The Mixed Ownership,Mixing Degree And Inefficient Investment

Since the Third Plenary Session of the 18 th CPC Central Committee,mixed ownership has become a hotspot in the reform of state-owned enterprises.The Central Government has explicitly proposed to actively develop a mixed ownership economy.The state-owned capital,collective capital,non-public capital and other cross-shareholding,mutual integration of mixed ownership economy is an important form of economic system.Perfecting the modern enterprise system,making the state-owned enterprises participate in the competition in more market-oriented way,and improving the efficiency and competitiveness of state-owned assets.In theory,the focus of mixed ownership reform is the change of ownership structure.The coexistence of non-state shareholders and state-owned shareholders can influence the behavior of each other.They have their own advantages and disadvantages,and their performance in inefficient investment is also difference.From the perspective of inefficient investment level,through empirical analysis,this paper gives an answer to the question of "should it mix" and "how to mix",which provides empirical support for the development of mixed ownership,especially for the reform of mixed ownership enterprises structural design has a certain practical value.In this paper,literature reading method and empirical research method are used to study the topic.The main research contents include the comparison of the non-efficiency investment of mixed ownership enterprises and non-mixed ownership enterprises,and the relationship of mixed degree and the inefficient investment level of mixed ownership enterprises.This paper starts from the following aspects: First,sort out the existing literature on the research topic,and summarize and analyze it,and get the emphasis and significance of this paper.Secondly,based on the theory of principal-agent theory,information asymmetry theory,property rights theory and share-holding theory,analyzing the possible relationship between mixed ownership enterprises and inefficient investment level.The sample and data are taken from Shanghai stock market in the last two years as the sample,which obtains 1078 data,including 471 mixed-ownership enterprises and 607 non-mixed ownership enterprises.In the empirical section,we use the Richardson(2006)model to measure the new investment,and use the model residuals to represent the inefficient investment.If the residual is positive,it means that the investment is excessive.If the residual is negative,the investment is insufficient.In this paper,the absolute value of the model residuals is taken as the inefficient investment level of the firm as the explanatory variable of the research subject,if the company is mixed ownership enterprises and the mixed degree of mixed ownership enterprises is the explanatory variable.With some control variable constructing the regression model.The empirical results show that the level of non-efficiency investment of mixed ownership enterprises is lower than that of non-mixed ownership enterprises.In the mixed ownership enterprises,the relationship between mix degree with inefficient investment level is not linear,but is U shape.When the mix degree is around 50%,the non-efficiency investment of mixed ownership enterprises is the lowest.During the range of 0.4 to 0.6,the non-efficiency investment level is greatly reduced compared with other intervals.Based on the results of empirical research,this paper puts forward the following two suggestions: First,we should develop mixed ownership and optimize the capital market resource allocation.Capital market is the market which deals with and disposes the capital resource,develops the mixed ownership,through the organic combination of the different nature capital,which can play the synergy,reduces the non-efficiency investment;Secondly,enterprises in the development of mixed ownership should pay more attention to the quality of mixed degree.The development of mixed ownership economy is not simply mixture of different Property rights shares,nor is the separation of the shares into two.It is necessary to construct an appropriate mixed ownership structure and reduce the inefficient investment level of the enterprise through the effective counterbalance of the large shareholders by the heterogeneous shareholders.The innovation of this paper is to explore the advantages of mixed-ownership enterprises and find the appropriate mixture degree from the perspective of investment efficiency.In addition,the connotation of mixed degree in this paper includes the dominance of state-owned shares and dominance of non-state-owned shares,which breakthroughs in the past literatures only from the perspective of state-controlled holding development of mixed ownership.