{"title":"央企改革如何促进中国国防企业的全要素生产率？","authors":"Huaijia Zhu, Bo Chen, Huaiqi Zhu","doi":"10.1007/s10644-024-09643-8","DOIUrl":null,"url":null,"abstract":"<p>Since 2017, the reform of central state-owned enterprises (SOEs) in China has had a profound impact on the operations and development of military-industrial enterprises. To study the influence of SOE reform on the total factor productivity (TFP) of China's state-owned military-industrial listed enterprises, this study uses a difference-in-differences model to conduct empirical tests. Its sample consists of relevant data from 115 military-industrial listed enterprises from 2011 to 2021. The results show that SOE reform has effectively improved the TFP of state-owned military-industrial listed enterprises. Furthermore, through heterogeneity testing, it was found that government subsidies weakened the impact of SOE reform on the TFP of military-industrial enterprises. Stock incentives had a greater impact on TFP than mergers and acquisitions. In similar conditions, motivating employees was more conducive to improving operational efficiency. The mechanism by which SOE reform affects the TFP of military-industrial enterprises is reflected in decreased agency costs and improving governance efficiency. The empirical results confirm the positive role of SOE reform and have certain enlightening significance for how to implement a scientific and reasonable subsidy system as well as how to design more effective reform measures.</p>","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"43 1","pages":""},"PeriodicalIF":4.0000,"publicationDate":"2024-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"How does central enterprise reform promote total factor productivity of defense firms in China?\",\"authors\":\"Huaijia Zhu, Bo Chen, Huaiqi Zhu\",\"doi\":\"10.1007/s10644-024-09643-8\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Since 2017, the reform of central state-owned enterprises (SOEs) in China has had a profound impact on the operations and development of military-industrial enterprises. To study the influence of SOE reform on the total factor productivity (TFP) of China's state-owned military-industrial listed enterprises, this study uses a difference-in-differences model to conduct empirical tests. Its sample consists of relevant data from 115 military-industrial listed enterprises from 2011 to 2021. The results show that SOE reform has effectively improved the TFP of state-owned military-industrial listed enterprises. Furthermore, through heterogeneity testing, it was found that government subsidies weakened the impact of SOE reform on the TFP of military-industrial enterprises. Stock incentives had a greater impact on TFP than mergers and acquisitions. In similar conditions, motivating employees was more conducive to improving operational efficiency. The mechanism by which SOE reform affects the TFP of military-industrial enterprises is reflected in decreased agency costs and improving governance efficiency. The empirical results confirm the positive role of SOE reform and have certain enlightening significance for how to implement a scientific and reasonable subsidy system as well as how to design more effective reform measures.</p>\",\"PeriodicalId\":46127,\"journal\":{\"name\":\"Economic Change and Restructuring\",\"volume\":\"43 1\",\"pages\":\"\"},\"PeriodicalIF\":4.0000,\"publicationDate\":\"2024-03-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Change and Restructuring\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1007/s10644-024-09643-8\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Change and Restructuring","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s10644-024-09643-8","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
How does central enterprise reform promote total factor productivity of defense firms in China?
Since 2017, the reform of central state-owned enterprises (SOEs) in China has had a profound impact on the operations and development of military-industrial enterprises. To study the influence of SOE reform on the total factor productivity (TFP) of China's state-owned military-industrial listed enterprises, this study uses a difference-in-differences model to conduct empirical tests. Its sample consists of relevant data from 115 military-industrial listed enterprises from 2011 to 2021. The results show that SOE reform has effectively improved the TFP of state-owned military-industrial listed enterprises. Furthermore, through heterogeneity testing, it was found that government subsidies weakened the impact of SOE reform on the TFP of military-industrial enterprises. Stock incentives had a greater impact on TFP than mergers and acquisitions. In similar conditions, motivating employees was more conducive to improving operational efficiency. The mechanism by which SOE reform affects the TFP of military-industrial enterprises is reflected in decreased agency costs and improving governance efficiency. The empirical results confirm the positive role of SOE reform and have certain enlightening significance for how to implement a scientific and reasonable subsidy system as well as how to design more effective reform measures.
期刊介绍：
Economic Change and Restructuring has been accepted for SSCI and will get its first Impact Factor in 2020!Since the early 1990s fundamental changes in the world economy, under the auspices of increasing globalisation, have taken place
On one hand, the disappearance of the centrally planned economies and the progressive formation of market-oriented economies, have brought about countless systematic changes, where new economic structures, institutions, competences and skills involve complex processes, changes which are still underway and which necessitate adaptation and restructuring to form competitive market economies.
On the other hand, many developing economies are making great strides as regards economic reform and liberalisation, and are emerging as new global players. They show an innovative capacity to position themselves in the global economy and to compete with industrialised countries, which are generally believed to be witnessing the rapid erosion of their established positions. These developments are accompanied by the exacerbation of the world competition.
Both processes involve transition and the emerging economies, in searching for a new role and scope for public policies and for a new balance between public and private partnership, seem to currently be converging, especially with respect to the policies needed to create appropriate and effective market institutions and integrated reform policies, and to increase the standards of the population''s education levels.
Thus, liberalisation and development policies, in attempting to strike a difficult balance between social and environmental needs, must be integrated more coherently. This complexity calls for new analytical and empirical approaches that can explain these new phenomena, which often go beyond the over-simplified facts and conventional ''wisdom'' that emerged at the start of the transition in the early 1990s.
Economic Change and Restructuring (formerly ''Economics of Planning''), by keeping abreast of developments affecting both transitional and emerging economies, is aimed to attract original empirical and policy analysis contributions that are focused on various issues, including macroeconomic analysis, fiscal issues, finance and banking, industrial and trade development, and regional and local development issues.
The journal aspires to publish cutting edge research and to serve as a forum for economists and policymakers working in these fields.Officially cited as: Econ Change Restruct
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