Abstract:
Taking the state-owned enterprises (SOEs) listed on the Shenzhen Stock Exchange from 2019 to the first half of
2022 as a sample, this paper analyzes the achievements and problems in the process of SOE reform since the implementation
of Three-Year Action Plan for SOE Reform (2020-2022). It is found that by using various capital market instruments, such as
mergers & acquisitions and equity incentives, the asset quality and operating performance of the SOEs listed on the Shenzhen
Stock Exchange have been improved. With the support from “two types of companies” which are state-owned investing
enterprises and state-owned capital operation enterprises, and capital raised from the private sector, the SOEs optimize the
shareholding structure and deepen the mixed-ownership reform. By improving the market-oriented operational mechanism, the
SOEs promote the integration of industries and improve the modern enterprise system with Chinese characteristics. However,
in recent years, the frequency of violations by the SOEs listed on the Shenzhen Stock Exchange has been on the slight rise, and
there are cases that administrative measures intervened in business decision-making. Based on the above findings, this paper
suggests continuing to deepen the reform of the SOEs in terms of improving internal and external supervision, optimizing
governance structure, and strengthening the awareness of capital market application
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