Research On The Influence Of Heterogeneous Equities Equilibrium To The Efficiency Of Mixed Ownership Enterprises

The party's the third Plenary Session of the 18th CPC Central Committee pointed out that mixed ownership economy is an important form of basic economic system of our country,vigorously develop a mixed ownership economy is an important measure to realize the reform of state-owned enterprises,promote the value of state-owned capital,improve the economic power.Mixed ownership enterprise is the microcosmic form of mixed ownership economy.It is of great theoretical and practical significance to study the efficiency of mixed ownership enterprises and corporate governance.Mixed ownership enterprises and state-owned enterprises,the efficiency is higher or lower?Which industries or regions are more suitable for the development of mixed ownership economy?Furthermore,what is the influence of the checks and balances on the efficiency of the mixed ownership enterprises in China?Is there a suitable equity mix?These problems are the urgent need to solve the problem of mixed ownership reform,this paper will be related to the study.In this paper,Chinese industrial enterprises database 2000-2007 as samples,through the enterprise paid up capital index to identify the state-owned enterprises and mixed ownership enterprises,and use to calculate the total factor productivity of the two types of enterprises LP.Firstly,the paper compares the differences between the two types of TFP in the industry and the regional perspective,and then uses the regression method to compare the efficiency difference of different forms of mixed ownership enterprises in different types of industries.Then,investigated the heterogeneity of the relationship between equity restriction and efficiency between enterprises,using panel data and regression model in heterogeneous equity balance analysis framework based on the test of the medium effect equity balance nonlinear characteristics on the efficiency of enterprises and the influence of the cost efficiency of enterprise governance.This study found that:from the industry perspective,mixed ownership enterprise efficiency is obviously higher than that of state-owned enterprises in competitive industries;from the regional perspective,all areas of mixed ownership enterprises are higher than the efficiency of state-owned enterprises.There are three kinds of mixed forms of state-owned capital and private capital and foreign capital,which have different effects on the enterprises of different industries.The heterogeneity of the equity balance degree of enterprise efficiency influence for nonlinear "U" relationship,there is a degree of equity restriction "gray area",the equity balance is greater than 0.2 and less than 0.5 of the area,the heterogeneity of equity balance excessive control may reduce the efficiency of enterprises,at the same time,the enterprises of different industries.The heterogeneity of the influence of equity structure on the efficiency of enterprises have different characteristics.The rate of management fees has a significant mediating effect on the influence of heterogeneous equity checks on the efficiency of enterprises.Based on the above findings,this paper argues that the development of mixed ownership economy can not be unified national policy,but should be based on the environment,industry and other characteristics of the targeted implementation of reform.First,the mixed ownership reform is more effective than in the monopoly industry in competitive industries;secondly,the best in the capital intensive industry to introduce private capital,the best in technology intensive industries introduced foreign capital effect;finally,the mixed ownership is not a mix on the soul,should focus on coordination of two types of capital,avoid in the "gray area" of the equity balance degree,in order to maximize the heterogeneity of equity balance positive impact on the efficiency of enterprises.