Abstract his article uses the panel threshold model to analyze the leading effect of the state-owned fund via analyzing the proportion on the state-owned funds and the private-owned funds to the change of performance elasticity coefficient. By segmenting different industries and setting up dummy variables, it is reasonable to find out the leading effects (squeezed in or squeezed out) of state-owned funds in different industries, and to analyze the causes and mechanism. The empirical results show that if the proportion of the state-owned funding meets the threshold, there is a positive relationship between the state-owned funds and the management level of private-owned funds in Zhejiang. The effect performs more significantly in the industry of metals and fine chemical and pharmaceutical manufacturing industry, and these industries are not obvious monopoly. Conclusion: The demonstration role of SOE in key industries should be strengthened ; advancing cumulative effects combined with mixed ownership will make the “squeeze into effect” with the qualitative changes of Chinese private enterprises and the promotion of industrial upgrading.
2015, Vol. 12 
