The Research On The Degree Of Mixed Reform,Management Power And Cash Holding Value Of State-Owned Enterprises

With the steady progress of the reform of state-owned enterprises,state-owned enterprises have made remarkable achievements in the management system,operation mechanism and other aspects.However,due to the separation of ownership and management rights of state-owned enterprises,the agency problem between shareholders and management still exists.It is particularly important to solve the problem of power balance between shareholders and management.At the same time,cash,as the most important liquidity resource,is very vulnerable to shareholders' encroachment and management's rent-seeking.Because of transaction motivation,prevention motivation and other factors,management often chooses high cash holding,which has a negative impact on cash holding value of enterprises.The mixed ownership reform of state-owned enterprises strengthens the supervision and restriction of non-state-owned shares on state-owned shares and management,which is conducive to improving the correctness of cash decision-making.Therefore,further promoting the mixed ownership reform of state-owned enterprises and improving the degree of the mixed ownership reform of state-owned enterprises are important measures to solve the problem of power balance between shareholders and management,which also have a positive impact on improving the cash holding value of enterprises.Based on this,this paper first combs the relevant literature of the state-owned enterprises' mixed reform degree,management power and cash holding value.The paper analyzes the relationship of mixed reform degree,management power and cash holding value of state-owned enterprises.And then it puts forward three research hypotheses according to the principal-agent theory,management power theory,free cash flow theory and financing priority theory.Secondly,taking A-share state-owned listed companies in 2008-2018 as the research sample,this paper designs comprehensive indices to measure the degree of mixed reform of state-owned enterprises and the management power.The research conducts empirical test and analysis through fixed effect regression model.Finally,the conclusions are drawn that:(1)the improvement of mixed reform degree of state-owned enterprises can promote the increase of cash holding value;(2)the increase of management power will weaken the cash holding value;(3)the improvement of the mixed reform degree of state-owned enterprises can effectively alleviate the negative impact of management power on cash holding value.This paper studies and clarifies the relationship among the degree of mixed reform of state-owned enterprises,management power and the value of cash holding.By improving the degree of mixed reform of state-owned enterprises,we can improve the checks and balances of non-state-owned shareholders.It can also supervise and restrict the management power,so as to optimize the policy of cash holding and enhance the value of cash holding.In order to enhance the cash holding value of state-owned enterprises,to maintain and increase the value of state-owned assets,and to enhance the competitiveness of state-owned enterprises,some suggestions are put forward from the perspectives of improving the equity balance,establishing and ameliorating the supervision mechanism of power operation,and optimizing the management of cash holding.