随着我国城市发展模式从城市扩张向城市更新转变，评估城市更新项目的经济社会效应变得越来越重要。近年来，地方国有企业逐渐成为参与城市更新项目的主要力量，然而，参与城市更新对这些企业的经营效率影响如何尚未得到充分论证。有鉴于此，采用多维固定效应模型和倾向匹配得分法，通过匹配地块微观交易数据和上市公司数据，评估地方国有企业参与城市更新对其全要素生产率的影响，并探讨其中可能的机制，其结果表明：相对于非国有企业，国有企业更有可能参与城市更新，并且参与城市更新显著提高了国有企业的全要素生产率；相应的影响机制包括地方政府补偿效应和国有企业自身的企业社会责任。这些结论有助于有效推进城市更新、提高地方国有企业的经营效率以及推动国有企业的发展，并为相关政策的制定提供科学依据。

With the shift in China’s urban development model from urban development to urban renewal, it has been more and more important to evaluate the economic and social effects of an urban renewal project. In recent years, local state-owned enterprises have emerged as the main players in urban renewal projects. However, there is no consensus on the impact of such participation on enterprise efficiency. Employing a fixed-effect model and propensity matching scoring method and utilizing micro-transaction data of land plots and data of listed companies, this study is to assess the impact of local state-owned enterprises’ participation in urban renewal on their total factor productivity, as well as to explore the possible impact mechanism. The results show that, compared to non-state-owned enterprises, state-owned enterprises have a higher probability of participating in urban renewal, and such participation leads to a significant improvement in their total factor productivity. The corresponding influencing mechanisms include the compensation effect of local governments and the social responsibility of state-owned enterprises themselves. The findings of this study can serve as a policy basis for effectively promoting urban renewal and enhancing the production efficiency of local state-owned enterprises.