Empirical Research On State-controlled Mode With The Performance Of Listed Companies

As the important constituent of Chinese economy, the state-owned enterprises have been playing the vital role in economical growth,technical progress and increasing employment. The key to speeding up the state-owned enterprises reform and adapting the new situation is to improve the state asset manangement system, and Chinese Public property Party's 16 session of representative assembly has indicated the direction for the state asset management reform. Under this background, taking the state holding mechanism as a breakthrough point, the article carries on the discussion about reform direction of the state asset management.After more than 20 years unremitting endeavors, the state-owned enterprises' reform has obtained the achievement which attracts worldwide attention. However, it still has some deep level contradiction and the question that has not obtained the thorough settlement. What kind of holding pattern is able to settle the contradiction best and able to eliminate the state-owned enterprises' tradition system malpractice is be the key question of this article. This article take state-owned holding listed companies as the object of our study, take principal-agent theory and property right theory as research foundation. And then, through unifies the theory and the Chinese special national condition, the article proposes the research supposition. According to the ultimate control person data which the listed companies had disclosed, first, we divide the state-owned holding listed companies into the central government holding, the provincial government holding as well as the city county government holding three kind of types. Then, in this foundation, we divides all levels of government holding listed companies into the government indirect holding and the direct holding, the government absolute holding and the relative holding. In supposition's real diagnosis examination part, we take the state-owned holding listed companies management achievements as the appraisal standard, carries on the comparative analysis to the above many kinds of holding pattern so as to discover the holding pattern which is more suitable for our country's national condition. Concretely, in the state-owned holding listed companies, (1)Central government holding achievements are better than the local government's, especially obviously better than the city county government'; (2)Government indirect holding achievements are better than the government direct holding achivements; (3) Government absolute holding achievements are better than the government relative holding achievements.