Research On The Influence Of The Ratio Of State-owned Shares On Firm Performance

The reform of state-owned enterprises is an important goal of the current economic system reform,and the promotion of mixed ownership reform is the key to the reform of state-owned enterprises.In particular,during the reform of the layout economic system,the19 th National Congress emphasized "deepening the reform of state-owned enterprises,developing a mixed-ownership economy,and cultivating world-class enterprises with global competitiveness." Therefore,we must introduce non-state-owned capital into state-owned enterprises.However,at this stage,there are still many problems in China's state-owned enterprises,such as “one big share”,unclear property rights structure,lack of ownership,and a series of problems caused by the principal-agent relationship.This paper focuses on the impact of the shareholding ratio of state-owned enterprises in China on the performance.The threshold panel regression model was sampled by the listed companies in the 2013-2017 Guotaian Database(CSMAR).It was also divided into three types of state-owned enterprises with different characteristics by 20% and 50%.They are state-owned absolute holdings and state-owned enterprises.Relatively controlled,state-owned shares do not hold companies.The final study found that,on the whole,there is a “U”-type relationship between the proportion of state-owned shares and corporate performance;And the optimal range of the state-owned shareholding ratio of the three types of enterprises is obtained: the inverted U-shaped relationship between the state-owned absolute holding company and the performance of the enterprise,and the optimal range is(72.81%,100%);State-owned relative holding companies are positively correlated with corporate performance,and the optimal range is(20%,34.4%);There is a positive correlation between state-owned shares and non-controlling companies and corporate performance,and the optimal range is(0,20%);According to the proportion of state-owned shares in the optimal range,suggestions and policy recommendations are proposed for the proportion of state-owned shares that should be held in the property rights structure of the three types of state-owned enterprises.