A Research On The Effect Of Mixed Ownership Reform Of State-owned Enterprises

Reform is the source of economic development.State-owned enterprises,which are important carriers of the national economy,directly affect the development of China's economy.The reform of state-owned enterprises has always been the core of economic reform.In the Third Plenary Session of the 18 th CPC Central Committee,the requirements for further deepening the reform of state-owned enterprises were put forward,and the active development of a mixed-ownership economy was emphasized.A mixed-ownership economy with crossshareholdings and mutual integration of state-owned capital,collective capital,and non-public capital is an important form of realization of the basic economic system.In this context,this paper selects the effect of state-owned enterprises on the value of the company in the process of promoting the reform of mixed ownership as the main body.Firstly,the thesis expounds the theoretical basis,empirical analysis and empirical research results of the state-owned enterprises' mixed ownership reform.Then it reviews the historical evolution,general realization methods and main problems of state-owned enterprise reform and mixed ownership economy in China;further on state-owned enterprises The mechanism of technology spillover effect,interest convergence effect,manager defense effect and information disclosure effect in the process of mixed ownership reform is analyzed.The various effects are valued to the company through intermediate variables such as company technological progress,shareholding structure,capital structure and information disclosure quality.The impact is followed.Next,a multivariate linear regression model is constructed.151 listed state-owned enterprises in Shenzhen are selected as samples.The SPSS software is used to empirically study the role of state-owned enterprise mixed ownership reform company value effect and analyze the impact on company value.The results of this paper show that,overall,the increase in the proportion of non-state-owned shares in state-owned enterprise mixed ownership reform is positively correlated with company value.From the perspective of technology spillover effects,the increase in the proportion of non-state-owned shares has increased the intensity of R&D,and the strength of R&D is positively correlated with the value of the company.From the perspective of the convergence effect of interests and the defensive effect of managers,the increase in the proportion of non-state-owned shares promotes the holding of executives,while the shareholding of executives and the value of the company are inverted U-shaped,that is,when the shareholding ratio of executives is low.The value of the company increased with the increase of the shareholding ratio of the executives,which was manifested as the effect of interest convergence;when the shareholding ratio of the executives was too high,the company's value gradually decreased with the increase of the shareholding of the executives,which was manifested as the manager's defense effect.From the perspective of information disclosure,the increase in the proportion of non-state equity promotes the improvement of the quality of information disclosure,and the quality of information disclosure is positively related to the company's value.Finally,on the basis of summarizing the research conclusions,this paper puts forward relevant suggestions on the reform of state-owned enterprises in the mixed ownership system,summarizes the shortcomings in the research,and discusses the future research directions in this field.