| The Third Plenary Session of the eighteen pointed that developing the mixed ownership economy is one of the important directions of deepening the reform of SOEs(SOEs).And it indicated that stateowned capital,collective capital,private capital cross-shareholding of mixed ownership economy and mutual fusion,which is an important realization form of the basic economic system and is conducive to all kinds of ownership capital complement each other,mutual promotion and common development.This is the institutional factor that the government advocates to carry out the reform of mixed ownership.As advocated by the government for property right system reform in the basic embodiment of micro enterprise level,the mixed ownership reform continuously play a role in the process of the reform of SOEs,through introducing multiple ownership of capital in the SOEs,in the state-owned enterprise internal build decision-making mechanism of checks and balances and supervision and checks and balances,showed positive governance effect,based on the mixed ownership reform of SOEs classification reform background in micro enterprise information management and behavior management level of management function,help the economy of mixed ownership reform effect to make objective evaluation,is agree with the present government policy guidance,can meet the demand of practical realm change needs to be mixed theoretical guidance of important issues,has strong practical and theoretical significance.Corporate governance is the core of modern enterprise system,and with the development of the corporate governance theory and the research framework of expansion,corporate governance is not just limited to the principal-agent theory and information asymmetry theory,more expand into the dimension of property rights theory,stakeholder theory,constructs the system environment,ownership structure,governance mechanism,stakeholders is one of the institutional framework.Information governance and behavior governance,as two dimensions of the micro-enterprise governance framework,are important components of the corporate governance framework,which can improve the governance efficiency of micro-enterprises by exerting the effectiveness of governance,so as to perfect the modern corporate governance framework.It can also test the economic effect and governance effectiveness of government policies in the dimension of corporate governance from a multi-dimensional perspective,and comprehensively evaluate the effectiveness of policy implementation.Based on the theoretical logic and the practice of hierarchical and classified reform,the paper takes the mixed ownership reform of SOEs,cuts into the dual perspectives of information governance and behavior governance,and deeply investigates the governance effectiveness of the mixed ownership reform in the information quality,information efficiency,operating efficiency and capital efficiency of micro enterprises.The economic effects of the implementation of mixed reform in SOEs with different functional classification and administrative stratification are also explored.As a whole,on the basis of literature review,based on the theory of property rights,equity balance theory,principal-agent theory,stakeholder theory and information economics theory and so on basic theory,analyzes the mixed ownership reform in the stateowned enterprise stock price crash risk,stock price synchronicity,burden of social responsibility and financial mismatch level intrinsic logic and the mechanism of governance effectiveness,It verifies the importance and value of mixed reform in the process of deepening the reform of SOEs from the perspectives of information governance and behavior governance through empirical test.Specifically,considering the availability of data and the rigor of data disclosure,we selected all stateowned A-share listed companies in China from 2008(2009)to 2019 as research samples.This paper deeply discusses the information governance function and behavior governance function of the mixed ownership reform of SOEs at the micro level.The first two chapters discuss the function of information governance.Stock price crash and stock price synchronization,as the value expression behavior of micro enterprise information in the securities market,are important entry points to verify the effectiveness of information governance at micro level.Based on this logic analysis,combining the information expression form of stock price crash and stock price synchronization,taking stock price crash risk and stock price synchronization as the research perspective,we investigate the information governance function of mixed ownership reform at the micro level from two dimensions of information quality and information efficiency,to verify the effectiveness of mixed reform in the information governance dimension of state-owned enterprises.The latter two chapters test the effectiveness of behavioral governance.Abnormal social responsibility and financial misallocation,as typical manifestations of the property rights characteristics of SOEs in the low efficiency of micro firm operation and capital allocation,are important scenarios to verify the effectiveness of behavioral governance at the micro level.Based on this logic,we furtherly explore the governance effects of mixed reform on the management efficiency and capital efficiency of micro enterprises from the two micro perspectives of social responsibility burden and financial misallocation,further verify the effectiveness of mixed-ownership reform in the dimension of behavior governance of SOEs.In addition,combined with the background of classified and stratified mixed-ownership reform required by the top-level design.we also examine the different function classification and administrative layered implementation of SOEs to the effect of difference,and deeply investigate the mixed ownership reform affect the micro enterprise information management and behavior management of underlying mechanisms and regulating factors of cross section analysis in heterogeneous factors discussed.Based on empirical analysis,the conclusions are as follows:First,in the information quality dimension of information governance,the paper discusses the influence effect and influence mechanism of mixed ownership reform on the stock price crash risk of SOEs.The results show that the implementation of mixed-ownership reform in SOE can significantly reduce the risk of stock price collapse in the future,and this effect shows significant differences in SOEs with different functional classification and administrative stratification,mainly reflected in SOEs with specific functional categories and local SOEs.The results of the mechanism test show that the mixed reform has a restraining effect on the risk of stock price collapse of SOEs mainly through improving the timeliness and degree of information disclosure of SOEs and restraining the opportunistic behavior of state-owned enterprise executives.Furthermore,our study also found that the heterogeneity of senior executives,the heterogeneity of institutional investors and the difference in internal governance level of SOEs all have a different impact on the relationship between mixed-ownership reform and stock price crash