| With the development of economy,one of the most important ways to improve the governance effect of state-owned enterprises in our country is to carry out mixed ownership reform and improve the degree of mixed ownership structure.At the Third Plenary Session of the 18 th CPC Central Committee,the decision on deepening the reform of state-owned enterprises was adopted,and established the cross-holding is the main way to realize the mixed ownership reform.This policy provides a new direction for reforming corporate governance.Therefore,introducing non-state capital in state-owned enterprises has become the direction and the goal of developing mixed ownership economy.However,the different proportions of the equity mix have different effects on the company's production,operation,management and asset income status.Determining the optimal mix of equity is the key to Developing a mixed ownership economy.The sample data of this paper mainly include the state-owned holding enterprises listed on the Shanghai Stock Exchange from 2005 to 2015,and removed controlling shareholder is not a state-owned enterprise in 2004,the financial companies,the companies that had been marked with ST et.al.The final sample size includes 189 companies,2079 observations.Based on the hybrid strength:(1)the higher degree of mixing has a significant positive effect on the price-earnings ratio compared with the single ownership company.(2)From the mixed ratio,the non-state-owned The proportion of shareholders mixed with the effect of corporate governance showed a significant "U" type relationship,and non-state shareholders mixed ratio of 30%-40%,the best performance of governance,confirmed the "best mixed ratio effect".(3)From the perspective of mixed type,the integration of foreign capital into the process of mixed ownership reform of state-owned enterprises is more beneficial than the incorporation of private capital,and it also demonstrates the existence of "foreign hybrid priority effect". |
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