The Correlation Between State-owned Ownership And Enterprise Performance Under The Background Of Mixed-ownership Reform

The way of economic running must match the market environment.At the beginning of the formation of the market,the way of resource allocation was random and obscure,as a result,there was a lot of resource waste in the practices,meanwhile.The exchange between individuals,individual and market,as well as market itself had no effective guarantees,which led to a high transaction cost,also led to the inefficiency of the market.The planned economy helps the operation of the market economy and establishes the market order smoothly,which offer the country an opportunity to recovery the economic quickly.As the society developed,economic entities become larger,industry was divided more specifically than before,the market played a new role,exercising new economic rights and obligations to search a unique way to promote economic development.Mixed ownership reform is a new system suitable for economic development during such a turning point.And the mixed ownership reform means different ownership can exist side by side in this new market condition,in order to improve the market system,forming a fair competition market environment.Providing a continuous power for sustainable economic development.The mixed ownership reform program has been proposed in the last century,which has gone thirty years.The mixed ownership economy has become a major component of China's economy.The key point of reform was on the state-owned enterprises reform,which always faces the problem of how to allocate state-owned assets,and how to keep the state-owned assets from declining meanwhile give full play to the advantages of state-owned assets? Is there any practical way of the reform? This is not only related to the efficiency of mixed ownership reform,but also affects the overall development of our economy.Draw lessons from predecessors' research,this article uses quantitative and qualitative analysis method,constructing a mathematical model which take the stated-owned ownership as the independent variable by collecting the theory and date bass,and taking the operational efficiency index of the enterprise as the reference variable to analyze and explore the relationship between the state ownership and the enterprise performance.There were three assumptions,first,the existence of the enterprise has its own legitimacy.Second,the enterprise has the tendency to pursue the maximization of profits.Third,there are unspoken relationship between the state-owned ownership and the enterprise performance.The theory of enterprise property rights,the theory of performance evaluation and the transmission mechanism of the relationship between the state ownership and the performance of the enterprise,these three theories form the foundation of this paper.In theory,the state ownership may cause the loss of enterprise performance because of its policy oriented responsibility burden.On the other hand,the social credibility of the state-owned ownership can be used as a favorable resource to indirectly promote the performance of the enterprise.In order to research the relationship between stated-owned ownership and the enterprise performance,this paper collects 713 listed companies' financial data.Dividing this sample into four sub-samples based on enterprise's administrative stage: Central enterprise,Provincial Enterprises,Municipal Enterprises,and Private enterprise.The proportion of the state-owned shares is the direct explanatory variable,total assets net profit rate index is used to represent the enterprise performance,the results indicate that the proportion of the ownership ratio of the abroad and the enterprise performance is a significant inverted U correlation.By calculating the turning point of the regression model,the proportion of the state-owned shares of the four samples is obtained about 31.23%,26.62%,24.55% and 6.86%,when the proportion of the stated-owned ownership reach the turning-point,the business performance reached the maximum.Finally,this paper proposed the following policy suggestions: first,establishing a perfect competition mechanism and weaken the difference of the ownership,so that different ownership capital can get the same opportunity.Competition can enhance the vitality of the enterprise,and the weakening difference of the ownership make the enterprises to face equal opportunities in the market transaction.At the same time,in the environment of full competition,it can improve the vitality of the state-owned shares and reduce the loss of the market efficiency caused by improper competition.Second,Classification reform.Enterprises of national security and economic lifeline should be mastered by the state.In addition to the full participation of state-owned enterprises in the market,and to guide private SMEs,state-owned enterprises should learn from outstanding private enterprises for their excellence.Third,we should improve the principal-agent system of state assets,preventing the loss of state assets and exerting the advantages of state-owned assets.