Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)

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The Impact of Cross-Shareholding Reform in State-Owned Enterprises on Capital Efficiency: An Empirical Analysis Based on China’s Mixed-Ownership Reform Data

Authors
Sihao Sun1, *
1Faculty of Management and Economics, Kunming University of Science and Technology, Kunming, China
*Corresponding author. Email: 202311017324@stu.kust.edu.cn
Corresponding Author
Sihao Sun
Available Online 3 November 2025.
DOI
10.2991/978-94-6463-874-5_25How to use a DOI?
Keywords
State-Owned Enterprises; Cross-Shareholding; Capital Efficiency; Mixed-Ownership Reform; System GMM
Abstract

State owned enterprises (SOEs) occupy a pivotal core position in China’s economic system, and their operational efficiency has a profound and critical impact on the overall economic performance. In recent years, in order to enhance the efficiency and competitiveness of state-owned enterprises, the government has vigorously promoted mixed ownership reform through cross shareholding. However, the specific impact of these reform measures on capital efficiency has not yet been comprehensively and thoroughly studied. Especially when considering the dynamic characteristics of capital allocation and the inevitable endogeneity issues in empirical analysis, there are obvious shortcomings in related research. This study innovatively adopts the dynamic generalized moment estimation (GMM) model and conducts empirical analysis using longitudinal data of Chinese A-share listed companies from 2015 to 2023. The research results show that a higher proportion of cross shareholding is significantly correlated with the improvement of capital efficiency, which fully indicates that cross shareholding may be an effective and feasible way to improve the capital utilization efficiency of state-owned enterprises.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
3 November 2025
ISBN
978-94-6463-874-5
ISSN
2352-5428
DOI
10.2991/978-94-6463-874-5_25How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Sihao Sun
PY  - 2025
DA  - 2025/11/03
TI  - The Impact of Cross-Shareholding Reform in State-Owned Enterprises on Capital Efficiency: An Empirical Analysis Based on China’s Mixed-Ownership Reform Data
BT  - Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)
PB  - Atlantis Press
SP  - 197
EP  - 204
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-874-5_25
DO  - 10.2991/978-94-6463-874-5_25
ID  - Sun2025
ER  -