Research On Mixed Ownership Reform And Corporate Sustainable Development Ability

In the third Plenary Session of the 18 th CPC Central Committee proposed the positive development of mixed ownership, encourage the state capital, collective capital, private capital cross holdings, allowing the implementation of ESOP, the formation of capital owners and workers shared interests. Started from all of the company’s diversified crossover mechanism and the employee stock ownership system, we can find out mixed ownership advantage, establishes the related model and sustainable development of the company, and analyze of mixed ownership company sustainable growth.After literature review, this paper agrees that the sustainable development of the company can be a more comprehensive, more comprehensive measure of the company’s long-term development,and can be divided into three capability system, including resource acquisition ability, innovation ability and assume social responsibility. Resource acquisition ability can further be subdivided into access to natural resources ability,which can be measured with net assets growth rate; access to financial resources, which can be measured with main business income growth rate; access to obtain human resources ability, which can be measured with human capital return rate. Innovation capability can be divided into technological innovation and product innovation, which can be measured with intangible assets. Assuming social responsibility can be divided into the responsibility of the shareholders, which can be measured with the rate of return on net assets, to shareholders, to customers, employees and other social responsibility, which can be measured by social contribution rate. Through these measures and give them the weight,we can get the company’s sustainable growth model, and turn the company’s ability to quantify the sustainable growth.Through the mixed ownership diversification crossover mechanism and employee stock ownership mechanism research, we can set up the model associated with the sustainable development of the company; this paper obtained the following conclusions:first, high proportion of state-owned capital is not conducive to the sustainable development. Therefore, introduce private capital into mixed ownership can enhance the company’s competitiveness; second, appropriate equity balance degree can enhance the company’s capacity for sustainable development; third, employee stock ownership for the ability of the sustainable development of the company has significant influence, the higher the ESOP, the ability of the sustainable development of the company stronger. Therefore,to further promote the reform of mixed ownership is conducive to the sustainabledevelopment of the company. Finally, to various body capital more effectively mixed,avoid ESOP caused the loss of state-owned capital and puts forward some suggestions.