A Study On Equity Check And Balance Mechanism Of State-owned Enterprises Under The Background Of Mixed Ownership Reform

State-owned enterprises bear the lifeblood of the national economy,supporting China's major industries and fields,but suffering from years of losses,and they have to struggle for operation.The reason lies that the governance model of government dominance by taking on all has been unable to meet the ever-changing economic environment.The oversize proportion of state-owned shares has greatly hindered other substantial capitals from entering the market while bringing about great financial burden,and the ownership structure being lack of balance contributes to fewer innovation and competitiveness in enterprises.By establishing a model with the knowledge of game theory,this paper combs the principal-agent relationship between state-owned large shareholder and the management class,the differences over the supervision attitudes towards the management class from the state-owned large shareholders and small shareholders,and conflicts of interest between state-owned large shareholders and small shareholders and the interest conflicts between several large shareholders within relative holdings.Based on the two dimensions of collusion and supervision,the paper compares the influence and the advantages and disadvantages of state-owned absolute holdings and state-owned relative holdings on enterprises.The ownership structure with high degree of checks and balances is beneficial to strengthening the supervision of the shareholders to the agent,and reduces the behavior of the agents to destroy the interests of the enterprise to maximize their own interests.In this paper,we study the relationship between the ownership structure variables and the enterprise performance with the method of linear regression analysis based on the samples of state-owned listing enterprises through empirical study.It studies the ownership structure from four aspects:ownership concentration,equity balance degree,proportion of state-owned shares(the state holding and the state-owned legal person holding),and proportion of non state-owned shares(private shares,foreign shares,etc.).Finally,the paper proposes some suggestions and countermeasures on the reform path of the mixed ownership of state-owned enterprises in China.