Study On The Choice And Performance Of Enterprise Mixed Ownership

The mixed ownership economy was proposed to stand out from the non-public sectors of the economy and the public sector of the economy. As a kind of property ownership structure, the mixed ownership economy can promote advantage complementation and mutual development among various ownership capitals. The ownership structure in China has experienced three major historical breakthroughs after the 3rd Plenary Session of the 11 th Central Committee of CPC in 1978, the 3rd Plenary Session of the 12 th Central Committee of CPC in 1984, the 13 th National People’s Congress of CPC in 1987 and the 15 th National People’s Congress of CPC in 1997, respectively, which broke the original single and rigid ownership structure and formed a new basic economic system of public ownership being the main body and various ownership economies developing jointly. In a new round of SOE reform, on the 3rd Plenary Session of the 18 th Central Committee of CPC, decisions about the mixed ownership economy were made again. Its position, nature and function were further defined and both the state-owned economy and non-public economy are encouraged to change to the mixed ownership economy, making it an important form of the basic economic system in China. However, in the development of the mixed ownership enterprises, equity allocation structure of state-owned as well as non-state-owned capital is not clear and the problems of which industries need to have state-owned capital hold ings, which industries need to have state-owned capital shares, and how to allocate the equity ratio must to be solved. Therefore, in this thesis, through the research on the relationship between the mode and performance of mixed ownership enterprise, the equity allocation problem of state-owned property rights and non-state-owned property rights is discussed.In this thes is, the mixed ownership enterprises are divided into the different kinds of mode based on different standards. According to the nature of property rights, the mixed ownership enterprises can be divided into the following patterns: the pattern in which the state-owned property rights is the main body, the pattern in which the private property rights is the main body, the pattern in which the non-state-owned legal person property rights is the main body, the pattern in which the foreign investment property is the main body and the one in which the non-state financial capital is the main body. In the first kind of mode, the state-owned property rights consist two parts: state-owned sector and collectively-owned sector. According to the proportion of each property in mixed ownership enterprise, the mixed ownership enterprises can be divided into the following three patterns: the pattern in which the state-owned property rights is the only main body, the pattern in which there are two kinds of balancing property rights and the one in which there are three kinds of balanc ing property rights. In this thesis, with different mixed ownership models taken as independent variab les and company performance as the dependent variab le, the relationship between them is studied through theoretical research and empirical analysis.In the first two chapters, an introduction of the research background, research significance as well as research method is proposed. Besides, the related theories and literatures both at home and abroad are summarized and analyzed. In Chapter 3, the necessity and importance of developing mixed ownership enterprises are illustrated through both theoretical stud ies and realistic significance, namely the produce mechanism analysis of mixed ownership enterprises as well as advantages in corporate governance and enterprise performance. With 147 mixed ownership enterprises from electronic and computer industries in Shanghai and Shenzhen taken as study objects, a series of statistical analys is are conducted. First, these enterprises are classified systematically based on descriptive statistics and the performance of all patterns are compared. Then the conclusion that there exist relations between the pattern of mixed ownership enterprises from electronic and computer industries in China and the enterprise performance is m ade by empirical analysis. Finally, based on theoretical and data analysis result, the policy suggestions about how to select a proper pattern and how to increase governing efficiency as well as business performance are proposed.