The Research On The Influence Of The Mixed-ownership Model On The Efficiency Of The Mixed Ownership Enterprises

After the Third Plenary session of the 18th CPC Central Committee,China has entered a new period of comprehensively deepening reform.In 2017,the report of the 19th CPC National Congress put forward a clearer task and higher requirements for deepening the reform of state-owned enterprises.And promoting the reform of mixed ownership has become the focus of China's next state-owned enterprise reform.In this context,this paper chooses the mixed ownership enterprises in Shanghai and Shenzhen stock markets from January 1,2003 to December 31,2017 as the research object,and divides the mixed ownership enterprises into "state-owned+private"and“state-owned+private+Foreign”and " state-owned+foreign " three types of mixed-ownership model.At the same time,the semi-parametric LP method is used to measure the total factor productivity(TFP)of enterprises to measure the efficiency of enterprises,focusing on the influence of the mixed ownership model on the efficiency of mixed ownership enterprises.The findings of this paper are as follows:(1)In the total sample,there is no mixed-ow-nership model has significant advantages.However,diversified ownership is beneficial to improve the efficiency of enterprises in large-scale enterprises and high-efficiency enterprises,as well as enterprises in the primary and secondary industries.Small-scale enterprises and enterprises with low efficiency,or enterprises in the tertiary industry,the equity diversification reduces the efficiency of enterprises;(2)In general,the mixed-ownership enterprises with foreign capital have higher efficiency.In this paper,PSM-DID is used to further study the impact of introducing foreign capital on the efficiency of mixed-ownership enterprises,and it is found that the introduction of foreign capital has a significant positive effect on the improvement of the efficiency of mixed-ownership enterprises;(3)The lower the heterogeneous equity balance,the smaller the difference between the proportion of state-owned shares and non-state-owned shares,which is more conducive to the improvement of enterprise efficiency.The actual controller has the best performance when it is state-owned.However,in high-efficiency enterprises,when the actual controller is private shares,the efficiency performance is better.There is a significant negative relationship between the proportion of state-owned shares and enterprise efficiency,and a significant positive relationship between ownership concentration and enterprise efficiency.Finally,based on the analysis of relevant theories and empirical research results,this paper believes that the reform of mixed ownership should not be implemented blindly.It should reasonably promote the development of equity diversification according to the enterprise scale,enterprise efficiency and the industry in which it is located.At the same time,we should actively encourage foreign capital to participate in the reform of mixed ownership,reduce the proportion of state-owned shares,form a moderate concentration of checks and balances with non-state-owned shares,and give full play to the advantages of capital diversification.