Research On The Impact Of Mixed Ownership Structure On Enterprise Performance

The development of mixed-ownership enterprises is the need to achieve a mixed-ownership economic system,which is the trend of the times.However,due to different national conditions,physical fitness,different roads,and different levels of economic development,mixed-ownership enterprises have strong Chinese characteristics.It has to undertake the tasks of deepening the reform of state-owned enterprises,integrating non-public capital for common development,and achieving "national advancement".It also has the responsibility to promote fair market competition and play a decisive role in market resource allocation.Therefore,it is a very important and meaningful topic to study the shareholding structure of mixed-ownership companies in order to improve corporate performance.Based on a review of relevant literature and theories on the impact of domestic and foreign companies' equity structure on corporate performance,this study selected810 listed state-owned enterprises and used the factor analysis method to calculate a score function to evaluate the operating performance of sample enterprises.Use the OLS mixed effect model to empirically analyze whether mixed ownership reform can affect corporate performance and how mixed ownership ownership structure affects corporate performance.The study divides the ownership structure into two aspects: the degree of ownership concentration and the degree of ownership balance,and explores their impact on corporate performance.The research finds that:(1)Among listed state-owned enterprises,compared with non-mixed ownership enterprises,mixed-owned enterprises have a higher level of performance.(2)From the perspective of equity concentration,there is a significant inverse U relationship between the shareholding ratio of the largest shareholder and corporate performance,which means that there is a significant relationship between equity concentration and corporate performance.Therefore,maintaining a proper concentration of ownership structure can have a positive effect on the improvement of corporate performance.(3)From the perspective of equity balance,there is also a significant inverted U-shaped relationship between the Z index that measures equity balance and corporate performance.This is because when the company's equity is held by multiple shareholders,it can inhibit the information advantage of major shareholders and protect the interests of small shareholders to a certain extent.However,when the balance of equity exceeds a threshold,repeated negotiation games will occur due to excessive checks and balances among the major shareholders,resulting in "bargaining effect","disagreement effect",and "controlling effect",resulting in inefficient decision-making and performance decline.Therefore,for mixed-ownership enterprises,a series of effective measures should be taken,such as the introduction of diversified investment entities and the improvement of governance structure,so as to maintain the enterprise's balance of checks at a reasonable level.