Research On Ownership Structure, Board Characteristics And Corporate Performance In Mixed Ownership Enterprise

As the pillar of China's economy,the development of state-owned enterprises has been paid much attention.The state has given it considerable support in policy and resources.Has been,however,the state-owned enterprise management system rigid,poor internal performance,debts and social burden,technical innovation is not strong,the state-owned capital loss serious,redundant personnel too much,and many other shortcomings,its utility,and performance growth rate is lower than the social average growth level for a long time,only from inside the restructuring of state-owned enterprises can break through the dilemma.On the other hand,some non-state-owned enterprises have higher profitability than state-owned enterprises due to their advanced management concepts and innovative governance mechanisms,and their production vitality is more vigorous.In order to fundamentally improve the efficiency of state-owned enterprises,the state hopes to introduce the advantages of these enterprises into state-owned enterprises,thus proposing the reform of mixed ownership.The idea of mixed economy has been put forward for more than 20 years.During this period,China has been persistently seeking the right direction for China's economic development and the reform of state-owned enterprises.However,the effect of the reform of state-owned enterprises has been unsatisfactory,and some of the main contradictions hindering the performance improvement of state-owned enterprises have not been relieved.Since the third plenary session of the 18 th CPC central committee,the state has initiated a new round of state-owned enterprises reform.By promoting the integration of various forms of ownership in state-owned enterprises,the enterprises can present diversified shareholding and form mixed ownership enterprises to improve the efficiency and competitiveness of enterprises.Mixed ownership reform is believed to significantly improve the efficiency of state-owned enterprises.In theory,its mechanism of action is through the enterprise ownership structure diversification,together the different nature of capital,through this bridge,the various properties of capital to optimize the body thrown into the company to achieve a better utility.Equity structure and board characteristics are the focus of corporate governance.The ultimate goal of corporate governance is to promote the improvement of enterprise performance.Under the background of the mixed ownership reforming in full swing,the paper combs the development of the mixed ownership,explains the purpose and significance of mixed ownership reform and describes the existing problems of mixed ownership reform.In addition,this paper studies the influence of ownership structure and board characteristics on corporate performance by taking mixed ownership enterprises as samples.Through the research,this paper finds that the performance of the company increased with the increase of the shareholding ratio of the largest shareholder and the sum of the top five shareholder's stake.At the same time,there is a significant negative correlation between company performance and board size and independent director ratio.In the case that the largest shareholder is in relative holding,the influence of ownership structure and board characteristics on corporate performance is more significant.Because of mixed ownership reform in China has not yet comprehensive promotion,the influence of factors such as ownership structure,board characteristics on the performance of mixed-ownership enterprises needs to be further tested.Although mixed ownership reform in China has entered the stage of deepening,but the equity and board structure is most suitable for the mixed ownership enterprise also cannot treat as the same,according to the circumstances of the industry of the enterprise to consider,to be sure the mixed ownership enterprises is still in its preliminary stage,and its governance efficiency will exist great room to improve.According to this paper,empirical evidence,a certain amount of equity concentration can bring to the company's governance more supervision and incentives,blindly reduce the ownership concentration on corporate governance has certain disadvantages,the current situation,control the scale of the board of directors and independent directors proportion,give full play to the role of the board of directors also it is the key that we need to consider.