| Since the promulgation of the decision of the CPC Central Committee on Several Issues concerning the improvement of the socialist market economy system in 2003,China is constantly committed to promoting the reform of state-owned enterprises through the reform of state-owned assets management system,so as to solve the problems such as low efficiency of state-owned economic management and supervision.The reform of state-owned enterprises in China has entered a period of in depth development.In November 2013,the paper of the decision of the CPC Central Committee on several major issues of comprehensively deepening reform,gives a detailed description of the mixed ownership economic reform,and also provides a clear idea for the mixed ownership reform of state-owned enterprises at the micro level,that is,by introducing non-state-owned capital,gradually adjusting the proportion of state-owned equity,forming a mixed ownership structure of "cross shareholding" and "mutual integration" between state-owned capital and non-state-owned capital.In August2015,the programmatic document on the reform of mixed ownership of state-owned enterprises,which once again made clear that "developing mixed ownership economy" is the key point of deepening the reform of state-owned enterprises,marking that the reform of state-owned enterprises has entered an important stage of deepening the reform and regulating the governance structure,and advocated to actively Introduce other state-owned capital or all kinds of non-state-owned capital to realize the diversification of ownership structure to solve the agency problem of state-owned enterprises,enhance the vitality of state-owned economy,enlarge the function of state-owned capital,and realize the maintenance and appreciation of state-owned assets.Under the background of comprehensively deepening reform and "new normal" of economic growth,the reform of mixed ownership of state-owned enterprises in China has been raised to a new height and undertaken a new mission.The continuous deepening of reform and the evaluation of reform effect have become the focus of common concern in the practical and theoretical circles.Capital allocation efficiency is one of the important standards to reflect the level of corporate governance.There are serious governance problems in the state-owned enterprises of our country,which lead to low efficiency of capital allocation.Can state-owned enterprises introduce non-state-owned capital through the implementation of mixed ownership reform affect the level of corporate governance,and then affect the efficiency of capital allocation?Therefore,the research on the influence of mixed ownership reform on the efficiency of capital allocation of state-owned enterprises has a certain practical pertinence,which is conducive to testing the effect of reform implementation.From the current research results of mixed ownership reform of state-owned enterprises in the theoretical circle,many literatures focus on the impact of reform on corporate performance,internal control quality,accounting information quality,executive compensation contract,value-added maintenance of state-owned assets and other aspects of governance effect,and the research on capital allocation efficiency is less,and the evaluation of reform effect is mainly based on incorrect information The theory of balance principal-agent is only studied from the internal governance level of enterprises,and less attention is paid to the impact of external governance environment on the reform and its governance effect.The theory of broad sense corporate governance holds that the government,as the enterprise stakeholders,should also participate in corporate governance,which constitutes an important exogenous variable of corporate governance.Its main performance is the impact of the level of government governance on corporate governance.At the same time,the cross study of "finance and law" also provides a new idea for the study of corporate governance based on the external governance environment.As an important external governance environment,government governance can have an impact on the effective play of the internal and external governance mechanism of the company,which is an important factor to be considered in the study of corporate governance.In the process of China's economic system reform,the government plays an important role.The modernization of national governance system and governance capacity has become an important part of the overall goal of comprehensively deepening reform in the new era,and as an important part of national governance,the importance of government governance became more prominent.It can be seen that government governance plays an important role in the process of economic system reform and plays a crucial role,which will inevitably have an impact on the effect of economic system reform.Therefore,it is of great theoretical and practical significance to study whether government governance can improve the level of corporate governance,thus directly affect the efficiency of capital allocation of enterprises,and the impact of government governance on the reform of mixed ownership of state-owned enterprises and the relationship between the reform of mixed ownership of state-ownedenterprises and the efficiency of capital allocation of enterprises.Based on the principal-agent theory,information asymmetry theory,corporate governance theory and external governance environment theory,this dissertation uses the data of A-share state-owned listed companies in Shanghai and Shenzhen stock markets in2008-2018 as the research sample,measures the efficiency of capital allocation from financing efficiency and investment efficiency,based on the perspective of mixed ownership reform of state-owned enterprises,the dissertation studies the indirect governance effect of government on enterprises,that is,the impact of government governance on the relationship between mixed ownership reform of state-owned enterprises and capital allocation efficiency.First of all,based on the change of ownership structure,from the perspective of continuous variables,the dissertation measures the mixed ownership reform of state-owned enterprises in three dimensions: the diversity of mixed subjects,the depth of mixed subjects and the degree of checks and balances of mixed subjects.At the level of enterprise internal governance,the dissertation studies the impact of the mixed ownership reform of state-owned enterprises on the efficiency of capital allocation.Secondly,considering the external governance environment,the dissertation analyzes the impact of the mixed ownership reform of state-owned enterprises on the