The Study Of Financial Governance Factors Research For Those Mixed-ownership Companies In China

With the convening of The third plenary session of eighteenth, "Developing the mixed ownership economy" has been an important strategy while China is a new period of deepen economic reform. The mixed ownership economy is a realization form of basic economic system. According to this, we can see that the status of the mixed ownership economy has been getting more important position from the experience of decades of practice and summary in our country. And that, the mixed ownership of listed companies are the epitome of the mixed ownership economy. The study which aim at the mixed ownership of listed companies is an advantageous way for the state-owned company reforming and the mixed ownership economy promotion. This is an meaningful method to promote a healthy mixed ownership economy. This paper wish to analyze the influence factors from financial governance of the mixed ownership of listed companies, in order to find the favorable factors for it. Also, to collect all those disadvantage factors so that we can figure out a valuable suggestion to improve the development of the mixed ownership economy.This paper reviews the theories of financial governance at home and abroad, also the status of study on influence factors of financial governance. Then to define the financial governance concept and The mixed ownership enterprise theory as a starting point, to emphasize the introduction of financial governance, agent entrustment, asymmetric information concepts. Under the ground of the theory, this paper analyzed achievements and existing problems of financial governance by the mixed ownership enterprise. Which results in the mixed ownership of the listed company of financial supervision, financial control, and the distribution, the mixed ownership of listed company as a whole financial incentive effect is not good.The empirical part of this paper exposes basic information from 674 mixed ownership of listed enterprises in the A share of Shanghai Stock Exchange by the end of 2012(except finance enterprises and three companies which come with incomplete information) in order to show the differences between the mixed ownership of listed enterprises and the characteristics of agriculture ownership of listed companies. This article also has chosen 197 listed companies and 10 agriculture ownership of listed companies which are not state-owned from Shanghai Stock Exchange as a study comparison. Through multiple regression was carried out from the sample, we can conclude that a larger mixed ownership of listed enterprise always does better on financial governance.At last, we are combining quo and empirical part to get a final conclusion. This essay works on finding some suggestions to promote the ability on financial governance of the mixed ownership enterprises. Hope the study result can help improve the competitive power of the mixed ownership enterprises on financial part.