A Case Study On The Governance Effect Of Capital Structure In The Reform Of Mixed Ownership Of State-owned Enterprises

The convening of the Third Plenary Session of the 18 th Central Committee of the Communist Party has further promoted the wave of mixed ownership reform and put it on the agenda.The reform of state-owned enterprises should find out the reasons from the enterprise,clarify the defects and shortcomings of the enterprises,introduce the private enterprises to participate in the direction of mixed ownership,so as to improve the capital structure of state-owned enterprises and improve the efficiency of state-owned enterprises governance.On the basis of summarizing the relevant research achievements at home and abroad,this paper studies the effect of capital structure governance by using the theory of capital structure,the combination of normative analysis and case analysis,and studies the governance effect of capital structure according to the spirit of mixed ownership reform in state-owned enterprises.The contents include the following three parts: The first part is the theoretical analysis,which studies the basic problem of the existence of state-owned enterprises by the theory of capital structure.By reviewing the domestic and foreign literature on status quo of mixed ownership reform,clarify the current research stage of the scholars of the research direction.Based on the theory of capital structure,this paper expounds the relationship between the reform of mixed ownership and the choice of capital structure in state-owned enterprises,and then analyzes the effect of capital structure governance in the mixed reform of state-owned enterprises.The second part is the case study,this is,on the basis of theoretical analysis,studying China Pharmaceutical Group.Through the case study of mixed ownership reform of China Pharmaceutical Group and Fosun Group,this paper compares the capital structure and governance effect of the mixed enterprise.The third part is the countermeasure research,that is,on the basis of theoretical analysis and case analysis,providing the reference for the mixed ownershipreform of state-owned enterprises.Through the research shows that the capital structure of the improvement or not seriously affect the corporate governance structure,so in order to solve the problem of inefficient state-owned enterprises governance,it is necessary from the capital structure selection approach of the state-owned enterprises mixed ownership reform;Only improved the capital structure of state-owned enterprises and the governance effect of state-owned enterprises can also be improved;To perfect the capital structure of enterprises,it is necessary to carry out mixed ownership reform of state-owned enterprises so that non-state capitals can be introduced and effectively merged with them,so as to improve the property rights structure of state-owned enterprises and the economic efficiency of enterprises.