Mixed Ownership And "Three Reduce,One Drop And One Supplement"

With the continuous development of the economy,M&A has become a way of expansion and development of enterprises.It is the most important institutional innovation in the foundation of property rights in the operation of modern market system to Realizing the optimal allocation of resources and promoting mixed ownership through M&A.Also it is the main line to promote the reform of state-owned enterprises and the development of private enterprises.Mixed ownership reform will promote structural reform of supply side,The supply side structural reform has created a favorable macro environment for the reform of mixed ownership.And will accelerating the reform of the mixed ownership of state-owned enterprises,"Three Reduce,One Drop and One Supplement" should be placed within the overall logical relationship of supply side structural reform as an important task.In order to better realize the soft ground of the enterprise level,it also need to deal with "zombie enterprise" and consider the regional differences.This article is based on the major restructuring events of the listed companies from 2008 to 2016.The empirical research method is used to study the influence of the degree of mixed ownership of the main mergers and acquisitions on the "Three Reduce,One Drop and One Supplement" of the major restructuring enterprises.At the same time,considering the impact of the enterprise itse lf and the external environment,we take zombie index and the level of the regional economic development as the basis of grouping,and study whether the mixed ownership can promote the major reorganization enterprises achieve "Three Reduce,One Drop and One Supplement".The study results show that the mixed ownership of the acquirer can achieve " capacity reduction ? de-stocking ? cost reduction ? improving underdeveloped areas",but failed to achieve leveraged targets.lower zombie index firms' mixed ownership can achieve " capacity reduction?de-stocking?cost reduction?improving underdeveloped areas",but failed to achieve leveraged targets.In developed areas,mixed ownership of the acquirer can achieve " capacity reduction?de-stocking ? cost reduction ? improving underdeveloped areas",However the developing areas are more difficult to achieve the leveraged target.The third part is summary,According to the empirical study,it is concluded whether the mixed ownership can promote the major restructuring enterprises to achieve "Three Reduce,One Drop and One Supplement" and giving proper suggestion and insufficient based on results of this article.The research of mixed ownership is mainly focused on the characteristics of the shareholders and the impact of mixed ownership on the performance of the enterprises.However,it is not reported that the influence of mixed ownership on the "Three Reduce,One Drop and One Supplement" of M&A enterprises;The article's main contributions is:first,in previous studies,the exploration of the supply-side structural reform seldomly can be studied in an empirical method.In this paper,the main contents of the supply-side structural reform,"Three Reduce,One Drop and One Supplement" are used to measure the main contents of the Supply-side structural reform.,Second,considering the impact of the zombie index,the study of the impact of mixed ownership on "capacity reduction ? de-stocking ? deleveraging ? cost reduction?improving underdeveloped areas" of major restructuring enterprises,it may provide some reference for dealing with botnets.Third,considering regional differences enriching the theory of large shareholders?the theory of equity balance in M&A.