The Correlation Between Proportion Of State-owned Equity And Corporate Performance—Taking The Reform Of Mixed Ownership As Background

In recent years, Great progress has been made in the reform of state-owned enterprises, the Mixed-ownership economy have played an important role in China's economy. But in the process of reform, we always face such a problem, it is the problem of state-owned assets allocation. We must guide on how to dispose of state-owned assets and to reduce the loss of state-owned assets, While the state-owned equity, is a part of state-owned asset allocation, has become the focus of social discussion. Therefore, this paper attempts to explore the relationship between state ownership and corporate performance using a combination of qualitative and quantitative methods. The qualitative part mainly involves the relevant theoretical analysis, including the Coase theorem, property rights, transaction cost, asset allocation of analysis, institutional change theory of property rights, corporate governance related principal-agent theory and the corporate ownership theory, and the theory of performance evaluation analysis. State ownership on firm performance has both positive influence and negative effects, then we use quantitative analysis to explore the relationship between the proportion of state-owned shares and performance. We randomly selected 100 eligible listing Corporation as research sample, this paper chooses the general five financial indexes as the object of study. That is: ROA, ROE, OPE, the price earnings ratio, Tobin Q value. This paper use the method of principal components analysis to get the comprehensive index, this index is the explanatory variable, the proportion of state-owned shares is explanatory variables. The empirical results show that: the proportion of state-owned shares and listing Corporation performance showed U type curve. When the proportion of state-owned shares is very small, ?CP/ ?POSS<0, it means the performance of the listing Corporation is declining with the increase of the proportion of state-owned shares, When the proportion of state-owned shares increased to a certain extent, there will be a turning point, The inflection point at 30%-50%, At this time, the government has become a relative controlling shareholder; When the proportion of state-owned shares continue to increase, ?CP/ ?POSS>0, it means The performance increases with the increase of the proportion of state-owned shares. In addition, this paper uses the enterprise financial index to explore the performance of different proportion of state-owned shares, there are four aspects: profitability, growth ability, solvency, operating capacity. The comprehensive performance of enterprise performance is the best proportion of state-owned shares is lower than the proportion of 10% of the listing Corporation and state-owned shares more than 50% listing Corporation. This result is consistent with empirical analysis,this makes the conclusion more persuasive. Finally, this paper combines theoretical analysis and empirical analysis to obtained the following conclusions and suggestions:(1) Because the property right of state-owned enterprise of our country has its particularity, it faces numerous serious problems such as tediously long and poor efficient commission chain, externalities of the owner's supervises, soft budget constraint caused by policy burden and so on. Therefore, relative to private enterprises, state-owned holding efficiency is relatively low.(2) To conduct mixed ownership is a tendency and elementary requirement in current economy, in the mixed ownership reform process, We should improve the State-owned assets-management system and strengthen State-asset supervision by focusing on capital management. We should make full use of advantages to improve the economic benefit and social benefit.