Research On The Theoretical Logic And Practical Effect Of Mixed Ownership Reform In State Owned Enterprises

Under the background of the new era,China is in the key period of transforming the mode of economic development,the optimization of economic structure and the transformation of growth engine.Chinese economy has slowed down significantly and has shifted from the stage of high-speed growth to the stage of high-quality development.The main contradiction of society has also changed from the contradiction between the people's growing material and cultural needs and the backwardness of social productivity to the contradiction between the people's growing needs for a better life and the imbalance and insufficiency of development.From the perspective of external environment,the rising trade protectionism under the trend of anti-globalization and the impact of COVID-19 further demand that China's economy must build a new development pattern of domestic and international double cycle and mutual promotion.As the important material and political foundation of socialism with Chinese characteristics,promoting state-owned enterprises to play a role in achieving high quality development of economy,resolving major social contradictions,and coping with changes in the development environment in the new era is a problem that the state-owned enterprises must face.Since the reform and opening up,the state-owned enterprises have carried out a series of reforms,continue to grow and gradually become the market subject that meets the requirements of the socialist market economic system.With the advancement of reform and the adjustment of the distribution structure of the state-owned economy,the proportion of the state-owned economy has also undergone important changes.These changes put forward new requirements for the reform of state-owned enterprises.Facing a series of complicated situations,mixed ownership reform has become an important way of state-owned enterprise reform since the Third Plenary Session of the 18 th CPC Central Committee.However,why does mixed ownership reform become an important way of state-owned enterprise reform? What is the purpose of mixed ownership reform? Another problem that comes with it is how effective is the mixed ownership reform? These are the questions that we must answer to promote the reform of mixed ownership in the new era.This paper focuses on answering these questions above.First,through combing the related theories of mixed ownership reform,this paper analyzes the theoretical connotation of the mixed ownership reform.Within the socialist framework,the reform of mixed ownership promotes the further integration of public ownership and market economy.Its essence is to liberate and develop the productivity,and to realize common prosperity on the basis of the developed productivity.With the understanding of the essence of mixed ownership reform,this paper further constructs the theoretical analysis framework of mixed ownership reform.First,the purpose of mixed ownership reform is to promote the high-quality development of state-owned enterprises.Through the integration of different ownership,the reform of mixed ownership realizes the quality,efficiency,and engine changes of the state-owned enterprises,makes the state-owned enterprises adapt to the requirements of high-quality development,and develops the socialist productivity.Second,the purpose of mixed ownership reform is to promote the common development of all types of ownership economy.From the reality of the primary stage of socialism,the reform of mixed ownership has promoted the integration of public ownership economy and non-public ownership economy,organically combined public ownership and market economy at the level of macro-ownership structure,and achieved the common progress of state-owned enterprises and private owned enterprises.Third,the reform of mixed ownership also plays an important role in income distribution.The socialist nature of China determines that the development of the public ownership economy must achieve common prosperity based on the development of productivity.In the premise of common development of public and non-public economy,the reform of mixed ownership not only improves the efficiency of the state-owned economy,but also ensures the fairness of distribution,so as to promote common prosperity.Secondly,this paper summarizes the historical evolution and theoretical logic of mixed ownership reform since the founding of the People's Republic of China.From the development history of mixed ownership economy in China,the practice process of mixed ownership reform can be divided into four stages: the first stage is the mixed ownership economy in the form of public-private joint venture formed for the purpose of establishing socialist system in the period of socialist transformation;the second stage is the spontaneous formation of enterprises in the period of coexistence of planning and market,and the exploration of mixed ownership reform through pilot on shareholding system;The third stage is the mixed ownership reform aiming at establishing modern enterprise system in the period of socialist market economy;and the fourth stage is the promotion of mixed ownership reform in the new era.Based on the historical evolution of mixed ownership reform,this paper combs the theoretical logic of mixed ownership reform from three clues: the contradictory movement of productivity and production relations,the improvement of socialist basic economic system and the requirements of market economy.Finally,based on the theoretical analysis framework of mixed ownership reform,this paper makes an empirical analysis on the practical effect of mixed ownership reform.The analysis of the practical effect of the mixed ownership reform mainly starts from three aspects: first,the relationship between the mixed ownership reform and the high-quality development of enterprises.Based on the industrial enterprises panel data of 116770 observations,this paper analyzes the role of mixed ownership reform in promoting enterprise quality change,efficiency change and engine change.Specifically,it mainly analyzes the impact of mixed ownership reform on total factor productivity,capacity utilization and innovation.The results show that the mixed ownership reform plays a significant role in improving the total factor productivity,productivity utilization and innovation.From the perspective of mechanism,mixed ownership reform can effectively alleviate government intervention,and promote the improvement of total factor productivity,capacity utilization and innovation level of enterprises;at the same time,mixed ownership reform can reduce agency costs,which can only play a role in improving total factor productivity of enterprises,and the improvement of agency problem cannot bring about the improvement of capacity utilization and innovation level.The second is to study the relationship between mixed ownership reform and economic growth.Based on the analysis of the effect of mixed ownership reform on ownership structure,this paper analyzes the impact of mixed ownership reform on economic growth from the perspective of ownership structure with provincial panel data,and based on the industry level data,this paper analyzes the impact of upstream ownership structure on the performance of downstream enterprises under the "vertical structure".The results show that there is a significant "inverted U" relationship between the proportion of state-owned economy and economic growth,and there is also an "inverted U" relationship between the proportion of upstream state-owned economy and the performance of downstream industries.Maintaining a certain proportion of the state-owned economy can promote the common development of all types of ownership economy.The third is to study the relationship between mixed ownership reform and income distribution.Based on the theoretical analysis of the relationship between ownership and income distribution,this paper constructs an income distribution model including ownership structure,and analyzes factors affecting income distribution.The results show that the decrease of social investment rate and savings rate are beneficial to increase the share of labor income;the effect of ownership structure on the share of labor income depends on the size of savings rate among state-owned sector,private sector,and resident sector.The empirical result based on the provincial panel data shows that the increase of the proportion of state-owned economy can increase the share of labor income,which verifies the conclusion of the theoretical model.Based on the empirical results of the mixed ownership reform,this paper finally puts forward some suggestions to promote the mixed ownership reform.