Research On The Influence Of The Ratio Of State-owned Shares To Corporate Performance In The Mixed Reform Of State-owned Enterprises

Under the dual drive of policy promotion and survival needs,the development of a mixed ownership economy and the introduction of non-state-owned capital have become the direction and goal of the reform of state-owned enterprises.After more than 30 years of reform,state-owned enterprises have gradually established a modern enterprise system and achieved a series of major achievements.However,there are still many problems in China's state-owned enterprises at the level of corporate governance.Eliminating the problem of“one-size-only”state-owned capital is the key to the reform of mixed ownership.Based on this,this paper analyzes the influence of the proportion of state-owned shares in the mixed ownership reform of competitive state-owned enterprises on corporate performance and the optimal range of the proportion of state-owned shares in the context of the classification reform of state-owned enterprises.Under the relevant theoretical basis,first of all,select a representative competitive state-owned enterprise COFCO Group's acquisition of Mengniu Dairy as a successful case to explore and analyze the factors affecting corporate performance.As a result,it was found that the proportion of state-owned shares,the degree of equity checks and balances,the arrangement of the board of directors,and the incentives and constraints of the managers all affect corporate performance.Second,considering that there are few studies on the performance of different types of state-owned shares under the state-owned enterprise classification reform.Therefore,this paper uses the six competitive industries from 2014 to 2016 as a sample,and uses the total assets net interest rate?ROA?as an explanatory variable to represent corporate performance.The state-owned shares ratio?STATE?is used as an explanatory variable.Based on Hansen's?1999?^[1]threshold-regression approach,we empirically explored the influence of the proportion of state-owned shares on corporate performance and the optimal range of state-owned shares.The regression results show that,from a whole point of view,competitive state-owned enterprises perform best when the proportion of state-owned shares is 50%.In terms of segmentation,when the competitive state-owned shares do not hold shares,the optimal range of state-owned shares is?17.2%?.,30%),and the proportion of state-owned shares should be as close as possible to 17.2%;when competitive state-owned enterprises are relatively controlled,the optimal range of state-owned shares is?30%,40%?,and the proportion of state-owned shares should be as close as possible to 40%;When a competitive state-owned enterprise is in absolute control,the optimal ratio of state-owned shares is?59.8%,100%?,and the proportion of state-owned shares should be as close as possible to 59.8%.Finally,based on the empirical analysis results,it proposes to build a diversified and balanced ownership structure,select appropriate reform directions based on different industry characteristics,establish a sound and effective internal checks and balances mechanism,improve the legal system environment,and accelerate the implementation of external supervision systems.It is hoped that it will serve as a reference for optimizing the ownership structure in the mixed ownership reform in China.