Research On The Influence Of Enterprise Performance On The Path Of Mixed Ownership Reform

Since the Third Plenary Session of the 18 th Central Committee in 2013 promoted the development of mixed ownership economy,the “mixed reform” of state-owned enterprises has been continuously deepened,the advantages of “mixed reform” have been continuously reflected,and the development of mixed ownership economy has become a breakthrough point in deepening the reform of state-owned enterprises.With the advancement of the reform process,Categorical strategy thinking is gradually accepted by more and more state-owned enterprises reform.State-owned enterprises are suitable for different "mixed reform" paths due to their different environment and operation conditions,and different "mixed reform" paths are bound to have an impact on the reform effect.And enterprise performance is an important indicator to measure the reform effect.In this context,this paper will study the impact of path of mixed ownership reform on enterprise performance.On the one hand,it provides strong empirical support for the path selection of mixed ownership reform.On the other hand,Suggestions are put forward for the choice of enterprise reform path.First of all,this article takes corporate governance theory,property rights theory,and incentive mechanism theory as the theoretical basis,and categorizes it into four "mixed reform" paths according to the convention: "overall listing","non-state-owned company shareholding","state-owned enterprise mergers and acquisitions","employees shareholding",and then analyzed the applicability of each path.Secondly,select the data of all A-share listed state-owned enterprises from 2013 to 2018,and analyze the current status of the "mixed reform" path selection of state-owned enterprises according to the annual,state-owned enterprise level,industry,and region.Finally,taking the year of "mixed reform" as the event point,a double difference method was used to establish a regression model to analyze the performance of the enterprise in the year before and after the "mixed reform".The conclusion of the study is as follows:1.The number of state-owned enterprises implementing the "overall listing" and "employee shareholding" reached the peak in 2015,while the number of state-owned enterprises implementing the "non-state-owned enterprise equity participation" and "state-owned enterprise merger and acquisition" reached the peak in 2014.For the state-owned enterprises that choose "overall listing",provincial state-owned holding companies account for the largest proportion.And for the state-owned enterprises that choose the other three paths,the number of state-owned enterprises at different levels accounts for a balanced proportion.In these four paths,the number of state-owned enterprises in industries with low state investment density is higher than that in industries with high investment density.The number of "mixed reform" state-owned enterprises in the four paths in East China is the highest.The "overall listing" route has the least number of "mixed reform" state-owned enterprises in the northwest region.And in the other three paths,the “mixed reform” state-owned enterprises in the northeast region are the least.2.The four "mixed reform" paths: "overall listing","non-state-owned enterprise shareholding","state-owned enterprise mergers and acquisitions",and "employee shareholding" have significantly improved the performance of state-owned enterprises.The four paths have realized the mixing of state-owned shares and non-state-owned shares,improved the shareholding structure,improved corporate governance,and improved the operating efficiency of state-owned enterprises,which is directly manifested by the significant improvement of the performance of state-owned enterprises.3.Provincial holding state-owned enterprises and city-county holding state-owned enterprises use "overall listing" for "mixed reforms" with higher average performance.Industries with low state investment density have significantly higher average performance through the "overall listing" path of "mixed reform" than other paths.The average performance in East China after passing the "employee shareholding" is higher than the other three paths.