Research On The Influence Of Control Rights Allocation On Capital Allocation Efficiency Of State-Owned Holding Mixed Ownership Companies

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China explicitly proposed accelerating the reform of mixed ownership,the process of mixed ownership reform in China’s state-owned holding companies has been continuously increasing.One of the purposes of introducing private capital into state-owned holding companies to implement mixed ownership reform is to enable private capital to play a positive role in improving corporate governance efficiency,thereby effectively promoting the preservation,appreciation,and operational efficiency of state-owned capital.The main form of mixed ownership reform in state-owned holding companies is the diversification of equity structure,which will inevitably have a fundamental impact on the allocation of control rights in the core of corporate governance,and thus have a significant impact on the efficiency of company capital allocation through transmission effects.The efficiency of company capital allocation can be divided into two aspects: financing efficiency and investment efficiency.The improvement of company capital allocation efficiency will significantly improve the company’s operational performance,ultimately manifested as an increase in company value.This article takes N Company as an example to analyze the impact of control allocation on capital allocation efficiency under mixed ownership reform.The mixed ownership reform of Company N has not abandoned the position of controlling shareholder for state-owned capital in China.By continuously optimizing the equity structure and board structure,the control power is reasonably distributed between state-owned capital and non-state-owned capital,forming an effective supervision and balance mechanism,and truly achieving the "convergence of interests" effect between state-owned capital and non-public capital.Through analysis,the conclusion can be drawn: firstly,in terms of market response,it reflects from one side that the company has introduced strategic investors and generated new control allocation to ensure that non-state-owned shareholders can effectively play a substantive governance role,achieving the goal of optimizing corporate governance efficiency and improving capital allocation efficiency;Secondly,in terms of investment and financing efficiency,it is necessary to introduce overseas strategic investors who can have synergistic effects with the company,so that state-owned capital and private capital can supervise and balance each other in corporate governance,maximizing the effectiveness of board decisions,and significantly improving the investment and financing efficiency of Company N;Thirdly,in terms of financial indicators,the company’s debt paying ability,profitability,operational ability,and growth ability have all been improved after the reallocation of control.After the emergence of new control allocation,the capital allocation efficiency of Company N has significantly improved and improved.This article mainly proposes corresponding suggestions from four aspects: firstly,selecting strategic investors reasonably.Introducing strategic investors with a background of private capital is a key force in promoting the transformation of the operating mechanism of state-owned enterprises.State owned enterprises should introduce strategic investors that can generate synergies with the company,improve the company’s resource integration ability,and enhance market competitiveness;Secondly,appropriately reduce the proportion of state-owned equity and establish a diversified equity structure with checks and balances;The third is to achieve diversification and diversification of the board of directors.Realizing the demand for non-state-owned capital to participate in corporate governance and effectively playing its role in corporate governance;Fourthly,the government should continuously optimize the market business environment for enterprises,in order to promote their sustained and healthy development.