risk.Second,in the information efficiency dimension of information governance,the paper discusses the influence effect and mechanism of mixed ownership reform on the synchronization of stock prices of SOEs.The results show that the implementation of mixed reform in SOEs can significantly improve the efficiency of information transmission and significantly reduce the synchronization of the stock price of SOEs,and this effect is mainly reflected in the SOEs with commercial competition and central SOEs,showing an obvious difference in hierarchical governance effect.The results of mechanism test show that mixed reform has a positive effect on the synchronization of the stock price of SOEs mainly through two latent paths of information channel and governance channel.Further,the moderating factors found that analysts,institutional investors,media reports and other information intermediaries would have a significant difference in the relationship between mixed-ownership reform and stock price synchronization.As an internal supervision mechanism,internal control can also play a positive role in the information governance effectiveness of micro enterprises.Thirdly,from the perspective of operational efficiency at the level of behavioral governance,we discuss the impact of mixed ownership reform on SOEs abnormal social responsibility and its potential mechanism.The results show that the implementation of mixed-ownership reform has significantly increased the burden of social responsibility of SOEs,but this is not the result of rent-seeking behavior of SOEs executives based on political and economic motives,but the inevitable result of optimal redistribution of social business objectives among different types of SOEs after the implementation of the mixed-ownership reform in a hierarchical manner.Mechanism study results show that the implementation of the mixed change leads to different classification of the SOEs take different management roles in the development,makes the management goal of SOEs on the basis of its function orientation clearer,the function orientation of SOEs by defining different classification,not only enhance the SOEs’ ability to bear the burden of social responsibility,At the same time,it improves the overall operating efficiency of SOEs and verifies the effectiveness of mixed-ownership reform in the dimension of operating efficiency.In addition,the economic consequences test further verifies the mechanism conjecture and provides empirical evidence:the mixed reform optimizes the distribution of operating objectives among SOEs,and improves the operating efficiency of SOEs on the whole.This is consistent with the development status quo of deepening reform of SOEs in China and the reform philosophy of the government,which is conducive to exploring the optimal mode of mixed-ownership reform by combining classified and stratified reform at the stage of deepening development.Fourth,in the capital efficiency dimension of behavioral governance,we discuss the influence effect and mechanism of mixed ownership reform on financial mismatches of SOEs.The empirical results show that the implementation of mixed reform significantly reduces the financial mismatch of SOEs,and the mitigating effect is mainly reflected in the subsample of SOEs with excess credit,which is consistent with the current situation of financial mismatch of SOEs in China.The test results of classified and stratified governance show that the governance effectiveness of the capital efficiency dimension of micro enterprises is more significant in public welfare SOEs and central SOEs.The results of the mechanism test show that the mixed reform has a "correction" effect on the financial mismatch of SOEs mainly through improving the investment efficiency of SOEs and reducing the degree of local government intervention.In addition,corporate characteristics,regional characteristics and macro-characteristic factors will have a different impact on the governance effectiveness of mixed-ownership reform at the level of micro enterprise capital allocation eficiency.Based on the above analysis,the research innovation is mainly reflected in the following three aspects:From the perspective of research,based on the practical background of hierarchical and classified reform of SOEs,the governance effectiveness of mixed reform in micro enterprises is systematically investigated from the perspective of information governance and behavior governance.It is a further indepth excavation of existing literature.From the perspective of research content,on the basis of existing research,it is innovative to deeply explore the potential mechanism of the impact of mixed reform on various dimensions and the difference of hierarchical and classified governance effects from the perspectives of stock price crash risk,stock price synchronization,social responsibility burden and financial mismatch.From the point of view of research methods,on the basis of existing research,the connotation mixed change,on the basis of existing research,the organization structure in SOEs are mixed to the comprehensive index of building system,the comprehensive measurement index is constructed based on the three dimensions of "ownership structure+high-level governance structure+organizational structure",which is an extension of the existing research framework of mixed reform.In general,as a property rights system reform promoted by the government,the mixed ownership reform can show positive governance effects at the micro enterprise level by optimizing the organizational structure,adjusting the ownership structure and improving the governance structure.From the perspective of theoretical significance,relevant studies not only enrich the research literature on the economic consequences of mixed ownership reform,but also expand the research framework by digging into the connotation of mixed ownership reform and constructing comprehensive measurement indicators,which has a certain theoretical significance.In addition,cut into the information management and behavior management theoretical system of dual Angle of view to mix to build provides a train of thought,based on hierarchical classification reform background,enriches the dimension research literature from the perspective of ownership reform,for the Chinese special system background factors affecting the related behavior in the SOEs’ investigation provides a new explanation and research direction.From the perspective of practical significance,relevant conclusions show that mixed reform can help SOEs improve the securities market system by strengthening the effectiveness of governance,and improve the operating efficiency of SOEs and the efficiency of state-owned capital allocation in the process of deepening reform.From the perspective of information governance and behavior governance,this paper verifies the importance of mixed-ownership reform in the process of deepening the reform of SOEs and affirms its value.Based on the investigation of classified and stratified reform,it provides empirical support for the rationality and necessity of insisting on classified and stratified promotion in deepening the process of SOEs’ mixed reform. |
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