Research On Governance Effect Of Capital Structure Of SOE In The Context Of Mixed Ownership Reform

The Third Plenary Session of the 18 th CPC Central Committee held in 2014 proposed to focus on the development of mixed ownership economy,and it was also regarded as an important direction of state-owned enterprise reform.The governance effect of mixed ownership reform in state-owned enterprises refers to that fact of,how to improve the efficiency of state-owned enterprise governance through mixed ownership reform,so as to preserve and increase the value of state-owned assets.The goal for the mixed ownership reform of state-owned enterprises also lies in this point.Generally,the deep analysis of this problem,conducted from the aspect of capital structure,has the dual significance of promoting the reform of mixed ownership and enriching the theory of capital structure.First of all,this paper combs the study results concerning the governance effect of domestic and foreign capital structures,and analyzes the relationship between capital structure and mixed ownership.Secondly,the paper analyzes the process of the property right reform,the present situation of capital structure and the governance effect of central listed enterprise China Jushi,by taking it as an study object.In virtue of its experience in realizing capital structure optimization through capital operation,this paper studies the governance effect of capital structure in the mixed ownership reform of state-owned enterprises in the new era.Finally,target at the specific economic environment of our country,the author puts forward some suggestions on how to exert the of governance effect of capital structure enterprises in the mixed ownership reform of state-owned enterprises.The following conclusions are drawn through the study: Mixed ownership reform,as the choice of capital organization form,is actually a reorganization of capital structure.Therefore,adjusting the capital structure of state-owned enterprises is considered as the starting point for the mixed ownership reform of state-owned enterprises.As we all know,capital structure determines the distribution of both enterprise residual claim and corporate control right,which is an important part of corporate governance structure.The rationalityof the capital structure can largely affect the effectiveness of the corporate governance structure.As a result,the mixed ownership reform is able to reconstitute the capital structure of state-owned enterprises,and realize the diversification of stock rights,thus optimizing the governance structure of state-owned enterprises and improving their governance efficiency.Moreover,in order to improve the capital structure of state-owned enterprises,it is necessary to build a diversified and balanced ownership structure through the reform of mixed ownership,so as to give full play to the advantages of different ownership economies.