State-owned Enterprise Mixed Reform And Corporate Performance

Because of their special missions and functions,state-owned enterprises have always played the most important part in the development of the national economy.Their development and progress have led to the implementation and implementation of multi-planning.Regardless of the type of enterprise,the development to a certain stage,especially at the stage of maturity,the problems of management and management that have not yet appeared in the early stage of development will gradually emerge,and state-owned enterprises are no exception.At the same time,given its strategic position in the coulntry's economic development,and taking into account the sensitivity of the whole body,it has decided that solving the major development problems encountered in its development process will be highly valued by many parties.As national enterprises that take heavy responsibility,they made great contributions to the development of Chinese economy.However,such problems as industry monopoly,inefficiency,asset loss,and lack of innovation are often accompanied by frequent production and management.The proposal for reform of state-owned enterprises is necessary,and relevant departments have gradually put the reform of state-owned enterprises on the agenda of national economic development.Based on the introduction and definition of the basic concepts,this paper summarizes the research status at home and abroad in relevant aspects.Then through the empirical analysis method,taking the data of China's Shanghai and Shenzhen A-share listed companies in 2009-2017 as a research sample,analyzing the impact of China's state-owned enterprise mixed ownership reform on corporate performance,and then studying the mechanism of the above effects:mixed ownership reform of state-owned enterprise-executives at stake-corporate performance.The main structure of this paper is mainly divided into the following six parts:The first part is the introduction.Firstly,this paper introduces the research background,which leads to the research topic "The impact of mixed reform of state-owned enterprises on enterprise performance",and then expounds the theoretical and practical significance of studying the relationship between the reform of state-owned enterprises and corporate performance.In terms of theoretical significance,the method expands in two dimensions.Finally,the proposed innovations in the research process are elaborated.The second part is a literature review mainly divided into two major modules.Module 1 summarizes the research related to mixed ownership from theoretical research and empirical research.In the empirical research part,it further develops from the aspects of influencing factors and economic consequences of mixed reform.Module 2 focuses on research related to corporate performance.Based on the thesis of this paper,the two dimensions of the reform of state-owned enterprises and the influence of executives' shareholding on corporate performance are selectively summarized,which provides theoretical and empirical support for the study of the mechanism of action.The third part is about concept definition,theoretical analysis and hypothesis.Firstly,define the concepts of mixed ownership,state-owned enterprises,the mixing up of state-owned enterprises,corporate performance,classification of management,and executive shareholdings.Secondly,it introduces the principal-agent theory,information asymmetry theory,incentive theory,incomplete contract theory,property rights theory and mediation effect theory based on the research topic.The fourth part is the empirical research design.This paper takes A-share non-financial state-owned listed companies from 2009 to 2017 as the research sample,and the data comes from RES SET and CSMAR Database.Then,the self-explanatory variables,the explained variables and the control variables are measured,and the basis for constructing the models is selected.Finally,the research model constructed in this paper is listed.The fifth part is an empirical analysis.In the multiple regression analysis,the absolute number index constructed is used to study the effect between the mixed reform and the enterprise performance.In the further analysis,the above relationship is further explored with the relative number.Then it conducts research on the classification and management of mixed reform of state-owned enterprises.This paper selects the competitive and hierarchical classification dimensions for testing.Next,we will examine the intermediary role of executive shareholding in the process of the impact of mixed reform on corporate performance.In addition to the above-mentioned research on the relative number of indicators,the paper attempts to verify the effect of the mixed-reform on the medium-and long-term indicators in the production and management process of the enterprise,and to compensate for the limitations of the short-term indicators in the main regression.Finally,the above regression results are tested by testing the main variable replacement metrics and selecting the instrument variables for robustness testing.The sixth part is about the research conclusions and recommendations.Based on the analysis of the empirical results,this part summarizes the conclusions of this paper,and proposes corresponding policy recommendations based on the conclusions.Finally,the limitations of the research in this paper are also analyzed.The innovations in this paper may include the following aspects:(1)The research on the implementation effect of the mixed reform of state-owned enterprises mainly focuses on the changes in enterprise investment efficiency,business performance,innovation level and compensation contract in the context of mixed reform.There are relatively few studies on how to bring the above effects to enterprises,that is the exploration of the mechanism of action has not yet been deepened.In view of the current research status,after studying the relationship between the reform of state-owned enterprises and corporate performance,this paper further attempts to explore the mechanism of action between the two.It is hoped that the exploratory research in this paper can provide some reference for the research on the subsequent related mechanism of action,and provide some enlightenment for the effective executive incentive model for state-owned enterprises that have not yet implemented mixed ownership reform.(2)For the definition of mixed change of state-owned enterprises,most scholars take the proportion of shares held by state-owned shareholders as the index,and the articles with the proportion of non-state-owned shareholders as the research variables are relatively few.In recent years,some scholars have tried to measure the intensity of state-owned enterprises' mixed reforms from the perspective of relative indicators,but the definitions and measurement methods have their own advantages.In this paper,combined with the existing measurement methods,combined with the availability of data,the sum of the shareholding ratio of the top ten shareholders of the non-state-owned shareholders and the shareholding ratio of the state-owned shareholders is used as the relative number indicator of this article,from the absolute mariber and the relative number.Defining the two angles and examining the empirical results separately can make the conclusions more convincing.(3)The main hypothesis in this paper focuses on the short-term effects of the mixed reform of state-owned enterprises the short-term business performance of enterprises,in order to enrich research,this paper attempts to further explore the impact of mixed reform on enterprise R&D investment.In this way,the paper examines the short-term and long-term effects brought about by the mixed reform,and enriches the research on the mixed reform of state-owned enterprises.