Research on the Influence of Mixed Ownership Reform on Financial Flexibility of State-Owned Enterprises

Feng-xin ZHU, Yu-fang DING, Ya-ming ZHAO


This paper selects the data of A-share manufacturing enterprises in 2010-2019 as the sample, and the impact of mixed ownership reforms on the financial flexibility of the state-owned enterprises was studied by double differential methods. The results showed that there were differences in the effects of mixed ownership reform on different types of flexible reserves of enterprises. In the reform, the state-owned enterprises have significantly improved the flexibility in the debt, but the flexibility in cash is significantly reduced. Finally, the article puts forward relevant recommendations for state-owned enterprises based on the above conclusions.


Mixed Ownership Reform, Cash Flexibility, Liability Flexibility, Policy Effect


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