Abstract Based on the micro-enterprise data of the CSMAR database, this study researches the equity incentive drivers of mixed-ownership enterprises and the impact of mixed-ownership reform types. The results show that managerial power and psychological ownership of executives have opposite effects on the possibility of equity incentives in mixed ownership enterprises, and there is an alternative relationship between them, which will be weakened by the political promotion motivation of executives. Compared with the state-owned enterprises in the local and lower competitive industries, the management power factors of the enterprises in the central and highly competitive industries have greater influence. When there are foreign investors, the influence of psychological ownership factors will disappear by the reference point effect. For different types of mixed ownership enterprises, from non-public capital becoming one of the five major shareholders to obtaining actual control, the crowding-out effect of the psychological ownership factor on the agency cost factor gradually disappears, and the positive effect of the management power factor also starts to weaken.
LIANG Yongfu,CHEN Lin. Research on the Driving Factors of Equity Incentives in Mixed Ownership Enterprises from the Perspective of Classification Reform[J]. Chinese Journal of Management, 2023, 20(4): 483-.
