Optimal Holding Of State-owned Capital In Natural Monopoly Industries Under Mixed Ownership Reform

The Communist Party of China made reform plans and plans for state-owned enterprises of different natures in the Third Plenary Session of the 18th CPC Central Committee.Increase the investment of state-owned capital in public welfare enterprises to make greater contributions to the provision of public services.The planning for natural monopoly enterprises is “separation of government and enterprise,separation of government and capital,franchising,and government supervision”.Open up to competitive businesses and encourage competition.Among the three state-owned enterprises,there is no clear guidance on the reform of mixed ownership in the natural monopoly industry.Under the social background of the reform of state-owned enterprises’ mixed ownership system,this paper focuses on whether “natural monopoly industries can carry out mixed ownership reform?”,“Does state-owned enterprises in natural monopoly industries have capital to be controlled?”,“State-owned capital of state-owned enterprises in natural monopoly industries is Absolute holding or relative holding?" These three issues are explored in detail.Firstly,it sorts out the literature of mixed ownership reform,summarizes the impact of mixed ownership reform on the company’s operating efficiency,and discusses the feasibility of mixed ownership reform in the reform of enterprises in the natural monopoly industry.Secondly,it analyzes the different necessity of state-owned capital holding in state-owned enterprises in completely natural monopoly industries and quasi-natural monopoly industries,and theoretically proposes the optimal holding ratio for natural monopoly industries.Then analyze the advantages and risks of the relative shareholding,and propose a risk-control measure against the shareholding.Thirdly,with China Unicom’s mixed ownership reform and China’s iron tower’s mixed ownership reform as a case study,it focuses on China Unicom’s quasi-natural monopoly property and the complete natural monopoly property of China’s iron tower,and combines theoretical analysis of the mixed ownership of China Unicom and China Tower.Reform China’s shareholding in capital.Finally,suggestions are made for the state-owned capital holdings of the mixed ownership reform of the two natural monopoly industries.The research in this paper has the following three conclusions: 1.The natural monopoly industry can carry out mixed ownership reform.2.The reform of mixed ownership in natural monopoly industries should adhere to state-owned capital holdings.3.A completely monopolized industry should adhere to the absolute holding of state-owned capital,and the quasi-natural monopoly industry is suitable for the relative holding of state-owned capital.4.The reform of mixed ownership in the natural monopoly industry,the optimal shareholding method of state-owned capital is indirect holding.This paper analyzes the optimal state-owned capital holdings in the mixed operation of state-owned enterprises in natural monopoly industries through the combination of theoretical analysis and case studies.The main innovation lies in the classification of natural monopoly industries by using network economic benefits.According to the network economic characteristics of the industry and the strength of network economic benefits,the reform of mixed ownership of completely natural monopoly ind ustries and quasi-natural monopoly industries is discussed.In the case selection,enterprises in the completely natural monopoly industry and enterprises in the quasi-natural monopoly industries were selected respectively,and their shareholdings in the mixed ownership reform were compared and analyzed to verify our previous theoretical analysis.