Research On The Impact Of Mixed Ownership Reform On The Performance Of State-owned Enterprises In China

The reason why the Third Plenary Session of the 18 th CPC Central Committee and the 19 th National Congress of the CPC has always emphasized that we should regard the development of mixed ownership as the direction of state-owned enterprise reform is to through bring in non-state capital to optimize the ownership structure of state-owned enterprises,and make the efficiency advantages of the state-owned economy and the market advantages of non-public capital can combine to improve the performance of state-owned enterprises,thereby improving the innovation and competitiveness of state-owned enterprises,so that state-owned enterprises can truly establish modern enterprise systems.Therefore,the impact of mixed ownership reform on state-owned enterprises' equity structure on corporate performance is an issue that cannot be ignored in establishing a moderen enterprise system.This article first explains the relevant concepts and theoretical basis of China's mixed ownership reform and equity structure,reviews the historical process of the stateowned enterprise reform and the state-owned enterprise's current status,then analyzes the mechanism of how state-owned enterprise equity structure make impact on corporate performance.Based on this to put forward hypotheses.Based on the sample of 613 listed state-owned enterprises in China from 2015 to 2018,compile datas related to the performance of the equity structure to build a model,analyze the impact of proportion of state-owned and non-state-owned shares,the degree of equity concentration,and the degree of ownership balance on performance.The results of the model show that there is a negative relationship between the proportion of state-owned shares and corporate performance.The proportion of non-state-owned shares has no significant effect on corporate performance,,but an excessively high proportion of nonstate-owned shares will affect the improvement of corporate performance.The increase in equity concentration is conducive to improve the company's performance.The relationship between the balance of equity and corporate performance is an inverted Ushape,that is,moderate balanced of equity is conducive to the improvement of corporate performance.Then,according to the analysis of conclusion,explore the problems and causes of the state-owned enterprise equity structure based on the combination of theory and practice.Finally,specific countermeasures and suggestions are put forward for how to improve the enterprise performance by optimizing the stateowned enterprise equity structure.This paper argues that in the reform of mixed ownership,by appropriately reducing the proportion of state-owned shares,maximum the market advantages of nonstate capital actively while introducing non-state capital.Optimizing the concentration of equity and check and balance,improve corporate performance,and make state capital and non-state capital can be better integrated to achieve "national advancement",so as to improve the "global competitiveness" of China's state-owned enterprises.