Research On The Impact Of Equity Capital And Social Capital On The Control Rights Competition Of State-holding Enterprises

In the third Plenary Session of the 18 th CPC Central Committee,the highest political leadership proposed to improve the State-owned assets-management system by focusing on capital management.The state-controlled listed companies are important carriers for the combination of public ownership and market economy in China,and its capital issue has received widespread attention from scholars at home and abroad.With the completion of the equity division reform,the capital market and corporate shareholding system have been improved.Under the background of full circulation of stock,the equity structure of state-controlled listed companies has been strengthened in checks and balances.The combination and confrontation between equity capital and social capital can easily lead to competition for control rights of enterprises.Therefore,from the perspective of “dual capital”,we should clarify the process of the intensification of control rights contention,uncover the interest relationships between the different subjects of state-controlled listed companies under the new situation,explore the impact of “dual capital” on the fight for control rights,and expand the interaction of control issues.It is of great significance to expand the interactive theory of control rights,enrich the framework of the joint management structure of state-owned holding enterprises management and small and medium shareholders in the capital chain,effectively promote the reform of the mixed ownership of the state-owned holding enterprises and ensure the long-term and stable development of the enterprises.This article takes the household electrical appliance industry with rapid development of mixed ownership reform process and frequent outbreak of control rights as the entry point.Based on relevant theories of entrusted agency,enterprise benefit maximization,contract and resource dependence,this paper systematically analyzes the basic situation of the household electrical appliance industry and the status of equity capital and social capital.On this basis,this paper establishes an AHP-DEA cross-evaluation model from a static perspective by linking the equity capital and social capital indicators with financial data.It is found that although the home appliance industry is an excellent industry in A-shares in China,the state-owned holding listed companies are less aware of the market competition than the emerging private enterprises.Meanwhile,there are mutual cancellations and confrontations between equity capital and social capital inside and outside the enterprise,and in the company's operation and management,the competition of control rights is caused by the inconsistency of the three types of internal and external capital utilization,such as the sale of control rights,management ineffectiveness,and total shareholder competition.The overall development of the enterprise is currently unable to meet China's requirements for achieving the goals of mixed ownership reform.In order to solve the above problems,this paper makes a single case analysis of the competition for control rights of GREE electrical appliances from a dynamic perspective,and further explores the influence of equity capital and social capital on the contention of the control rights of enterprises.The research results show that under the perspective of dual capital,the equity split reform has created the foundation of joint ventures.The non-autonomous and uncontrollable characteristics of large shareholders' social capital make it extremely unstable for companies to rely solely on equity capital.Under the demand for survival and dependence,the management used its own social capital to relieve the original shareholders' interest alliance,and prompted the small and medium-sized shareholders to form a new category of mobile investors with unbalanced participation in the control of dual capital control chains.Therefore,large state-owned shareholders need to return to the position of enterprise investors,give full play to the advantages of large shareholders,learn the ways of using equity in the new situation,solve the conflicts with management's interests,and create a good investment prospect for small and medium shareholders.At the same time,large state-owned shareholders need to face up to the non-autonomous and uncontrollable problems of social capital,form a social capital network that promotes the mutual accumulation of capital accumulation and corporate value creation,and establish a perfect win-win corporate culture.