Fig 1.
Mechanism of mixed ownership on investment efficiency.
Table 1.
Variable definitions.
Table 2.
Descriptive statistics of main variables.
Fig 2.
Changing trend of investment efficiency.
Fig 3.
Changing trend of mixed ownership.
Table 3.
Mixed ownership and investment inefficiency.
Table 4.
Test results of the mediating effect of two types of agency costs.
Table 5.
Replacement of explanatory variables indicators.
Table 6.
Excluding the sample of moderate investments.
Table 7.
Heterogeneity analysis.