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<p>This study examines whether China’s mixed-ownership reform (MOR) improves corporate social responsibility (CSR) alongside productivity. Using listed firms from 2000–2021 and staggered MOR adoption, we estimate staggered difference-in-differences models with firm and year fixed effects. We construct a macro-efficiency index that embeds CSR obligations—employment, environmental effort, taxation, and public service—into performance evaluation, and compute productivity using OP, LP, and ACF-based TFP measures. MOR significantly increases productivity and macro-efficiency, with larger effects when the state retains effective control; reforms that substantially dilute state capital deliver no gains. Results are robust to alternative estimators and specifications.</p>

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The role of mixed ownership reform in boosting corporate social responsibility: insights from China’s Macro-efficiency gains

  • 期刊论文

  • 发表日期：

    2026年8月5日

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  • Jinchen Yan,
  • Jing Li,
  • Yifang Liu,
  • Yonghui Zhang

摘要

This study examines whether China’s mixed-ownership reform (MOR) improves corporate social responsibility (CSR) alongside productivity. Using listed firms from 2000–2021 and staggered MOR adoption, we estimate staggered difference-in-differences models with firm and year fixed effects. We construct a macro-efficiency index that embeds CSR obligations—employment, environmental effort, taxation, and public service—into performance evaluation, and compute productivity using OP, LP, and ACF-based TFP measures. MOR significantly increases productivity and macro-efficiency, with larger effects when the state retains effective control; reforms that substantially dilute state capital deliver no gains. Results are robust to alternative estimators and specifications.