State ownership, Corporate governance, and Corporate performance：Lessons from China’s mixed-owned enterprises

Abstract: In the past 30 years, the Chinese government has promoted ownership reform and corporate governance reform to improve the performance of SOEs. Simultaneously, China has come to the era of MOEs. There has been growing empirical studies that consider the effects of corporate governance and state ownership on MOEs’ performance. This study utilized a panel vector autoregression approach to analyze the dynamic relationship between the three variables. Based on a panel data of China’s listed A-share firms from 2004 to 2016, we found the corporate governance cannot help to improve MOEs’ performance. Besides that, the effect of state ownership on MOEs’ performance is not observed.