Abstract: In the process of mixed ownership reform, how to effectively improve the efficiency of state-owned enterprises in order to strengthen, optimize and enlarge state-owned capital is the key link of mixed ownership reform of state-owned enterprises in the new era. Based on the unbalanced panel data of state-owned listed companies from 2008 to 2018, an empirical test was conducted on mixed ownership reform on enterprise total factor productivity in absolute holding and relative holding enterprises respectively, to investigate the impact of state-owned holding degree on the efficiency of mixed ownership reform. The results show that, on the whole, the reform of mixed ownership improves the efficiency of enterprises to a certain extent, and the governance mode of relative holding is more conducive to the improvement of the efficiency of mixed ownership reform than absolute holding. The grouping test based on the degree of competition in the industry shows that in the monopoly industry, the governance mode of absolute holding is better than that of relative holding. Further analysis shows that, compared with the areas with lower degree of marketization, the reform of mixed ownership in areas with higher degree of marketization has a greater impact on the efficiency of enterprises. The research results not only reveal the role of mixed ownership reform in promoting the efficiency of state-owned enterprises, but also specifically locate the effective holding position of state-owned enterprises and the micro areas in which the mixed ownership reform is further promoted.