The Research On The Influence Of Mixed Ownership For State-owned Holding Enterprises' Governance Efficiency

For a long time,our country's state-owned enterprises have a lot of problems in corporate governance,such as frequent principal-agent problem,governance inefficiency,etc.In 2014,in the 18 th third plenary session,it proposed that we must focus on developing the mixed ownership economy that used as the important direction of the reform of state-owned enterprises.Implementation of this policy has brought a new direction for theory research and a new space for reform practice.In this background,research the mixed ownership economy on micro level,including various factors that affect the governance efficiency of the state-owned holding enterprises,and put forward some operational suggestions on arrangement for corporate governance mechanism and implementation rules of state-owned enterprises.The article selects 295 state-owned listed companies' 2012-2014 data as research sample.On this basis,we analyze empirically the mixed ownership including various factors how to affect the governance efficiency of the state-owned holding enterprises.Based on equity structure(state-owned shares,legal person share,current),ownership concentration(the first big shareholder's degree,Z index)and control configuration(two right separation degree)as the explaining variable,and state-owned holding enterprises' governance efficiency(running efficiency and function efficiency)as the explained variable.Through multiple regression analysis to verity the hypothesis of the article,we get the following conclusions: the proportion of state-owned shares,the first big shareholder's stake and two rights separation degree with state-owned enterprise governance efficiency are negative correlation;Legal person share proportion and state-owned holding enterprises' governance efficiency shows positive correlation;The relation of Current,Z index and state-owned holding enterprises' governance efficiency is not obvious.On the basis of above research,we have a clear understanding of the mixed ownership that the relationship between each factor and the state-owned holding enterprises' governance efficiency.These help us put forward relevant operational suggestions for the mixed ownership reform of state-owned enterprises.