An Empirical Study Of The Influence On Mixed Ownership Reform On The Performance Of Listed State-owned Companies

Since the reform and opening up,the reform of mixed ownership of state-owned companies in China has lasted for more than 30 years.After the initial reform,the reform of mixed ownership of state-owned companies is still advancing.A new round of reform of mixed ownership of state-owned companies has begun and is deepening.In the future,China will further promote the reform of mixed ownership of state-owned companies on the basis of existing ones,and take mixed ownership as an important channel for state-owned companies to change their development mode and direction,thus injecting new vitality into the development of state-owned companies.China's national conditions determine that our national economy is controlled by state-owned companies and plays a leading role in the development of social economy.The state-owned companies' operation,development and profitability will directly affect the development level of the national economy.The performance of state-owned companies is an important index to evaluate the development level and profitability of state-owned companies.The performance level of state-owned companies directly reflects the development ability of companies,determines the welfare benefits of employees.The improvement of performance level of state-owned companies is conducive to the improvement of people's living standards,and has a huge role in promoting economic and social progress.Listed state-owned companies play a key role in all state-owned companies.They are large-scale,powerful,well-funded and technologically advanced,which have a decisive impact on the development of social economy.Therefore,it is of great significance to study the impact of mixed ownership reform on the performance of listed state-owned companies in China.Based on the current mixed ownership reform of listed state-owned companies in China,this paper demonstrates whether the two factors,the proportion of shareholders' reduction in state-owned shares and the performance level of listed state-owned companies before and after the mixed ownership reform,have an impact on the performance level of listed state-owned companies and what kind of impact they have.The first part is the introduction,which introduces the research background,research significance,research methods,paper structure,innovations and follow-up research,and summarizes the relevant literature at homeand abroad.Secondly,the related theories of mixed ownership reform and the performance of listed state-owned companies are analyzed,including corporate governance theory,principal-agent theory,property rights theory and incentive theory.Thirdly,the theoretical analysis before empirical research is carried out,and relevant hypotheses are put forward.Fourthly,the establishment of models and empirical analysis are carried out.The countermeasures and suggestions.In the empirical aspect,this paper selects 50 listed state-owned companies that listed on Shanghai Stock Exchange and Shenzhen Stock Exchange,which have completed the mixed ownership reform from 2008 to 2017,and uses Eviews 8.0 software to establish panel data model.The conclusion of the empirical analysis is that the proportion of state-owned shareholders' reduction of shareholdings in listed state-owned companies has a positive impact on the performance of companies;after the reform of mixed ownership,the performance of enterprises has been improved.Finally,according to the empirical results,this paper puts forward some countermeasures and suggestions on how to improve the performance level of listed state-owned companies:first,increase capital and expand shares,actively introduce private capital and foreign capital;second,implement employee ownership;third,inject state-owned capital into private companies,implement two-way entry;fourth,clearly divide the responsibilities of government and enterprises;fifth,strengthen supervision.