In order to explore the necessity of mixed ownership reform of state-owned enterprises and clarify the direction of mixed ownership reform of state-owned enterprises in China, this paper uses dynamic panel data model and bootstrap-DEA method to study the impact of “depth” and “breadth” of equity reform of state-owned enterprises in China on the performance of state-owned enterprise. The results show that there is an inverted U-shaped relationship between performance and the level of equitable reform of state-owned enterprises. When the depth of equity reform is 36.6%, the performance of mixed reform enterprises is the best. There is a positive U-shaped relationship between the breadth of equity reform and the performance of state-owned enterprises. When the breadth of equity reform is 12.47%, the performance of mixed reform enterprises is the worst. At the same time, it is found that the average performance of the sample enterprises shows an obvious downward trend, while the performance variance of the sample enterprises shows an obvious upward trend, and this trend has not changed significantly after China launched a new round of state-owned enterprise reform in 2015. According to the above research findings, this paper believes that the intervention of government forces is conducive to promoting the survival of the fittest of state-owned enterprises and the overall optimal allocation of social resources, but we should pay attention to the adoption of market-oriented means and should not directly interfere with the mixed reform of state-owned enterprises. At the same time, the mixed reform of state-owned enterprises in China is either relatively thorough, giving up the dominance of the largest state-owned shareholder, giving other shareholders a greater say, or not to carry out mixed reform, or symbolic mixed reform, otherwise it may aggravate the internal friction of the mixed reform state-owned enterprises, resulting in worse performance.

为了探讨国有企业混合所有制改革的必要性，明确我国国有企业混合所有制改革的方向，本文采用动态面板数据模型和Bootstrap-DEA方法研究了“深度”的影响。我国国有企业股权改革的“广度”和“广度”对国有企业绩效的影响。研究结果表明，国有企业绩效与公平改革水平之间存在倒U型关系。当股权改革深度为36.6%时，混改企业绩效最好。股权改革的广度与国有企业绩效之间存在正U型关系。当股改广度为12.47%时，混改企业表现最差。同时发现，样本企业的平均业绩表现出明显的下降趋势，而样本企业的业绩方差则表现出明显的上升趋势，并且这种趋势在我国启动新一轮改革后并没有明显改变。 2015年国有企业改革。根据上述研究结果，本文认为，政府力量的介入有利于促进国有企业的优胜劣汰和社会资源的整体优化配置，但我们应该注意采用市场化手段，不直接干预国有企业混改。同时，我国国企混改要么比较彻底，放弃第一大国有股东的主导地位，赋予其他股东更大的话语权，要么不进行混改，要么象征性混改改革，否则可能会加剧混改国企的内耗，导致业绩恶化。