Research on the Influence of Mixed-Ownership Reform on Exploratory Innovation of SOEs: The Mediation Effect of Agency Conflict and Financing Constraint

State-owned enterprises (SOEs) are the leading force in national economy. The main goal of mixed-ownership reform is to enhance SOEs’ independent innovation capability, thereby bringing high-quality development Based on baseline regression and mediation effect model, this study explores impact exploratory SOEs from ownership structure adjustment control rights allocation. results show that diversity mixed shareholders, depth equity, equity significantly increase investment. And shareholding ratio heterogeneous shareholders has a differentiated influence innovation. test indicates promotion dimension achieved by reducing second-type agency conflict easing financing constraints. In contrast, allocation lowering first-type conflict. findings demonstrate have positive investment, different dimensions disparate function routes This provides guidance for how drive through reform. should guarantee non-state-owned capital hold shares appoint directors, improve internal governance mechanisms, so as accelerate activities.