Research On The Relationship Between Equity Ownership Structure And Corporate Performance Of Mixed-ownership Enterprises

Since the Third Plenary Session of the 18 th CPC Central Committee,the active development of a mixed ownership economy has become a key point in our country at this stage.At present,the NDRC has issued a list of the third batch of enterprises that have implemented mixed ownership reforms.Local state-owned enterprises have also responded and started the mixed ownership reform process.The entry of capital of other natures will change the ownership structure of these mixed-ownership enterprises,and the ownership structure is the basis of corporate governance.Changes in the ownership structure will affect the corporate governance structure of the company and then determine the company's behavior and performance.Up to now,scholars at home and abroad have not been able to determine the relationship between ownership structure and corporate performance.Due to the different backgrounds of the times and the sample selection,the conclusions drawn by previous studies cannot be applied to the existing mixed ownership reform in China.At the same time,China's capital market is very different from foreign countries.Stateowned enterprises generally have the phenomenon that state-owned stocks are "only one big".Therefore,based on the background of China's mixed ownership reform,the study of the influence of equity structure on corporate performance will be of great significance.This article first sorts out and concludes the previous research conclusions,and elaborates the related theories of equity structure and corporate governance.Secondly,it analyzes the present situation of our country's mixed ownership and its ownership structure.According to previous research results,the ownership structure of mixed ownership enterprises is divided into three types of indicators for data analysis and verification.First,indicators related to equity composition,second,indicators related to ownership concentration,and third,indicators related to ownership degree of ownership.At the same time,Tobin's Q is selected as a measure of corporate performance.Then,based on the previous theory and the current situation in China,six hypotheses are proposed.In the following part of empirical research,this paper selected 197 mixed ownership enterprises as sample companies and obtained a total of 761 observations from 2012 to 2015.This paper uses SPSS 21 software to perform descriptive analysis,correlation analysis and regression analysis on the sample data,and validates the six hypotheses proposed in the previous section.This article takes the empirical research of our country's mixed-ownership enterprises as a sample and draws the following conclusions:(1)Reducing the proportion of state-owned shares in mixed-ownership enterprises has a positive impact on corporate performance;(2)Appropriately increasing the proportion of non-stateowned legal person shares in mixed-ownership enterprises Improving corporate performance has a positive effect;(3)Mixed ownership enterprises actively introducing socially tradable shares can improve corporate performance;(4)In mixed ownership enterprises,when the largest shareholder has a deeper degree of control over the company,ownership is concentrated.The improvement of the degree has an adverse effect on the performance of the enterprise to a certain extent.When the first largest shareholder has a weak degree of control over the company,proper concentration of equity will help to improve the performance of the enterprise.(5)Improve the mixed ownership enterprise within a reasonable range.The degree of equity control is beneficial to the improvement of corporate performance.Finally,on the basis of the research conclusions of this paper,several relevant optimization suggestions are put forward for the ownership structure of mixed ownership enterprises,in order to promote the process of the development of mixed ownership reform in China.Mixed-ownership enterprises should reduce the proportion of state-owned shares within a reasonable range,actively introduce diversified investment entities,and maintain appropriate degree of ownership concentration and equity balance.In this process,mixed-ownership enterprises must use relevant means to maintain mutual ownership The effect of the restrictions,as well as the protection of the interests of small and medium shareholders.