{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,17]],"date-time":"2026-01-17T20:18:06Z","timestamp":1768681086460,"version":"3.49.0"},"reference-count":31,"publisher":"MDPI AG","issue":"6","license":[{"start":{"date-parts":[[2022,12,2]],"date-time":"2022-12-02T00:00:00Z","timestamp":1669939200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71702196"],"award-info":[{"award-number":["71702196"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["KP191001"],"award-info":[{"award-number":["KP191001"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["KP191002"],"award-info":[{"award-number":["KP191002"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["KP191003"],"award-info":[{"award-number":["KP191003"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Shenzhen Humanities and Social Sciences Key Research Base Grant","award":["71702196"],"award-info":[{"award-number":["71702196"]}]},{"name":"Shenzhen Humanities and Social Sciences Key Research Base Grant","award":["KP191001"],"award-info":[{"award-number":["KP191001"]}]},{"name":"Shenzhen Humanities and Social Sciences Key Research Base Grant","award":["KP191002"],"award-info":[{"award-number":["KP191002"]}]},{"name":"Shenzhen Humanities and Social Sciences Key Research Base Grant","award":["KP191003"],"award-info":[{"award-number":["KP191003"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>The mixed ownership reform aims to improve the property rights structure of the state\u2212owned enterprises (SOEs) and reduce agency costs, and the current mixed reform strategies mainly include equity blending by introducing external non\u2212state capital, executive assignments, and employee stock ownership. In this paper, 953 valid data of A\u2212shares listed in Shanghai and Shenzhen from 2008 to 2020 are used as samples to construct the indicators of mixed reform strategy by the literature statistics method. After obtaining multiple impact indicators, the regression impact model of corporate agency cost suppression strategy is constructed by MATLAB software using a machine learning algorithm. On this basis, the performance of multiple machine learning algorithms is compared, and it is found that the integrated optimization\u2212based bag\u2212boosting model is used to study the effect of hybrid reform strategy to reduce the agency costs of SOEs, and the proportional setting of indicators when the effect is optimal is also explored. Finally, the laws of different influencing factors on the agency costs of enterprises are explored separately by the eigenvalue method. The results of the study show that the proportion of shareholding of the first largest non\u2212state shareholder is sin\u2212functional with the agency costs of SOEs when non\u2212state majority shareholders are introduced into SOEs\u2019 equity mix, and the agency costs tend to decrease after SOEs become privately held enterprises. The greater the number and proportion of supervisors appointed by non\u2212state shareholders, the greater the supervisory restraint effect on SOE managers and the better the effect of suppressing agency costs. The participation of non\u2212state\u2212owned shareholders in the company\u2019s business decisions by appointed executives and the special resource advantages of SOEs intensify the occurrence of the self\u2212interest of appointed executives and the increase of agency costs of SOEs. The implementation of an employee stock ownership plan plays the role of employee supervision and restraint on SOE managers, which reduces the agency costs of SOEs. Based on this, it can provide support for the government to improve the hybrid reform policy and promote the process layer by layer, and also provide theoretical reference for SOEs to deepen the equity mix, incentivize employee shareholding, and empower non\u2212state shareholders to govern and thus reduce agency costs.<\/jats:p>","DOI":"10.3390\/systems10060242","type":"journal-article","created":{"date-parts":[[2022,12,5]],"date-time":"2022-12-05T03:38:38Z","timestamp":1670211518000},"page":"242","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Research on the Effectiveness of Deep Learning\u2212Based Agency Cost Suppression Strategy: A Case Study of State\u2212Owned Enterprises in Mainland China"],"prefix":"10.3390","volume":"10","author":[{"given":"Dongxue","family":"Zhai","sequence":"first","affiliation":[{"name":"School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4696-6228","authenticated-orcid":false,"given":"Xuefeng","family":"Zhao","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yanfei","family":"Bai","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Delin","family":"Wu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Harbin Institute of Technology (Shenzhen), Shenzhen 518000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2022,12,2]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Tu, J. 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