The Ownership Structure Of Mixed Ownership And The Improvement Of Corporate Performance

Since 1984,the Chinese government has been making great efforts to promote the reform of state-owned enterprises,and the development of mixed ownership has become an important way for the reform of state-owned enterprises.The fundamental problem of the reform of state owned enterprises is how to effectively improve the "one share monopoly" of state ownership,that is to promote mutual penetration and common development between state and non-state-owned capital.With the deepening of the reform of state-owned enterprises,the optimization of ownership structure is becoming more and more important.Ownership structure is closely related to corporate governance,it will affect the level of corporate governance,and may have a bearing on the company's performance.In order to better promote the reform of state-owned enterprises,how to optimize the ownership structure of state-owned enterprises has become a basic problem that needs to be solved in the mixed reform of state-owned enterprises.This paper examines the relationship between the share of the private shareholders and the performance of the state-owned enterprises,and the relationship between the share of the state-owned shareholders and the performance of the state-owned enterprises,based on the sample of the state-owned listed companies of China's A shares from 2010 to 2016.The research ideas of this paper are as follows: Firstly,it introduces the current domestic research status and the current research situation abroad,and summarizes these related situations.Secondly,this paper expounds the related concepts and basic characteristics of the ownership structure of mixed ownership and the company performance,as well as the basic theories,and analyzes the related reasons for the influence of the different nature share holders on the performance of the state-owned enterprises.Finally,this paper introduces the source of the data and the setting of the empirical model.By describing the results of the empirical regression,it puts forward the corresponding prospect and inspiration for the state-owned enterprises to carry out the reform of the mixed ownership system.Based on the empirical regression results and related theoretical basis,this paper draws the following conclusions: Firstly,the participation of the private shareholders is helpful to the improvement of the performance of the state-owned enterprises,which shows that it is a good choice for the private enterprises to participate in the reform of the mixed ownership of the state-owned enterprises.Further analysis can be found that the participation of private enterprises is helpful to improve the salary incentive mechanism of state-owned enterprises,to improve the level of corporate governance of state-owned enterprises and to improve the performance of their companies.Secondly,the more shareholding of state-owned shareholders will deteriorate the performance of state-owned enterprises,which means that we need to be cautious about the "cross shareholding" among state-owned shareholders.This is mainly because the "natural contact" of the state-owned enterprises and the government is higher and leads to more social responsibility costs.Therefore,the greater the proportion of the state-owned shareholders in the state-owned enterprises,the more unfavorable to the improvement of their performance.Thirdly,in the lower market level,the participation of private shareholders is more conducive to improving the performance of state-owned enterprises.This shows that the participation of private shareholders helps to make up for the lack of marketization level of state-owned enterprises.The further analysis shows that the marketization of China's market-oriented reform has not been completed,the level of marketization between the eastern coastal areas and the central and western regions has obvious differences,and the lower the market level,the more intense the government's administrative intervention is,which aggravates the rigidity of the governance system of the state-owned enterprises,and the private enterprises are large.Most of them are developed in the market environment,so private enterprises participating in the reform of state-owned enterprises will help to improve their rigid internal governance system.