| As a profit-making economic organization, the enterprise performance is an important indicator to judge the operational status and achievements. In recent decades, on the issue of how to promote SOE performance, the theoretical circles have carried out a great deal of researches on the aspects of ownership structure and corporate governance, etc, and have reached a wide consensus that the ownership mechanism and corporate governance are both important and necessary to SOE reform. This thesis indicates that, simple analysis of impact of ownership structure on enterprise performance or the impact of corporate governance on it can not fully reveal the core of the problem. The ownership structure not only affects enterprise performance, but also determines the choice of corporate governance model to a large extent. Therefore, the ownership system and the enterprise capital organization form thus determined shall be a decisive factor. However, at the same time, each model of corporate governance will also tend to be optimized under their special endowed conditions and to achieve their adaptable efficiency. This kind of optimization will not only help improve enterprise performance, but also give an action on the ownership structure. In short, there exists a complex functional relation among the ownership structure, corporate governance and enterprise performance. The research on the enterprise ownership system will compulsorily need the study of corporate governance and operational performance, while the research on enterprise corporate governance and operational performance will also compulsorily need the study of the enterprise ownership system. Only if we have done an in-depth and systematic study on the relations of the ownership system, corporate governance and enterprise performance, and grasped the inherent links and the objective laws, can we make a more thorough explanation to the operational performance of SOEs that have multiple investors.
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