Ultimate Control Chain Length, Width and Degree of Mixed-Ownership Reform of Soes

The data of SOEs from 2008 to 2019 after the split-share structure reform are used to explore the effects of control chain length and width on SOEs' mixed-ownership reform. It is found that the degree of SOEs’ mixed ownership increases as the length of control chains lengthens, but there is an efficiency boundary 5, while the increase in the width of control chains does not have a significant effect on the mixed ownership of SOEs. Further analysis found that: with the extension of control chain, the investor protection index increases and the level of SOEs' mixed ownership reform improved