A Study On Ownership Structure's Governance Effect For Stated-owned Enterprises During The Mixed Ownership Reform

Since the reform and opening up,the state-owned enterprises in China have been restructured continuously with the change of national policies,and have undergone many stages of reform.Since the beginning of the reform and opening up in the early 21 st century,with China's policies as the benchmark,the state-owned enterprises of our country have been constantly restructured.After several reforms,some achievements have been made.However,with the progress of reform,some problems have also been exposed.Therefore,at the 18 th National Congress,leaders began to call for more attention to the problems existing in state-owned enterprises,and believed that the new round of mixed reform of state-owned enterprises should be solved by means of the market.Against this background,it is not surprising that Sinopec first responded to the state's reform in the form of mixed ownership.After considering the actual situation of Sinopec,Sinopec has re-launched a new market-oriented reform: that is,it has decided to complete the mixed transformation by introducing external capital and complementing the advantages of core capital.As one of the earliest state-owned enterprises to respond to the state's mixed transformation,Sinopec's mixed transformation model and path are worth exploring.Based on the measures of introducing external capital,it is believed that it is necessary to consider the process effect of the mixed transformation from the perspective of ownership structure,and it will also help to improve the current process of mixed transformation of state-owned enterprises.On the basis of reviewing the relevant research results at home and abroad,this paper studies the reform of mixed ownership of state-owned enterprises by using the theory of corporate stock system and corporate capital structure,combining normative analysis with case analysis,and drawing on international experience.The research contents mainly include three parts: The first part is theoretical analysis,that is,to summarize the domestic and foreign phase.On the basis of the relevant research results,this paper makes a theoretical analysis of the basic problems in the mixed reform of state-owned enterprises;the second part is a case analysis,that is,a case analysis of the mixed investment of Sinopec Sales Company on the basis of theoretical analysis;the third part is a countermeasure study,that is,on the basis of theoretical analysis and case analysis,it puts forward improvement measures for the mixed investment of state-owned enterprises in China.After a case study of Sinopec sales company's mixing reform,the governance effects of the ownership structure before and after the mixing reform are compared by tracking the process.The following conclusions are drawn: firstly,after the mixing reform,the ownership structure and ownership concentration have a certain governance effect from the perspective of incentive mechanism and restraint and supervision mechanism;secondly,the introduction of private capital for the search for a new economy.The economic growth point,improve the management structure and governance mechanism has a certain role;finally,for the possible problems of mixed change,we should start from improving the ownership structure,internal governance mechanism and regulatory system.