Research On The Safety Of Capital Operation Of State-owned Enterprises Based On Mixed Ownership Reform

The reform of state-owned enterprises has been widely concerned by all sectors of society,the second round of soe reform has begun,mixed-ownership economy should be developed vigorously,to lay the foundation for the reform of mixed ownership.In the background of the new normal of economy,we must insist on public ownership,and introduce non-public capital,to promote the optimization of capital value.The reform of mixed ownership consolidates the safety of state-owned capital operation,finally realize the enhancement of enterprise comprehensive.With the reform of state-owned enterprises stepping into the critical period and deep water zone,in the process of mixed ownership reform,because of the unscientific method of capital operation,capital is not well regulated,the problem of capital loss should be given a concern.It is necessary to change the ownership structure and financial structure,the problems arising from enterprise changes should be discovered and governed timely.Through analysis of the research background,and integration of a large number of domestic and foreign scholars' research achievements,the property rights theory,principal-agent theory,corporate governance theory and system management theory as theoretical basis of research.The basic state of capital operation and the security status of capital operation are analyzed,raising capital and structural factors that may impact on the safety of capital operations,mainly study the effect of ownership structure on capital operation safety.Through the combination of theoretical research and empirical test,the policy effect of mixed ownership reform is analyzed by using DID model,the empirical result affirmation of the effectiveness of mixed ownership reform.Build capital operation safety and various influence factors of multiple linear regression model,selected in 2015 and 2016,the mixed ownership reform of state-owned enterprises as the initial sample,do descriptive statistics and multivariate regression analysis using the data of explanatory variables and interpreted variable.Through the study,we found that ownership structure significantly affect the safety of capital operation,ownership concentration,the degree of equity,the proportion of company shares have a positive influence on the safety of capital operation In the end,put forward several feasible strategies intended to prove capital operation safety of state owned enterprises depending on status analysis and empirical result.In order to provide reference to those state-owned enterprises which are experiencing the mixed ownership reform.