The impact of mixed-ownership reform on exploitative innovation in state-owned enterprises

As a core initiative for deepening the reform of state-owned enterprises (SOEs), mixed-ownership reform 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, the impact of mixed-ownership reform on exploitative innovation in SOEs and its transmission mechanisms is systematically examined 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 shows that this effect is mainly realized through the optimization of firm-level corporate governance structures, the release of redundant resources, and the expansion of knowledge breadth. Third, heterogeneity tests reveal that the promoting effect of the reform on exploitative innovation is more pronounced in traditional industries, in regions with higher levels of marketization, and in enterprises with weaker political connections. From the perspectives of governance, resources, and knowledge, the internal mechanisms through which mixed-ownership reform influences exploitative innovation in SOEs are elucidated, providing empirical evidence and policy implications for further advancing mixed-ownership reform and stimulating enterprise innovation vitality.