Research On The Influence Of Mixed Ownership Reform On Corporate Governance Efficiency Of State-owned Enterprises

State-owned enterprises are the mainstay of the national economic system,holding the lifeline of the national economy,playing an important role in China’s economic development and an important driving force for the steady and sound development of the national economy.However,the development of state-owned enterprises is severely restricted by such problems as the "dominant share" of state-owned capital,the absence of owners and the low efficiency of corporate governance.Since the Third Plenary Session of the 18th CPC Central Committee first proposed to encourage state-owned enterprises to carry out mixed-ownership reform in 2013,the mixed-ownership reform of state-owned enterprises has officially entered a fast lane.Since 2016,the State-owned Assets Supervision and Administration Commission of the State Council has identified four batches of mixed-ownership reform pilot enterprises,exploring a way for state-owned enterprises to comprehensively carry out mixed-ownership reform."Mixing" is only a process,while "changing" is the goal.The mixed ownership reform aims to improve the ownership structure of state-owned enterprises and improve the corporate governance mechanism to improve the efficiency of corporate governance.State-owned enterprises with different nature and characteristics choose different paths when carrying out mixed reform,and the change of corporate governance efficiency is also different.Based on this,this paper evaluates the corporate governance efficiency of Chinese enterprises with mixed ownership reform from various perspectives.This paper mainly adopts literature induction,normative research,comparative analysis and case analysis.Firstly,the research background and significance of this paper are briefly expounded,the main content and research methods of this paper are summarized,the research route is designed and the innovation points of this paper are expounded.Secondly,this paper reviews relevant literature from three aspects:the mixed ownership reform of state-owned enterprises,the corporate governance efficiency of state-owned enterprises,and the impact of mixed ownership reform of state-owned enterprises on the corporate governance efficiency,defines relevant concepts,and briefly describes the relevant theories based on the research and analysis.Thirdly,99 mixed-ownership reform enterprises listed on the A-share market from 2015 to 2021 are selected as sample enterprises,and the input-output indicators of the DEA model are determined.The paper conducts A comparative study from seven perspectives,including industry,region,life cycle,path of mixed-ownership reform,functional characteristics,administrative subordination level and different levels,and analyzes the reasons for their differences.Finally,the paper puts forward the following three aspects from micro,meso and macro:attach importance to the role of non-state capital,actively explore the mode of attracting capital and wisdom by introducing strategic investors,perfect the corporate governance mechanism and system,orderly promote the hierarchical and classified mixed ownership reform,strengthen the top-level design,and create a good market and legal environment.The results of this paper show that:first,Mixed ownership reform can effectively improve the efficiency of corporate governance of state-owned enterprises.Second,there is a large difference between pure technical efficiency and scale efficiency of mixed ownership reform enterprises.Pure technical efficiency is generally high,while low scale efficiency and large fluctuation lead to the fluctuation of corporate governance efficiency.Thirdly,based on the difference analysis of four dimensions of industry,region,life cycle and mixed-ownership reform path,there are obvious differences in the performance of corporate governance efficiency of mixed-ownership reform enterprises.The corporate governance efficiency of wholesale and retail enterprises,enterprises in the eastern region,enterprises in the mature stage and companies taking multiple paths is higher.Fourthly,the heterogeneity analysis from the perspective of hierarchical classification shows that mixed ownership reform enterprises of different levels and different functional characteristics have different performance levels of corporate governance efficiency,and mixed ownership reform enterprises of Class Ⅰ,central enterprises and group level have better performance of corporate governance efficiency.Fifth,the top 10 mixed-ownership reform enterprises in terms of corporate governance efficiency have advantages in terms of equity structure and governance system.The innovation points of this paper are mainly reflected in the following aspects:first,taking the mixed ownership reform enterprises as the research object,combining their own characteristics,using the DEA-BCC model to measure the corporate governance efficiency of Chinese mixed ownership reform enterprises.Second,the difference analysis is made from four perspectives of industry,region and life cycle mixed reform path,and the heterogeneity analysis is made from the perspective of stratification and classification,which enricfies the research content of corporate governance efficiency and makes the research perspectives more diversified.