The Impact Of Decision-making Power Allocation On Enterprise Value Under The Background Of Mixed Reform

State-owned enterprises are the important part of China's national economic improvement.At the third plenary session of the 18 th CPC committee,it said that the mixed ownership development should be the object of the state-owned enterprises reform,which is conducive to maintaining and increasing its value.Mixed ownership reform makes full use of state capital for state-owned enterprises,complement their advantages with private enterprises,and improve their operation efficiency and competitiveness.The mixed reform makes the private capital join in,the ownership structure diversification,will derive the new group decision right disposition form,promotes the state-owned enterprise to increase enterprise value by changing the decision mechanism.This paper takes case analysis through Yunnanbaiyao to study the allocation of enterprise decision-making right under the background of mixed ownership reform,and analyzes the influence path mechanism of the change of decision-making right allocation on enterprise value from three aspects of personnel right,financial right and administrative right.The results show that Yunnanbaiyao reduces the agency cost and increases the profit through the reallocation of personnel right and the use of market incentive mechanism.Through the reconfiguration of financial rights,the advantages of capital scale and market capital operation platform are utilized to reduce capital cost and improve capital operation efficiency.Through the strategy of reconfiguration and adjustment of authority,increase the investment in innovation research and development and industrial mergers and acquisitions,promote the endogenous growth of the four existing business segments,reduce product cost,increase sales revenue,and ultimately increase enterprise value.Finally,this paper gives some suggestions on the allocation of decision rights.On the one hand,state-owned enterprises should strictly select suitable private investors as strategic investors to achieve win-win cooperation between state capital and private capital.On the other hand,enterprises should improve the allocation of corporate decision-making rights,and optimize the allocation of corporate personnel rights,financial rights and administrative rights,so as to promote the improvement of corporate value.Besides,an effective corporate governance mechanism with checks and balances and market-oriented enterprise management system should be established.