Environmental Uncertainty,Mixed-Ownership Reform And Investment Efficiency

Under the dual drive of supply-side reform policy and enterprise survival and development,encouraging state-owned enterprises to introduce non-state-owned capital for mixed ownership reform has become the main goal of deepening the reform of state-owned enterprises.The reform of mixed ownership of state-owned enterprises has lasted for more than 30 years,and there are still many corporate governance problems such as low investment efficiency.The level of investment efficiency determines the survival and development of enterprises.The complex and turbulent external micro-market environment and macroeconomic policy environment have brought considerable impact on the investment efficiency of state-owned enterprises.Therefore,how to improve the investment efficiency of state-owned enterprises under uncertain environment?The efficiency of industry investment and the vigor of the development of state-owned enterprises are the difficult problems that need to be solved urgently in the current practice circle.Based on the principal-agent theory,real option theory,control theory and property right theory,this paper explores the environmental uncertainty and mixing from the perspectives of market environment uncertainty and economic policy uncertainty,the checks and balances of mixed equity and the change of control right,respectively.The relationship between joint ownership reform and enterprise investment efficiency.Through the research,we draw the following conclusions:(1)The higher the uncertainty of market environment,the lower the efficiency of enterprise investment;(2)The higher the uncertainty of economic policy,the lower the efficiency of enterprise investment;(3)The higher the checks and balances of mixed ownership,the higher the efficiency of enterprise investment;(4)In the process of mixed ownership reform of state-owned enterprises,the mixed ownership,the higher the efficiency of enterprise investment;(4)In the process of mixed ownership reform of state-owned enterprises,the mixed ownership,the mixed The improvement of power balance helps to alleviate the inefficient investment behavior caused by environmental uncertainty(market environment uncertainty and economic policy uncertainty)and improve the efficiency of investment in the original enterprises,and the above phenomena are more significant in the enterprises with state-controlled control rights.Based on the above analysis results,this paper believes that state-owned enterprises should rationally allocate non-state-owned equity components in the process of mixed ownership reform,improve the balance of mixed equity and market environment adaptability,and encourage state-owned shareholders to maintain control and suggest that the government improve policies.Transparency,maintaining the continuity and stability of the policy,and playing a decisive role in the allocation of resources.The research in this paper re-validates the relationship between environmental uncertainty and corporate investment efficiency,and explores the impact mechanism between environmental uncertainty,mixed ownership reform and investment efficiency,enriching the research results related to mixed ownership reform research.Subsequent further research provides a new direction.