Research On The Rationalization Of The Shareholding Structure Of State-owned Investment Companies

China's "13th Five-Year" plan clearly, we should vigorously promote the reform of state-owned enterprises of mixed ownership, accelerate the integration of state-owned capital and social capital, through a variety of capital cross, adding new vitality to the development of state-owned enterprises. At the same time, the outline of the reform of the mixed ownership of the way to do a clear explanation, that is, the public ownership of the economy under the reform, optimize the ownership structure, promote the development of enterprise management.Mixed ownership reform of state-owned enterprises by the government at all levels mentioned hitherto unknown height, become a hot research topic all circles of the society, from the central enterprises and local state-owned enterprises, the reform has been rapid, promote the depth, whether state-owned enterprises or private enterprises are facing major policy opportunities. In the reform of state-owned enterprises of mixed ownership in the process, there are many models, such as:private capital, foreign and state-owned assets integration platform of local state-owned companies; state-owned, foreign and private capital integration of private enterprises; foreign state-owned enterprises, private capital and foreign mutual integration; and to the staff for the guidance of ESOP the company, etc.. The total sum up, at this stage of the reform of mixed ownership there are five modes:one is the open reform and restructuring mode; two is the introduction of the fund; three is ESOP; four is listed as a whole or core assets listing mode; five is the introduction of strategic investors mode. For the actual exploration of local state-owned investment company of mixed ownership reform, fifth, application introduction of strategic investors more widely, such as in some industrial projects, infrastructure construction project development cooperation, often adopt the model. But in the specific implementation process still faces many problems, among which the most concentrated, the most prominent is the state, the joint venture between the two sides of the equity structure of the problem, the state-owned enterprises, private enterprises want to obtain a controlling stake. "Right of control" has become a mixed ownership reform process between enterprises and private enterprises China fusion, to solve this problem requires the introduction of the third party, to find a reasonable and stable operation, the relative holding pattern of"" equity balance and allocation to achieve ownership structure rationalization.At present, academic research in China on the reform of state-owned enterprises in mixed ownership reform are mainly focused on the path of legal ownership in mixed problems, management system, stock selection, the influence that the mode is mostly focused on the change in the mix of open reform and reorganization, the introduction of the fund, ESOP, overall market research, but very little the practice case of the introduction of private strategic investors through the state-owned investment projects, to study the problem of equity structure, the integration of China. In this regard, the use of practical examples from the equity governance structure perspective, research on the local state-owned investment company, mixed ownership reform, proposed mixed ownership three shareholders equity structure is superior to both sides (1+2) (1+1) the equity structure of the argument. Based on the governance structure theory, the principal-agent theory, the ownership structure theory and the game theory, the equity analysis model is constructed by using the game theory analysis method. The three party shares accounted for respectively 40%(state-owned enterprises),30%(private enterprises),30%(private enterprises) ownership structure as an example (hereinafter referred to as "4-3-3", the relative holding pattern) analyzes the three party governance structure model, to demonstrate the "4-3-3" equity governance structure rationality and operation mode thus, break the contradiction of mixed ownership reform process controlling interest disputes, maintain the holding position of state-owned assets, and put forward some feasible strategies and solutions. Mixed ownership reform of state-owned enterprises have many models, this study hopes to further enrich and broaden the research ideas for the local state-owned investment company, mixed ownership reform of theoretical reference, provide ideas and suggestions for reference of ownership structure of local state-owned investment company cooperation project development process rationalization.