Xibei Bearing Mixed Ownership Reform:Promoting Efficiency Or Tunneling?

At the beginning of the reform and opening up, the Chinese government began to carry out mixed ownership reform, which mixed the embryonic form of the ownership reform for Sino foreign joint ventures, than followed by Jiangsu and Zhejiang provinces which on behalf of the promotion the mixed for the booming township enterprises, the formation and development of enterprise ownership and state-owned enterprises were a series of reforms such as strategy, management buyouts joint-stock reform, encounter...,mixed ownership reform rapid development. Now the Communiqué of the Third Plenary Session of the 18 th Central Committee of the CPC put forward "state-owned capital, collective capital, non-public capital, such as cross shareholdings, mutual integration of mixed ownership economy is an important form of realization of the basic economic system, the mixed ownership economy increased to an unprecedented height. In the course of the above mixed ownership reform, the formation of a non-universal but which cannot be ignored in the mixed ownership enterprises——private shareholders holding shares of state-owned shareholders of mixed ownership enterprises. On this class of mixed ownership enterprises, the mixed ownership reform is promoted the efficiency or improve some investors interests of the occupation of surviving in the controversy, this kind of mixed ownership enterprises in China have the capital funds and private capital mechanism flexible, dare to take risks and other advantages can complement each other, scholars have different views about this.This paper first introduces the research background, research significance, literature review, research methods, content framework and the possible innovation, then expounds the related concepts of mixed ownership(including the concept of mixed ownership, mixed ownership classification and formation mode), agency theory, information superiority theory, basic theory, property rights theory and resources. The short-term market reaction process and transfer the case company, the state-owned shareholders, the shareholders of private and state control of this, combined with the actual situation of northwest bearing, the northwest bearing mixed ownership reform effect is inconclusive, and analyze the damaged interests income and interest in the reform from the state-owned shareholders and private shareholders behavior. Then from the angle of state-owned shareholder reform motive conflict and private shareholders were discussed, with analysis of the northwest bearing mixed ownership reform Finally, the results of state-owned shareholders benefit, private shareholders and the interests of small shareholders are damaged. Finally, the paper concludes the paper’s conclusions, implications and suggestions, and points out the shortcomings and future research prospects.This paper studies that mixed ownership whether promoting the interests of the investors or to improve the efficiency of occupation to the northwest bearing by reaching the case of Xibei bearing. We found that:Xibei bearing mixed ownership reform appears state-owned shareholder of the Great Wall Asset benefit, and damaged the interests of the private controlling shareholder the pagoda Ningxia petrochemical and small and medium investor’s interests. Further study showed that the state-owned shareholders in China Great Wall Asset and private shareholders the pagoda Ningxia Petrochemical reform motive conflict is the result of the northwest bearing mixed ownership reform failure causes. In mixed ownership enterprise performance decline, as the state-owned shareholder of the Great Wall assets to participate in the reform of motivation is in the capital market to sell access to capital gains, this approach often has a "myopic", while the private shareholders of Ningxia pagoda Petrochemical reform motivation is through more research, develop new products, have a certain "long-term" finally, the motives of both the mixed ownership reform in the short-term performance of the company did not improve when the conflict, eventually because of northwest bearing mixed ownership reform of state-owned shareholders can make the Great Wall asset capital and private shareholders Ningxia pagoda Petrochemical strong innovation ability, flexible mechanism advantage integration and reform failure.