traditional industries, regions with higher levels of marketization, and enterprises with stronger political connections. By elucidating the internal mechanisms from the perspectives of governance, resources, and knowledge, this study provides empirical evidence and policy implications for further advancing mixed-ownership reform and stimulating enterprise innovation vitality.
Yang et al. (Wed,) studied this question.