The Influence Of Mixed Reform Degree On Surplus Quality

At present,enterprises in China has gained some experience on mixed-ownership reform through local and central pilot projects,but the effect is not ideal,and there are differences in understanding of the mixed-ownership reform.In the context of the new economy,the reform of state-owned enterprises is facing more complex and diversified challenges and opportunities.In 2019,the National Development and Reform Commission released the fourth batch of enterprises of mixed-ownership reform,with more than 200 pilot enterprises in four batches successively.The success of mixed-ownership reform mainly depends on the improvement of corporate governance,competitiveness and innovation.As one of the most important comprehensive indicators of financial statements,surplus quality improvement from the financial point of view can be used as an important factor to judge the effect of mixed-ownership reform.Therefore,this paper will use surplus quality to measure the reform effect of four batches of pilot enterprises of mixed-ownership reform,in order to provide more enterprises with ideas and motivation for reform.Due to the imbalance of regional development and the close relationship between state-owned enterprises and the government,the paper studies the impact of mixed-ownership reform on the surplus quality in different marketization areas,considering the impact of government intervention.In the paper,four batches of pilot listed enterprises published by the National Development and Reform Commission in 2014-2018 are selected as the research objects.Data are collected manually and CSMAR to sort out data is referred to distinguish the differences of marketization degree.Considering the important role of government intervention and regulation,a regression model of mixed-ownership reform degree on surplus quality is constructed.The empirical results show that:(1)the degree of marketization is an important factor affecting the mixed reform,and the mixed-ownership reform of state-owned enterprises needs to consider the regional development level and local policies;(2)in high marketization areas,the mixed-ownership reform degree is conducive to improving the surplus quality.Whether it is to improve the degree of equity mix or increase the equity diversification,it will significantly enhance the surplus quality;(3)in low marketization areas,the degree of mixed-ownership reform has no significant impact on the surplus quality.Whether it is to improve the degree of equity mix or increase the equity diversification,it will not significantly enhance the surplus quality;(4)in the process of mixed-ownership reform,the role of government intervention is very different in different regions with different degree of marketization.Specifically,in the areas with high degree of marketization,government intervention does not affect the surplus quality,but in the areas with low degree of marketization,reduce government intervention can significantly improve the corporate surplus quality.The conclusion of the research shows that the market plays a major role in the areas with high degree of marketization and the government intervention itself plays a relatively small role.However,in areas with low degree of marketization,market effectiveness is relatively low,the government has a great influence on the development of enterprises.the government's appropriate reduction of intervention is conducive to the improvement of the surplus qualityAccording to the research conclusion,the author believes that after the reform of state-owned enterprises enters the deep water area,the key to the reform of state-owned enterprises is not to improve the marketization of regional development simply by changing the ownership structure,but to truly play the role of the market in resource allocation.For regions with different degree of marketization,the reform strategies of state-owned enterprises should be different.In areas with high degree of marketization,equity diversification can promote equity integration and improve the level of corporate governance.In areas with low degree of marketization,in the short term,the government should appropriately delegate power to help enterprises improve their ability of independent operation in the market;in the long term,it is required to improve the level of marketization.The research of the paper can provide a reference for the mixed-ownership reform of enterprises in different regions,and it also has a certain enlightenment for enterprise governance.