efficiency of capital allocation The basic mechanism affecting enterprise governance is to measure the level of government governance with four indicators,namely,government efficiency,marketization,fairness and integrity,and to analyze the direct impact of the external governance mechanism of government governance on the efficiency of enterprise capital allocation.Finally,the impact of the mixed ownership reform of state-owned enterprises on the efficiency of capital allocation is further put into the external macro environment framework,the dissertation studies and analyzes the influence of government governance on the reform of mixed ownership of state-owned enterprises,as well as the indirect influence on the efficiency of capital allocation of enterprises,that is,how does government governance affect the reform of mixed ownership of state-owned enterprises and the relationship between it and the efficiency of capital allocation of enterprises.First of all,the dissertation studies the influence of mixed ownership reform on the efficiency of capital allocation.The results show that the diversity of mixed agents significantly improves the efficiency of corporate investment,but the positive impact on financing efficiency is not statistically significant.From the average level of the sample,thereis a significant positive correlation between the depth of mixed subject and the degree of checks and balances of mixed subject and the efficiency of investment and financing of enterprises.That is to say,from the perspective of the depth of mixed subject and the degree of checks and balances of mixed subject,the implementation of the reform of mixed ownership of state-owned enterprises can restrain the excessive investment of enterprises and reduce the level of insufficient investment,and improve the efficiency of investment and financing of enterprises On the basis of further examination,it is found that the depth of mixed subject and the degree of checks and balances of mixed subject improve the efficiency of capital allocation by reducing the agency cost of the company and alleviating the degree of information asymmetry;there is interval effect between the depth of mixed subject and the degree of checks and balances of mixed subject on the efficiency of capital allocation.From the analysis of shareholder heterogeneity,the corporate governance effect of financial shareholders and foreign shareholders is better than that of private shareholders.Secondly,it studies the impact of government governance on the efficiency of capital allocation of state-owned enterprises.The dissertation measures the level of government governance from the four indicators of government efficiency,marketization,fairness and integrity,and analyzes the impact of government governance on the efficiency of capital allocation of state-owned mixed ownership reform enterprises.The results show that the improvement of government governance can improve the efficiency of capital allocation.Further analysis shows that the promotion of government governance on financing efficiency is mainly affected by government efficiency and marketization.The promotion of state-owned enterprises on investment efficiency is mainly affected by the degree of marketization and fairness;at the same time,the impact of government governance on capital allocation efficiency is more significant in the sample group with low agency cost and low proportion of institutional investors' shareholding.As an important governance mechanism,government governance has played an important role in external governance.The external governance environment quality reflected in the level of government governance will affect the micro business activities of enterprises,and compared with the enterprises controlled by the central government,the enterprises controlled by the provincial,municipal and county governments are more significantly affected.Finally,the dissertation studies the influence of government governance on the mixedownership reform of state-owned enterprises and its relationship with capital allocation efficiency.The results show that the higher the level of government governance is,the higher the degree of mixed subject's depth and mixed subject's balance is,which indicates that government governance can effectively promote the reform of mixed ownership of state-owned enterprises.The relationship between the reform of mixed ownership of state-owned enterprises and the efficiency of capital allocation is studied under the framework of government governance.It is found that government governance can promote the reform of mixed ownership of state-owned enterprises and improve the financing efficiency from the perspective of the depth of mixed subjects and the degree of checks and balances of mixed subjects.That is to say,compared with the areas with low level of government governance,the areas with high level of government governance have state-owned enterprises The mixed ownership reform has a more significant impact on the improvement of corporate financing efficiency.From the perspective of the depth of the mixed subject and the degree of checks and balances of the mixed subject,compared with the areas with high level of government governance,the positive impact of the reform of the mixed ownership of state-owned enterprises on the investment efficiency is more significant in the areas with low level of government governance,that is to say,the internal governance mechanism formed by the mixed ownership reform of state-owned enterprises and the external governance mechanism formed by the government have an alternative relationship on the investment efficiency.The interaction between government governance and mixed ownership reform of state-owned enterprises is more significant in the sample group of non-state-owned shareholders including financial shareholders or foreign shareholders.The possible academic contributions of the dissertation are mainly reflected in:(1)expanding the research perspective of the previous literature.There are many literatures at home and abroad about the government governance and the reform of mixed ownership of state-owned enterprises.However,there are few literatures that study the governance effect of government governance and mixed ownership reform of state-owned enterprises in a unified framework.On the basis of examining the impact of government governance on the direct governance effect of enterprises,the dissertation further examines the indirect governance effect of government governance on enterprises from the perspective of mixed ownership reform of state-owned enterprises,so as to expand the perspective of relevant research ongovernment governance and mixed ownership reform of state-owned enterprises.