Research On The Impact Of Local Government Public Governance On The Mixed Ownership Reform Of State-owned Enterprises

State-owned enterprises are an important manifestation of China’s socialist basic economic system and an important carrier of the state-owned economy.They play an important role and play an important role in my country’s economic and social development and modernization.To a certain extent,the public governance of the Chinese government determines the effectiveness of the mixed ownership reform of state-owned enterprises,especially in the implementation of policies,leadership and supervision.The reform of state-owned enterprises has gone through more than 40 years of practice and exploration.It has achieved certain achievements and accumulated certain experience,but also encountered some difficulties.On the basis of the reform achievements of predecessors,this paper attempts to analyze the impact trajectory of local government public governance on the mixed ownership reform of state-owned enterprises.Local governments in my country are the supporters and practitioners of the decision-making of the party and the central government,and the backbone and solid backing for the implementation of the reform of state-owned enterprises,therefore,the promotion of mixed ownership reform is inseparable from the support of local government public governance.Mixed ownership reform is an important part of China’s economic system reform,which cannot be separated from the constraints of my country’s overall political,economic,cultural and social development level,nor can it be separated from the guidance,management and service promotion of the party and governments at all levels.Therefore,this paper discusses the impact of local government public governance on the mixed ownership reform of state-owned enterprises,and further studies the mechanism and mechanism of the combined effect of macro and micro factors on mixed ownership reform.Following the research idea of "system-structure-behavior-performance",starting from China’s current policy background and institutional environment,this paper considers the mixed ownership reform of state-owned enterprises,and deeply analyzes the impact and overall mechanism of local government public governance(hereinafter referred to as public governance)on the mixed ownership reform of state-owned enterprises.This paper can be divided into four parts: the first part: Firstly describes the research background and research significance,expounds the research content and research methods of the full text,and explains the research innovation;Then,I collect,sort out and integrate relevant literature on local government public governance and its impact on corporate behavior,policies and theories in mixed ownership reform,and corporate internal mechanisms in domestic and foreign academic circles,and analyze its connotation,logic,methods and applications,which lays the foundation for further research in the following.The second part: Analyzes the relevant factors and the mechanism of local government public governance affecting the mixed ownership reform of state-owned enterprises.The level of development is also an influencing factor that cannot be ignored,so as to establish the main theoretical framework of this paper.The third part: Firstly collect a large amount of empirical data in depth,and conclude that the key impact of the mixed ownership reform of state-owned enterprises is the public governance of local governments.Through the Wurgler model,the capital allocation of state-owned enterprises is calculated,and the direct effect model of the impact of local government public governance on the mixed-ownership reform is established;Secondly,adding the internal factors of the company(level of corporate governance)and the public governance factors together,trying to simulate the real situation of state-owned enterprises,and establishing the mediation effect model of corporate governance level in the relationship between public governance and mixed ownership reform;Finally,the internal factors of the company(level of financialization of enterprises)and the factors of public governance are added to establish the moderating effect model of the level of corporate financialization in the relationship between public governance and mixed ownership reform.The above models all put forward assumptions and test them,and use Stata and Excel to calculate.The fourth part: According to the above theoretical analysis and empirical analysis,especially the mechanism and results of local public governance factors and enterprise internal factors on the mixed ownership reform of Chinese state-owned enterprises,the main conclusions of this paper are summarized,and finally development suggestions are given.Through research,this paper concludes that:(1)Local government public governance is very important to the deepening and promotion of mixed ownership reform of state-owned enterprises.After research,this paper concludes that local public governance can have a positive impact on mixed ownership reform of state-owned enterprises.The specific manifestation is to improve the efficiency of state-owned capital allocation.Under the influence of local government public governance,the internal mechanism of enterprises also plays a role in mixed ownership reform,including the level of corporate governance and the level of corporate financialization.(2)An important means of deepening the reform of mixed ownership is to comprehensively establish a modern enterprise management system in my country’s state-owned enterprises.Under the positive influence of local public governance,improving the governance level of state-owned companies has a positive impact on the mixed ownership reform of state-owned enterprises.(3)The key attempt to deepen the reform of state-owned enterprises is the financialization of state-owned capital.Under the positive influence of local public governance,state-owned enterprises should appropriately increase the level of financialization when the efficiency of state-owned capital allocation is positive,and state-owned enterprises should appropriately reduce the level of financialization when the efficiency of state-owned capital allocation is negative,this paper suggests that state-owned enterprises make different investment decisions according to the efficiency of capital allocation.