国有企业在我国经济发展中占据重要地位，占有社会大量的经济资源，代表着我国经济竞争力，但从我国国有企业发展的历史和现状来看，我国国有企业的整体效益和其所占社会资源不成比例，整体经营绩效和资源配置效率较为低下。一直以来国企改革的进程曲折而艰辛，十八大以来混合所有制改革成为新一轮国企改革的核心和突破口，国有企业通过引入民营股东参与公司治理，提升了公司成长能力，提高了资本配置效率，从而改善了公司经营绩效。随着我国混合所有制改革政策不断出台，各地混合所有制改革的方案思路也愈加清晰，激发了民营资本积极参与到新一轮国企改革中来。未来混合所有制改革将更加注重公司治理现代化，更加强调国有企业满足国家竞争力和国家治理的需求，改革方案则更加注重公司特质。本文通过倾向打分匹配双重差分模型研究了混合所有制改革政策的实施对国有企业的经营绩效的影响，研究发现混合所有制改革显著提高了国有企业的资产报酬率、市净率等公司绩效指标。同时本文对混合所有制改革提升公司绩效进行了影响机制检验，研究发现混合所有制改革政策显著提高了企业的营业收入增长率和投入资本回报率。因为民营企业通常具有较高的灵活性和销售渠道优势，民营资本的入股释放了国有企业的活力，双方通过结成紧密的战略合作伙伴，推动了更多领域的业务合作，拓宽了国有企业的销售渠道，提升了公司的成长能力。同时，国有企业通过引入民营资本，增加了企业内部约束，推动公司建立激励和约束机制，健全了内部控制体系，缓解了代理问题，完善了公司治理结构，提高了决策效率和科学性，提升了公司资本配置效率。根据实证检验结果，本文提出了部分政策建议：第一，建立健全市场经济体制，打造公平的市场竞争机制；第二，引入民营资本，构建多元化投资主体；第三，深化体制机制改革，完善公司治理结构；第四，创新企业工作机制，建立现代企业制度。
State-owned enterprises occupy an important position in China's economic development and occupy a large amount of social economic resources, which represents China's economic competitiveness. However, from the perspective of the history and current situation of China's state-owned enterprises, the overall benefits of China's state-owned enterprises are not in proportion to the social resources they occupy. The overall operating performance and resource allocation efficiency are relatively low.The reform of state-owned enterprises has been tortuous and difficult. Since the 18th CPC National Congress, the reform of mixed ownership has become the core and breakthrough of a new round of state-owned enterprise reform. The introduction of private shareholders to participate in corporate governance has improved the company's growth capacity and capital allocation efficiency, thereby improving the company's operating performance. With the continuous introduction of the mixed ownership reform policy in our country, the mixed-ownership reform plan in various regions has become clearer, which has inspired private capital to actively participate in the new round of state-owned enterprise reform. In the future, the mixed ownership reform will pay more attention to the modernization of corporate governance, and more emphasis on state-owned enterprises to meet the needs of national competitiveness and national governance, and the reform plan will pay more attention to company characteristics.This paper studies the impact of mixed ownership reform policies on the operating performance of state-owned enterprises through the dual difference model of propensity scoring and matching. The study finds that mixed ownership reform significantly improves corporate performance indicators such as asset returns and market-to-book ratios of state-owned enterprises. At the same time, this paper examines the impact mechanism of mixed ownership reform to improve company performance. The study found that the mixed ownership reform policy significantly improved the company's operating income growth rate and return on invested capital. Private enterprises have high flexibility and sales channel advantages. The private equity investment has released the vitality of state-owned enterprises. The two sides have formed close strategic partnerships, promoted business cooperation in more fields, and expanded the sales channels of state-owned enterprises to improve the company's growth ability. Through the introduction of private capital, state-owned enterprises have increased their internal constraints, promoted the establishment of incentive and restraint mechanisms for the company, improved the internal control system, eased agency problems, improved the corporate governance structure, and improved the efficiency and scientificity of decision-making to improve the company's capital allocation efficiency.According to the empirical test results, this article puts forward some policy recommendations: First, establish and improve the market economy system and create a fair market competition mechanism; Second, introduce private capital and build a diversified investment body; Third, deepen the reform of the system and mechanism and improve Corporate governance structure; Fourth, innovate the working mechanism of enterprises and establish a modern enterprise system.
