Research On The Policy Effect Of Mixed Ownership Reform On The Financial And Market Performance Of State-owned Enterprises

As an important economic and social pillar of our country,the development of state-owned enterprises has always been valued by all parties in our society,but for a long time,there have been some problems in state-owned enterprises themselves,such as low operational efficiency and unsound corporate governance structure.Failure of decision-making mechanism.The reform of state-owned enterprises is of great value to the realization of the socialist basic economic system with Chinese characteristics,to enhance the vitality of state-owned enterprises,and to promote the market competitiveness of state-owned enterprises.Since the reform and opening up,China's state-owned enterprise reform has been continuously developed and deepened.It has gone through different stages such as state-owned enterprise shareholding reform,state-owned enterprise ownership reform and state-owned enterprise mixed ownership reform,although the previous stage of state-owned enterprise reform has achieved obvious Results,but the reform of state-owned enterprises still faces many deep-seated problems and contradictions.The Third Plenary Session of the Eighteenth Central Committee in 2013 kicked off a new round of mixed ownership reform.Currently,mixed ownership reform has been implemented nationwide.In this context,evaluating the effects of the new round of mixed ownership reform policies is conducive to grasping the effects of the current reform policies and discovering the shortcomings in the reforms,thus clarifying the direction for the following reforms,which has important theoretical and practical significance.Based on the above considerations,after summarizing and summarizing the research progress on the related theories and policies of state-owned enterprise mixed ownership reform,this paper sorts out the development and current situation of state-owned enterprise mixed ownership reform,and analyzes the path of mixed ownership reform affecting enterprise performance from inside and outside the enterprise Then,for state-owned enterprises that implement mixed ownership reforms after 2013,a frontier policy effect evaluation method,regression control method,was used to fit the data of state-owned enterprises that did not implement mixed ownership reforms to the enterprises that implemented reforms and did not carry out reforms.The "counterfacts" of the paper explored the policy effects of the new round of mixed ownership reform by comparing the"counterfacts" with the true values from the aspects of corporate financial performance and market performance.And to explore the reasons for the differences in policy effects using binary logit regression method,the article found:First,the implementation of mixed ownership has achieved good results.For most state-owned enterprises,the implementation of mixed ownership reform is significant Improve corporate financial performance and market performance;second,for an individual state-owned enterprise,implementing mixed ownership reforms to improve financial performance does not necessarily improve its market performance,and the two may not change in the same direction.;Third,there are industry differences in the effects of mixed ownership reforms,and the effects achieved by different state-owned enterprises in the same industry in implementing mixed ownership reforms are also different;Analysis of the effect difference shows that the industry concentration of the company has a significant positive impact on the effect of the mixed ownership reform on improving the financial and market performance of the company,and the incentives of the company managers have a significant positive effect on the effect of the mixed ownership reform on improving the market performance of the company Influence,and the Long-term leverage has a significant negative effect on the gearing ratio of the mixed ownership reform to enhance the financial performance results,and finally,on the basis of the conclusions of this paper,we propose several policy recommendations for mixed ownership reform.