A Study Of Investment Efficiency And Influce Factors In The Mixed Ownership Reform Of State-owned Enterprises In China

In September 2015,the state council of the central committee of the communist party of China issued a programmatic paper about the mixed ownership reform which is “the guiding recommendation on deepening the reform of state-owned enterprises”.The state-owned enterprises reform has opened a new beginning.By diversing stock equity to perfect the corporate governance structure and internal operation mechanism,this marks the reform of state-owned enterprises and the norms of governance have developed to a new period.Investment efficiency determines the enterprise's future value,which is an important index of enterprise's performance evaluation.However,due to asymmetric information and principal-agent relationship,the inefficiency of investment behavior is widespread.This article will study if the investment efficiency is improved after the reform of state-owned enterprises and which factor influence the efficiency of investment from the the existing reform measures.This study will enrich the theoretical knowledge of the research on investment efficiency,and provide a certain practice guidance on the mixed ownership reform of state-owned enterprises.Firstly,this paper expounds the research background and significance,the research status at home and abroad.Then we introduce the related concepts of the mixed ownership and the measurement methods of the investment efficiency.Based on the related theory,we analysis the influence of investment efficiency of the mixed ownership reform of state-owned enterprises,which will help us to find the mixing mechanism.Secondly,a expect investment model was constructed to measure the investment efficiency in the state-owned enterprises.We found that after mixed the investment efficiency is improved significantly using the paired samples T test.And for the industries which is in the low or moderate degree of competition,in absolute holding mode and the check-and-balance ownership less than 1,the mixed reform helps to significantly improve the investmente fficiency of the state-owned enterprise.Thirdly,the multivariate regression model is constructed using the direct method to test the first big shareholder's stake,executives' political association,institutional investors and management equity which may have effect on the investment efficiency ofstate-owned enterprises.The consequence shows that lower proportion of state-owned shares,the introduction of institutional investors have a positive correlation to the increase of investment efficiency,and executives' political association,the check-and-balance ownership have a negative correlation to the increase of investment efficiency.Managem--ent equity have no significant relationship to the investment efficiency of state-owned enterprises.Finally,according to the empirical analysis of the results and related theories,this paper puts forward some countermeasures to improve the investment efficiency of the state-owned enterprises.