The Impact Of Mixed Ownership Reform On Corporate Performance

The mixed ownership reform in China is based on the efficiency of traditional state-owned enterprises,and the current mixed ownership reform in China has entered the "deep water zone." The issue of how to further promote the mixed ownership reform has become more urgent.The Third Plenary Session of the Eighteenth Central Committee issued the "Decision of the Central Committee of the Communist Party of China on Several Major Issues of Comprehensively Deepening Reform",which opened a new chapter in China's mixed ownership reform.In 2015,the "Guiding Opinions on Deepening the Reform of State-owned Enterprises by the Central Committee of the Communist Party of China and the State Council" further clearly pointed out that non-state capital investment entities should be encouraged to actively participate in the reform of state-owned enterprises through a variety of methods.At the same time,it also encourages state-owned capital to give full play to the role of various capital platforms,use investment,shareholding,reorganization and other means to carry out equity integration,strategic cooperation,and resource integration with non-state-owned enterprises,and ultimately realize the development of mixed ownership economy.The above documents show that China's mixed ownership reform is actually a two-way reform process of private capital mixed state-owned enterprises and state-owned capital mixed private-owned enterprisesBased on the above considerations,this paper focuses on the mixed ownership reform after 2013,and selects China's A-share listed companies as the research object from 2011 to 2018,using the method of propensity score matching and difference-in-differences approach(PSM-DID).On the basis of the previous research conclusions,three dimensions of corporate profitability,output level and operating efficiency are selected to quantitatively analyze corporate performance.In order to explore the similarities and differences of mixed ownership reform on the performance of different property rights and industries,this paper uses the property rights and industry attributes as grouping variables to group the sample enterprises,and further explores the mixed ownership reform for state-owned enterprises,private-owned enterprises and different industries.In order to make the research results more reliable,this paper followed up with a qualitative analysis by selecting the cases of the two companies "Helitai" and "Lijiang Tourism" whose control rights were changed,and conducted a mixed ownership reform,to Comprehensively analysis and evaluation the effect of mixed ownership reform on corporate performance.The research in this paper finds that,in general,the impact of mixed ownership reform on corporate performance in the short term is negative except for the positive impact of output levels.Specifically,in terms of corporate profitability,the mixed ownership reform has a significant negative correlation with the company ' s total asset return.In terms of corporate operating efficiency,the mixed ownership reform has a significant negative correlation with the company ' s labor productivity,while the company's output level the aspect of mixed ownership reform has a significant positive correlation with the actual sales of enterprises.Further,this paper conducts a group regression study based on the two properties of property rights and the degree of enterprise competition.It is found that the negative correlation between mixed ownership reform and enterprise performance is mainly generated by state-owned enterprises and enterprises in monopolistic industries,while for non-state-owned enterprises and For companies in competitive industries,the mixed ownership reform has a certain positive effect on the output level of the company,but it does not have a significant impact on the other performance variables.The paper concludes that the mixed ownership reform is based on long-term strategic adjustments,and short-term reflects the decline in corporate profitability and operating efficiency during the adjustment process,especially for enterprises in state-owned enterprises and monopolistic industries.The reason for the above results lies in the inherent characteristics of China's state-owned enterprises and monopolistic industries,and the degree and depth of the mixed ownership reform is not enough,resulting in a decline in short-term corporate performance.But for the enterprises whose control rights have changed,they are greatly affected by the mixed ownership reform,and their performance has improved to a certain extent.In the next step,China's mixed ownership reform should be comprehensively and deeply promoted,and non-state-owned enterprises should be truly involved in the reform.At the same time,dare to let state-owned enterprises and monopolistic industry companies go to the market,thereby enhancing the vitality of China's socialist market economy.