Study On The Impact Of Mixed Ownership Reform On Performance Of State-owned Enterprises

In 40 years of reform and opening up,the reform of state-owned enterprises is still a hot and sensitive topic related to national economy and people's livelihood.The organic integration of state-owned enterprises and market economy is the key to establish and improve China's socialist market economy system.After the Third Plenary Session of 18 th CPC Central Committee,mixed ownership reform has become the basic direction of new round state-owned enterprise reform.Central and local state-owned enterprises introduced private capital,foreign capital,and collective capital to implement mixed-ownership reforms through property transfer,initial public offerings,asset restructuring and employee stock ownership plan.Therefore,demonstrating the impact of mixed ownership reform on performance of state-owned enterprises,and analyzing the achievements,experiences and deficiencies in the reform process,which are keys for new round state-owned enterprise reform to unleash strength of state-owned enterprises and vitality of private enterprises.This paper analyzes the influence mechanism of mixed ownership reform on the performance of state-owned enterprises with theory of property rights and corporate governance.Immediately combing stage status of state-owned enterprises mixed ownership reform since reform and opening up.Then,taking Yunnan Baiyao as an example to show the impact of mixed ownership reform on performance of state-owned enterprises with much specific and intuitive way,and summarize its successful experience.On that basis,choosed 193 state-owned enterprises listed on A-shares and implemented mixed ownership reform from 2009 to 2018 as samples.By constructing a panel data model,the empirical analysis of the impact of changes in the ownership structure of state-owned enterprises under mixed ownership reform on corporate performance was conducted.The research conclusions including positive correlation between share proportion of the largest shareholder and corporate performance;positive correlation between the ratio of corporate shares and corporate performance;negative correlation between the degree of equity concentration and corporate performance;positive correlation between equity restriction and corporate performance.Based on the empirical conclusions,this paper believes that it is necessary in mixed ownership reform to ensure status of the largest state-owned shareholder under premise of classified reform,increase the share proportion of non-state-owned legal person to build a diversified investment body,meanwhile maintain appropriate equity concentration and equity restriction,thereby improving decision-making efficiency and operating performance of state-owned enterprises.