Can reverse mixed-ownership reform promote the development of new quality productivity in China’s private enterprises?

Reverse mixed-ownership reform (RMOR) serves as a significant catalyst for promoting the development of new quality productivity (NQP) in private enterprises. Using a sample of Chinese listed companies from 2015 to 2024, this article investigates whether and how RMOR affects the NQP of private enterprises. The findings indicate that RMOR significantly enhances the NQP levels of these enterprises. Following a series of endogenous and robustness tests, the empirical results remain consistent. Mechanism investigation reveals that RMOR improves resource acquisition capabilities and strengthens governance oversight effects, thus promoting the NQP in China’s private enterprises. Moreover, the positive effect of RMOR on NQP is particularly pronounced in high-tech industries and among firms with low information disclosure quality. These research findings provide empirical support for deepening RMOR and stimulating the development of NQP in private enterprises.