Performance Of Mixed Ownership Reform On State-owned Enterprises Impact Studies

In China's economic system reform,the reform of state-owned enterprises has been the focus of attention as a result of sociology and economics.At present,the state-owned enterprises have many problems,such as excessive state-owned stock right,inefficient input-output.The Third Plenary Session of the 18 th CPC Central Committee in 2013 and the Government Work Report of 2014 all point to the development of a mixed ownership economy,emphasizing that state-owned enterprises should adopt various forms of mixed ownership reform as a future development direction.The promulgation of mixed state-owned enterprises makes the reform immediately become a hot issue.Mixed ownership system has been put forward as early as the 15 th,with the advance of mixed ownership reform,the performance of state-owned enterprises is bound to promote the existence of certain role.At present,many scholars have conducted a normative study on the impact of mixed ownership reform on business performance,but less empirical research.Based on the background of mixed ownership reform in state-owned enterprises,this paper focuses on the relationship between the proportion of state-owned shares holdings and the increase of enterprise performance,analyzing the reform and non-reform of mixed ownership by using the methods of normative research and empirical research.This paper discusses whether the reform of mixed ownership can promote the improvement of enterprise performance from the horizontal and vertical aspects.Taking into account the different ownership concentration of different state-owned enterprises,this paper will be divided into samples of relatively decentralized enterprises and relatively concentrated stock-type enterprises to stud y,due to the different ownership structure,the impact of mixed ownership reform.In this paper,a sample of state-owned enterprises listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2005 to 2014 is selected and a series of selections are made for 135 state-owned enterprises with mixed ownership reforms and 135 state-owned enterprises without reform.First,there is a positive correlation between the reduction of state-owned shareholders and the improvement of the performance of enterprises.The results show that:(1)The proportion of state-owned shareholders holding shares is positively correlated with the improvement of enterprise performance.Second,the mixed ownership reform of state-owned enterprises can significantly improve the level of profitability and business performance.The performance of state-owned enterprises after the reform of mixed ownership is significantly higher than the performance before the reform.Under the same conditions,the operating performance of mixed ownership reform is significantly higher than that of non-mixed ownership reform.Thirdly,due to the government intervention of state-owned enterprises with relatively concentrated ownership,the effect of mixed ownership reform on its performance in the short run is weaker than that of enterprises with relatively dispersed ownership.Finally,on the basis of the conclusion of this paper,some relevant strategies and suggestions are put forward to promote the reform and development of our state-owned enterprises.State-owned enterprises should increase the voice of private capital in the enterprise,and gradually carry out employee shareholding,making shares of employees can share business results with the enterprise,shared business risks.At the same time,to promote the development of mixed ownership of state-owned enterprises in the process,must be unified planning,according to the actual situation of the market gradually phased advance.For different nature of state-owned enterprises should implement different specific programs,namely,a policy,monopoly industries,state-owned enterprises should gradually break the monopoly and then mixed ownership reform.