The Path Of Influence Of State-owned And Non-state-owned Capital Balance On Enterprise Value

In the context of the continuous deepening of the reform of mixed ownership of state-owned enterprises in China,how to balance state-owned capital and non-state-owned capital has become a key issue to be solved urgently.State-owned enterprises introduce non-state-owned shareholders through mixed ownership reform.In the process,when state-owned enterprises introduce non-state-owned shareholders,the deviation or imbalance of the two types of capital may cause problems such as single shareholding and equity disputes.As a result,mixed ownership enterprises have low governance efficiency and increased agency costs.In order to solve this problem and deepen the reform of mixed ownership of state-owned enterprises,state-owned enterprises should take active measures to check and balance the two,such as selecting an effective check and balance mechanism for equity and operating rights,maintaining business collaboration,and employing employee shareholding to make the two Capital gradually reached equilibrium.There are several motivations and influence paths in this process,and certain business performance will be formed.This paper selects the enterprise "Shanggong Shenbei" after the mixed ownership reform as a case,drawing on the principal-agent theory,super property rights theory and value creation theory,based on the characteristics of the mixed ownership company’s shareholding structure to analyze the mixed ownership reform in China’s state-owned and non-state-owned capital balance mechanism The path of influence on corporate value.In addition,this paper analyzes the effect of two types of capital balance on the reduction of agency costs of mixed ownership enterprises,studies the changes in the four aspects of corporate financing capacity,investment efficiency,operating capacity and innovation capacity caused by the reduction of agency costs,and further explores the four paths of action.The specific role of increasing corporate value.The results of the study show that non-public state-owned enterprises in competitive industries adopt a "balanced" mixed reform approach to help improve their ability to create value.Generally speaking,the common methods used by state-owned enterprises to balance non-state-owned capital include:allocating appropriate shareholding ratio to non-state-owned capital,granting some of their board seats and voting rights,participating in coordinated business development,and carrying out employee stock ownership plans.After the state-owned and non-state-owned capital reaches a state of balance,there are four paths of influence on the enterprise’s value creation ability:strengthening the enterprise’s financing ability,improving investment efficiency,enhancing operational ability and enhancing innovation ability.These influence paths will lead to the improvement of the final performance of mixed ownership enterprises.This article focuses on the new research focus on the non-public state-owned enterprises in the competitive industry,"Shanggong Shenbei",in-depth exploration of the impact of its "balanced" mixed reform on the value of the enterprise,in order to dissolve the mixed reform of the existence of Chinese agents The problem provides the necessary reference.