Study On The Check And Balance Mechanism Of Mixed Ownership Of State-owned Enterprises In China

In September 2015,the CPC Central Committee and the State Council promulgated?the Opinions on the Development of Mixed Ownership Economy by State-owned Enterprises?,and the new round of reform of state-owned enterprises was officially opened.With the deepening of market-oriented reform,more private capital will enter the field of state-owned assets.In the process of marketization,the gap between the two governance model of the state-owned economy and private economy determines the difficulty in micro-level collaborative development.This shows that the study of mixed ownership of corporate governance has become particularly necessary.This paper will discuss the mechanism of equity checks and balances of state-owned mixed ownership enterprises from both theoretical and empirical perspectives.First of all,in the theoretical analysis,this paper constructs a logical framework of �checks and balances motivation-checks and balances path-checks and balances performance�,summarizes the related research literature at domestic and abroad.This paper analyzes checks and balances motivation by using the theory of corporate governance theory,principal-agent theory and game theory;analyzes the checks and balances path by using the internal governance mechanism of the corporate governance system,the external governance market of the company and the laws and regulations of corporate governance;analyzes checks and balances corporate performance from the aspects of equity concentration and equity balance.Secondly,in the empirical analysis,a total of 261 A-share listed state-owned enterprises were selected as the research samples from 2013 to 2015,and the regression analysis model was constructed.The return on net assets was used as the explanatory variable;the equity concentration,equity balance and the proportion of private shareholders in high-level seats was used as the explanatory variable.The effect of the company's performance on corporate performance is analyzed from the perspective of ownership structure and corporate governance structure.Finally,the empirical research results show that the proportion of the largest shareholder of the state is negatively related to the performance of the company;the proportion of the second largest shareholder to the fifth largest shareholder or the ninth largest shareholder is positively related the company performance;however the lower of the proportion of private shareholders in high-level seats,the better the company's performance.So that,in the process of classifying and promoting the reform of state-owned enterprises,we should pay attention to reduce the shareholding proportion of the largest state-owned shareholders,establish effective equity checks and balances mechanism,improve the corporate governance system to standardize the operation process and pay attention to the quality of private shareholders.This paper analyzes the checks and balances mechanism and governance role of private shareholders in mixed ownership enterprises,and provides the necessary reference for optimizing the mixed ownership reform of state-owned enterprises.