The Impact Of Mixed Ownership Reform Of State-owned Enterprises On Financing Costs

Under the conditions of globalized market economy,mixed ownership pushes the socialization of capital and production to new heights.The 20 th Party Congress report proposed to implement the new development concept,focus on promoting high-quality development,and promote the construction of a new development pattern.As an irreplaceable component of China’s social and economic groups,the efficient and orderly development of state-owned enterprises(SOEs)has become an inherent requirement for the high-quality development of the domestic economy in the new era,and the reform of mixed ownership of SOEs is a necessary means to achieve the high-quality development of SOEs.Therefore,in order to fully implement the reform of mixed ownership of state-owned enterprises,since the reform and opening up,the government has introduced many policies to support the top-level design,helping state-owned enterprises to speed up the process of mixed reform,to achieve innovative development of the economic system,and gradually enter the "deep water" of property rights.Over the years,the mixed reform of SOEs has achieved good results,but in the process of implementation,there are still problems such as alienation in the process of mixed reform,lack of motivation for participation of all parties in the mixed reform,corporate governance after the mixed reform has not yet been rationalized,differentiated control system to be improved,market-oriented salary distribution system has not yet been established,and the external recognition of the reformed enterprises is not high.This thesis discusses the consequences of deepening the mixed ownership reform of SOEs and proposes targeted breakthrough ideas to ensure that SOEs can continue to achieve "stable growth,optimal layout and reform".Based on this background,this thesis compares and analyzes the information and data of898 A-share state-owned listed companies with mixed ownership reform from 2013 to 2020,and explores in detail how the introduction of non-state-owned institutional investors in the mixed ownership reform of SOEs affects corporate financing costs and its mechanism of action.The study shows that the participation of non-state institutional investors in the mixed ownership reform of SOEs can significantly reduce the equity financing cost,debt financing cost and weighted financing cost of SOEs,and the findings still hold after the robustness test.Further study finds that: non-state institutional investors’ shareholding can significantly reduce the financing cost of central and local SOEs,and this effect is more significant in central enterprises;non-state institutional investors can significantly reduce the financing cost of competitive and non-competitive SOEs,and this effect is more significant in competitive SOEs.The participation of non-state institutional investors in the mixed ownership reform of SOEs improves corporate information transparency and reduces financing costs of SOEs,information transparency plays a mediating role between non-state institutional investors’ shareholding and financing costs.Institutional investors’ field research plays a positive moderating role in the reduction effect of non-state institutional investors on enterprise financing costs,and institutional investors’ field research is conducive to enhancing the role of non-state institutional investors in reducing financing costs.This thesis draws the following policy recommendations: First,state-owned enterprises should actively introduce non-state institutional investors for mixed ownership reform,broaden the avenues of mixed reform,and further consolidate the strategic guidance position.Second,to broaden financing channels and reduce financing costs,a joint effort of market,government and enterprises is needed.Third,to improve the transparency of corporate information and reduce the impact of information asymmetry in order to reduce the financing cost of SOEs,the regulator should strengthen the communication activities between guiding SOEs and institutional investors,and appropriately and actively promote the field research work of institutional investors.