(2)It enriches the relevant research results.On the basis of examining the governance effect of mixed ownership reform of state-owned enterprises on enterprises,the dissertation further considers the influence of external governance mechanism on the governance effect of mixed ownership reform of state-owned enterprises,enriches the research on the governance effect of mixed ownership reform of state-owned enterprises,and provides empirical evidence for effectively ensuring and improving the effect of mixed ownership reform of state-owned enterprises,It also complements the research on the effect of external governance environment on micro enterprises.(3)As for the research on capital allocation efficiency of micro enterprises,most of the existing literature focuses on testing from the perspective of investment.Considering that capital allocation includes financing process and investment process,this dissertation studies capital allocation efficiency more systematically from the perspective of financing efficiency and investment efficiency,which further enriches the research on capital allocation efficiency.The research results of the dissertation can be used for reference from both the micro enterprise level and the macro environment level:(1)to provide some suggestions for improving the corporate governance level of state-owned enterprises.First of all,deepening the reform of mixed ownership of state-owned enterprises is conducive to improving the governance mechanism of mixed ownership of state-owned enterprises and giving full play to the governance effect of non-state-owned shareholders.In the process of implementing the mixed ownership reform of state-owned enterprises,we should pay attention to the exertion of the governance effect of non-state-owned shareholders,ensure the effective check and balance of the reform depth and heterogeneous shareholders from the aspects of ownership structure and corporate governance,effectively play the market initiative and governance role of non-state-owned shareholders,effectively reduce agency conflicts,ease the degree of information asymmetry,improve the governance mechanism,and improve the management mechanism High level of corporate governance,so as to improve the efficiency of capital allocation.At the same time,we should pay attention to the reform of mixed ownership of state-owned enterprises.In the process of actively implementing the mixed ownership reform and introducing the non-state-owned shareholders,the state-owned enterprises should pay attention to the strength of the reform,maintain the appropriate proportion of non-state-ownedcapital and the appropriate degree of shareholder checks and balances,ensure the formation of effective checks and balances of heterogeneous shareholders to improve the level of corporate governance,and promote the effective improvement of capital allocation efficiency.Secondly,improve the level of government governance,pay attention to the impact of external governance mechanism on the level of corporate governance.Based on the results of the relationship between government governance and capital allocation efficiency,it is verified that the external macro environment can have a direct impact on the level of corporate governance.In addition,considering the influence of the level of government governance on the relationship between the mixed ownership reform of state-owned enterprises and the efficiency of enterprise capital allocation,the interaction between the external governance mechanism and the internal governance structure should be considered in the process of corporate governance.In the case that the internal governance mechanism is not perfect,the improvement of the level of government governance can effectively alleviate the internal governance problems of enterprises.(2)To provide some empirical evidence for the transformation of government functions.The improvement of government governance level can effectively reduce the government's intervention in the economic activities of local state-owned enterprises,alleviate the degree of information asymmetry,reduce agency costs,enhance the role of the market in the process of enterprise capital allocation,and thus improve the efficiency of enterprise capital allocation.It also proves that dealing with the relationship between government and market is the direction of the transformation of government functions.Therefore,we should improve the level of government governance from the aspects of government efficiency,marketization,fairness and integrity,handle the relationship between the government and the market,optimize the external governance environment and market-oriented competitive environment of enterprises,and actively guide the transformation of government functions from "administrative intervention" to "economic service",so that the market can play a leading role in economic activities It can improve the efficiency of capital allocation and promote the healthy development of microeconomic individuals.(3)It provides reference for deepening the reform of mixed ownership of state-owned enterprises and ensuring the reform effect.Through the influence of government governance on the relationship between the mixed ownership reform of state-owned enterprises and theefficiency of capital allocation,it shows that the government provides a public governance mechanism to support the market operation,and the improvement of government governance level can promote the reform of mixed ownership of state-owned enterprises,and form an effective complement with the governance mechanism generated by the mixed ownership reform of state-owned enterprises,which is conducive to further deepening the reform The result shows that it is necessary to ensure the effect of mixed ownership reform of state-owned enterprises.In view of the influence of the level of government governance on the relationship between the reform of mixed ownership of state-owned enterprises and the efficiency of capital allocation,we should consider the impact of the external macro environment in the process of the reform of mixed ownership of state-owned enterprises.We still need to continuously improve the level of government governance from the aspects of government efficiency,marketization,fairness and justice,and clean government,so as to provide good external governance for enterprises Environment and sufficient market competition mechanism ensure the effect of mixed ownership reform of state-owned enterprises and improve the efficiency of capital allocation. |
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