Research On The Influence Of Mixed Equity Structure On Corporate Performance

With the vigorous mixing of the pace of ownership reform,state-owned enterprises continue to deepen reforms,and mixed-ownership enterprises play a major role in China's economic development.The key point of the reform of the mixed ownership system is the change of the ownership structure at the micro level.The difference between the mixed ownership enterprises is also here,so the special equity structure means special corporate governance issues.In addition,due to the influence of traditional Chinese Confucianism philosophy and the particularity of China's current transitional economic environment,Chinese enterprises are in a "relational society" system that is different from the West.The social relationship network has become an important way for enterprises to survive and develop.Based on the corporate governance of equity structure,this paper adds the role of executive relationship attributes in corporate governance,and studies the impact of private equity shareholders and executives on corporate performance in state-owned holding companies from the perspective of interaction.From the perspective of micro-equity structure,the state-owned holding company is the research object,which mainly discusses the adjustment effect of managers' cross system ties on the relationship between "mixed ownership" equity structure and company performance;and further explore the difference in the role of this adjustment in the context of different marketization.Based on this paper,this paper points out the new research perspective of the relationship between executives and corporate governance of Chinese holding companies under the leadership of "relational society",and has certain reference significance for the study of "social network and corporate governance" that has not yet been deeply studied in China.Based on the related literature review,this paper combines principal-agent theory,equity balance theory and social capital theory to analyze the relationship between "mixed ownership" equity structure,managers' cross system ties and company performance.Taking the Chinese holding company of A-share listed company from 2006 to 2016 as the research object,the empirical test found that:(1)Among the state-owned holding companies,the shareholding ratio of the private shareholding shareholders reaches or exceeds 10%,which constitutes "mixed ownership" equity structure,the company's performance has been significantly improved;(2)the existence of managers' cross system ties has a significant effect on improving company performance;(3)the existence of managers' cross system ties will inhibit the "mixed ownership" equity structure from improving the company's performance;(4)In different regions with different marketization levels,the managers' cross system ties of state-owned holding companies have different adjustment effects on the "mixed ownership" equity structure and corporate performance.In areas with high degree of marketization,it can be found that the existence of managers' cross system ties in state-owned holding companies inhibits the "mixed ownership" equity structure from improving the company's performance,but this negative impact is not significant in areas with low marketization.Under the unique "relationship" culture background in China,"relationship" plays an important role in corporate governance and can be used to explain many unique problems in corporate governance in China.The managers' cross system ties emerged during the reform of state-owned enterprises in China and had an important impact on the corporate governance of state-owned holding companies in China.In the process of corporate governance,the existence of various connection relationships should be considered,and the positive role of its information bridge should be effectively exerted,and supervision should be strengthened to avoid its negative impact.The innovation of this paper is: in the state-owned holding company,this paper considers the role of executive relationship in corporate governance,and discusses the adjustment effect of managers' cross system ties on the relationship between "mixed ownership" equity structure and company performance;It provides new research ideas for the company performance research of mixed ownership enterprises;and this paper further studies the differential effects under different marketization levels,and further explores and thinks.Taking China's special types of enterprises as the research object,and based on China's special "relational" social system institutional background,it analyzes the corporate governance issues and is more in line with China's actual situation.This paper has targeted the local problems in China,which provides more practical opinions and suggestions for the corporate governance of state-owned holding companies in China.