A Research On The Influence Of Mixed Ownership Reform On The Value Of Listing Corporation

The Third Plenary Session of the party is mixed ownership economy "into a new content, and points out that the" state owned capital, collective capital, non-publiccapital, such as cross shareholdings, mutual integration of mixed ownership economy, is an important form of realization of the basic economic system, also stressed that "to encourage the development of non public capital holdings of mixed ownership enterprises". Eighteen plenary session of the decision to further clarify the mixed ownership economy development direction and path, make it become the effective carrier and new power of deepening the reform of state-owned enterprises. Therefore the study of mixed effect of ownership reform of China state-owned listed company value, is a, to current is the deepening of mixed ownership reform and the development of listed companies provide suggestions and Countermeasures of the toward is conducive to the realization of the company to maximize the value of the direction of development, deepen the connotation of the reform of state-owned enterprises; second, to promote the healthy development of the securities market of our country, on the one hand to make regulatory agencies regulate the company share reform, on the other hand for participating in the mixed ownership reform of investor’s decision to provide more useful information, realize the maximization of the benefit of investment.In this paper, first,the use of event study method, based on capital asset pricing model, select the 41 shares the concept of plate of listed state-owned enterprises as samples, through the analysis of the mixed ownership reform before and after the event of company stock price or return rate, to predict and estimate the extent of the impact on corporate value, further constructs a dynamic panel VAR model, Using Stata economic application software of non effect of state-owned shareholders equity of company governance structure such as:(ownership structure, capital structure, debt structure, etc.), and then analyzes its impact on firm value and relationship.Through the empirical analysis, we draw the following conclusions: Overall, the proportion of non-state-owned shares mixed ownership reform in promoting a positive correlation with firm value; analysis from the perspective of ownership structure, the proportion of state-owned shares increase lower ownership concentration, while the dispersion of stock rights are negatively related to firm value from the debt structure; the angle and the current ratio, quick ratio of positive correlation, negative correlation with the rate of management fees, the proportion of state-owned shares to enhance the optimization of the debt structure, make the company more robust, but uncertain impact on operating income growth rate, indicating short-term profit the company real ascension from the analysis of value; the separation of two rights management perspective, executive compensation, and negatively related to the proportion of state-owned shares and non executives shareholding proportion of state-owned shares is positively related to non state owned shares East shares adjusted the State-Owned Company executives listed salary, reduce the standard of executive compensation, increase the long-term equity incentive way, encourage managers to enhance the value of the company. From the point of view of technical progress, non relationship between state-owned stock equity ratio and the return on assets is not significant, indicating that the technical level and not greatly improved, possibly by external technology transfer system limits or knowledge absorption and transformation into productivity requires a period of time. Therefore, it is necessary to to increase their investment in research and development, enhance own innovation ability, has independent intellectual property rights.