Research On Impact Of Corporate Governance Ability Of Mixed Ownership Enterprises On Capital Management

Actively developing the mixed ownership economy,deepening the reform of state-owned enterprises,promoting strategic adjustment of state-owned as economy important task,is the effective way to promote the merging development of the state-owned enterprises and non-state-owned enterprises.State-owned capital,private capital cross-shareholding,mutual confluence of the mixed ownership economy,will be mainstream form of our country economy in the future.The reform of state-owned assets changes from “assets management” to “capital management”,in which corporate governance ability plays a crucial role.As the guarantee of developing the mixed ownership enterprises corporate governance ability,how corporate governance capability the mixed ownership enterprise is,how it can improve the efficiency of capital investment,capital gains,and how it can optimize the capital structure,etc.,is the problems that the mixed ownership enterprises must face and solve practically.Depending on Project supported by the National Social Science Foundation of China and Significant Reform Project supported by National Development and Reform Commission of China,the dissertation comprehensively adopting weighted variation coefficient method,panel data model and multiple regression model to explore the impact of corporate governance capability of mixed ownership enterprises on capital management,based on related study of mixed ownership enterprises,corporate governance and capital management.Then,it puts forward management enlightenment for enhancing corporate governance capability,improving capital investment efficiency and capital gains,together with optimizing capital structure.The dissertation carries out research from the idea “theoretical framework-capability calculation-efficiency impact-gain impact-mediation effect”,and the contents include following parts:Firstly,in this dissertation,the mixed ownership enterprises,corporate governance,related concepts of capital management and relevant theoretical knowledge are summarized.It defines the concept of mixed ownership enterprises,analyzes the characteristics of mixed ownership enterprises,cleared up the definition of corporate governance of mixed ownership enterprises,defines concept of corporate governance mixed ownership enterprises,and analyzes the characteristics of mixed ownership enterprises corporate governance ability,clarifies the connotation and denotation of capital and defines the concept of capital management.Based on capital management target,it builds the framework of mixed ownership enterprises on the impact of corporate governance ability on capital management thinking.Secondly,based on the stakeholder theory and enterprise competence theory,from the “comprehensive quality” perspective of the body of internal and external governance,it analyzes the corporate governance ability factors comprehensively,including internal governance and external governance ability.Internal governance capacity contains the shareholders' governance,the board of directors governance,governance of the board of supervisors,managers and staff management ability.External governance contains government relations management ability,the relationship between the bank management,supplier relationship management,customer relationship management ability and public relations management ability.It builds system which measures corporate governance capacity of mixed ownership enterprises with 50 indicators.It selects a sample of 92 stocks for state-owned enterprises reform,establishing the model-weighted variation coefficient method.Measurement results show that the internal governance capacity can cast more influence than external governance on corporate governance capability of mixed ownership enterprises.The overall results of Enterprise comprehensive index of are good.Different industries,different regions and different public sector of mixed ownership enterprises show significant difference.Thirdly,from three aspects: mixed ownership enterprise comprehensive index,internal governance and external governance capacity index,the dissertation makes an empirical analysis of the influence of the corporate governance of mixed ownership enterprises ability on capital investment efficiency,and probes into the influence of shareholders governance,the board of directors governance,governance of the board of supervisors and managers governance of mixed ownership enterprise the on capital investment efficiency.Richardson model is used to calculate the inefficiency investment of the mixed ownership enterprise,to reflect its capital investment efficiency.It shows that the internal governance ability of mixed ownership enterprise has core influence position in the process of the influence of the capital investment efficiency.And during positive promotion process,corporate governance ability,internal governance ability and external management ability has a positive effect on the next stage capital investment efficiency,and the long-term effect of external governance ability is more significant.The influence of corporate governance capacity on capital investment efficiency of mixed ownership enterprises under the condition of new industry and high capital mixture is more significant.Fourthly,this dissertation makes an empirical analysis of the impact of corporate governance capability on capital gains of mixed ownership enterprises from three aspects of mixed ownership corporate governance ability,internal management ability and external governance ability.It shows that the improvement of corporate governance capacity of mixed ownership enterprises has a positive effect on enterprise value and enterprise efficiency,but the influence effects are different.The internal management ability index of mixed ownership enterprise is positively related to Tobin's Q,and also to enterprise's value.External governance ability index of mixed ownership enterprises has positively imfact of enterprise value and enterprise efficiency.The improvement of corporate governance capacity has a long-term effect on enterprise value and enterprise efficiency.Fifthly,capital structure is reflected from the three dimensions of capital mixing degree,capital concentration degree and asset-liability ratio.Capital gains are described through the long-term perspective of capital appreciation.And this dissertation makes an analysis of how corporate governance capacity playing a mediating role between the relationship of capital structure and capital gains in mixed ownership enterprises.It finds that the capital structure has a significant effect on the capital gains as a whole,but the capital mixture has a non-significant effect on the capital gains.Corporate governance ability has a strong central effect on the relationship of the capital structure and capital gains,but plays a non-mediating role between the relationship of capital mixed degree and capital gains.The effect of corporate governance capacity on the relationship of capital mixed degree,capital concentration,asset-liability ratio and capital gains are different under the condition of high capital mix and low capital mixed degree in emerging industries and traditional industries.It shows that the corporate governance ability of mixed ownership enterprises has a positive impact on the efficiency of capital investment,has a positive impact on capital gains,and has a strong intermediary effect on the relationship of capital structure and capital gains.The impact of corporate governance on the three dimensions of capital management is different under the condition of high capital mix and low capital mixed degree in emerging industries and traditional industries.Main innovation points of this dissertation are as follows:(1)Constructing the overall framework of the impact of corporate governance on capital management in mixed ownership enterprises.(2)Establishing a corporate governance capacity measurement system in mixed ownership enterprises.(3)Revealing corporate governance capacity plays a mediating role between the relationship of capital structure and capital gains in mixed ownership enterprises.