The influence of state-owned capital on strategic aggressiveness: Evidence from China

In dynamic markets, strategic aggressiveness affects firm survival. Reverse mixed-ownership reform helps private firms adjust governance and build advantages. Based on this premise, this study utilises a sample of Chinese A-share non-financial private listed firms from 2007 to 2024 to empirically examine the relationship between reverse mixed-ownership reform and strategic aggressiveness in private enterprises. The results indicate that state-owned capital equity participation significantly reduces the strategic aggressiveness of private firms. Channel tests reveal that the governance effect lowers corporate risk-taking, curbs managerial overconfidence, and decreases the frequency of strategic committee meetings; the resource effect alleviates corporate financing constraints and reduces inefficient investment. Further analysis shows that this impact is moderated by the heterogeneity of state-owned capital, the level of regional private economic development, and industry competition intensity. This study offers new insights for optimising strategic decisions and fresh evidence on how reverse mixed-ownership reform promotes private sector development.