Control Right,Governance Structure And Enterprise Performance Of State-owned Enterprises Under The Background Of Mixed Ownership Reform

After more than 30 years of reform and opening up,the structure of the socialist market economy has basically taken shape.Deepening reform,especially for the enterprise reform of micro economic source and wealth source,largely determines the future growth of China's economy.At the third plenary session of the 18th central committee of the communist party of China(CPC),the decision on several major issues concerning comprehensively deepening reform proposed that the market should play a leading role in the allocation of resources and the reform of state-owned enterprises should focus on mixed ownership.How to explore the development of mixed ownership economy under the new development trend is of great significance not only for the reform of state-owned enterprises and economic development in China,but also for the research and application of general economic theory of enterprises.In the process of China's economic system reform,the reform of state-owned enterprises has always been the focus of attention of economists and sociology.Too much state-owned equity and low input-output ratio are still the problems existing in state-owned enterprises at the present stage.The third plenary session of the 18th CPC central committee and the government work report both pointed out that the development of mixed ownership economy should be the focus of work,and proposed that mixed ownership reform in various forms should be taken as the future development direction of state-owned enterprises.The proposal of this policy makes the issue of mixed ownership reform become the current hot spot.As early as the 15th national congress,the idea of mixed ownership has been put forward.The performance of state-owned enterprises is bound to be improved with the development of mixed ownership reform.At present,many scholars have studied the impact of mixed ownership reform on enterprise performance,but few have studied the impact mechanism.Based on the background of mixed ownership reform of state-owned enterprises,this paper makes a comparative analysis of the performance of state-owned enterprises and private enterprises.The samples used in this paper are state-owned enterprises and private enterprises in 2014,involving the period from 2014 to 2017.Firstly,this paper searched and sorted out the existing data in guotai'an database and wind database,build the canonical enterprise panel data,on this basis,the control group corresponding to the experimental group was selected by the propensity score matching method,through the balance test,the deviation,balance and comparability of the data were tested,reduce estimation bias due to endogenous problems,then studies the influence of control right on performance of private enterprises.And consider when state-owned enterprises and private enterprises have similar governance structure,the impact of equity agency conflict and control agency conflict on enterprise performance,all these are helpful to greatly improve the accuracy and reliability of the estimation results.The results show that:1.Private enterprises have the right of control is more conducive to improving their profitability and can have a very significant positive effect on the growth of enterprise performance.2.Private enterprises have the right of control,their profitability growth is relatively stable,and their performance improvement is sustainable.3.Although private enterprises and state-owned enterprises have similar governance structures,the conflicts of equity agency and control agency in private enterprises are relatively small,which is an important reason to promote the improvement of profitability.Finally,on the basis of the research conclusions,this paper puts forward some relevant policy recommendations in order to promote the reform and development of mixed ownership in China.The study concluded that,the governance structure of private enterprises is superior to that of state-owned enterprises,the conflicts of equity agency and control agency are smaller in private enterprises,and the enterprise performance is improved to a greater extent.The current mixed ownership reform has not really played a role in optimizing the corporate governance structure,further reform is still needed.In order to improve and improve the long-term business performance of state-owned enterprises in the future,it is particularly important to consider reducing agency conflicts.For example,the optimization of enterprise management by reducing agency conflicts and control agency conflicts discussed in this paper can serve as a reference for further realizing the innovation of internal management mode of enterprises in the future.