Research On The Impact Of Mixed Ownership Reform,Corporate Governance And Corporate Performance

Since the reform and opening up in 1978,the reform of state-owned enterprises has been the center of economic system reform,and the mixed ownership economy has experienced the process from germination to development as the reform progresses.In order to further promote the reform of state-owned enterprises,the Third Plenary Session of the 18 th CPC Central Committee proposed to actively develop a mixed ownership economy and establish a sound modern enterprise system.In October 2017,the party's 19 th National Congress report once again stressed the need to “deepen the reform of state-owned enterprises.The development of a mixed-ownership economy and the cultivation of world-class enterprises with global competitiveness",and the reform of mixed ownership has continued to deepen.How can companies achieve mixed ownership reform? How should the share of state-owned shares be designed? More importantly,how can mixed ownership reform improve the performance of the company? As an important factor affecting corporate performance,corporate governance plays a role in the reform of mixed ownership.These are all questions that need to be answered in theory and practice.Manufacturing is the cornerstone of China's economy,the backbone of China's economic development,and the focus of mixed ownership reform.This paper takes the manufacturing mixed ownership enterprise as the research object,taking the 3541 data of Shanghai and Shenzhen A shares from 2013 to 2017 as the research sample.The proportion of the state-owned shares held by the top ten shareholders is the explanatory variable,based on the relevant literature review.Combining mixed ownership economic theory,property rights theory and principal-agent theory,using factor analysis,multi-level regression and other methods to study the relationship between mixed ownership,corporate governance,and corporate performance.Three important conclusions are drawn:(1)The ratio of state-owned shares to enterprise performance is inverted U-shaped,the optimal ratio is 27.71%;(2)corporate governance is positively correlated with corporate performance;(3)the proportion of corporate governance in state-owned shares is The adjustment effect between enterprise performance is significant,and high-level corporate governance capabilities after equity blending can make performance improvement more obvious.The above conclusions indicate that proper “mixing”(optimization of ownership structure)can contribute to the improvement of corporate performance,and “reform”(the perfection of corporate governance)can amplify the effect of “mixing”,so “mixing” and “changing” "To be combined,it is more conducive to the improvement of the performance of mixed ownership enterprises.This paper proposes to strengthen the reform of mixed ownership,continuously optimize the ownership structure of mixed ownership enterprises,continuously improve the corporate governance level of enterprises,and establish and improve the guarantee mechanism for non-state-owned capital to enter and exit state-owned enterprises.