Research On The Impact Of The Pilot Reform Of "Two Types Of Companies" On The Cost Of Equity Capital

"Two types of companies",namely state-owned capital investment and operation companies,are professional platforms for market-oriented management of state-owned assets,and also reflect the separation of government and enterprise,government and capital separation,and the separation of ownership and management rights.After the Third Plenary Session of the 18 th CPC Central Committee was held in 2013,a new round of state-owned enterprise reform began.The state-owned assets management system was gradually improved,focusing on capital management,strengthening the reform of the state-owned assets management system,reforming the authorized operation system of state-owned capital,trying out the pilot reform policy of two types of companies,and establishing a number of state-owned capital operation companies.We will support the transformation of qualified state-owned enterprises into state capital investment companies.In order to explore the economic effects of the establishment of two types of corporate reform pilots,this study chooses the cost of equity capital as a measure to explore the effects of the two types of corporate reform pilot policies on enterprises,and makes an empirical test on the basis of sample analysis.Based on the change of state-owned assets management from "asset management" to "capital management",this paper analyzes the influence of the establishment of two types of companies on the cost of equity capital of enterprises from the theoretical level under the theory of corporate governance,principal-agent theory and information asymmetry theory.Taking Shanghai and Shenzhen A-share state-owned listed companies from 2012 to 2021 as research samples,this paper uses the differential differential method to conduct theoretical and empirical in-depth discussion on the pilot establishment of the two types of companies and their impact on the cost of equity capital of enterprises.The empirical study shows that the establishment of two types of company pilot is indeed beneficial to significantly reduce the cost of equity capital.At the same time,reducing business risks and reducing principal-agent problems can effectively pull down the cost of equity capital.The above results are still valid after passing the parallel trend test,variable replacement,variable increase and other robustness tests.The empirical results show that the pilot reform policies of the two types of companies make up for the long-term "absence of owners" of state-owned enterprises and state-owned capital,alleviate the problems of principal-agent problems,strengthen the supervision and management of opportunistic behaviors of management,and then effectively reduce the cost of equity capital of enterprises.The establishment of the pilot reform of the two types of companies has achieved the "separation of government and enterprise" and the "separation of government and capital",reducing the policy burden of state-owned enterprises,reducing the failure of market mechanism caused by the "separation of government and enterprise",reducing the risk of enterprise operation,and then reducing the cost of enterprise equity capital.The pilot reform of the two types of companies will further exert the role of shareholder activism,fulfill the responsibility of shareholders,reduce the principal-agent problem of enterprises,and thus reduce the cost of equity capital of enterprises by constructing "personified shareholders".Therefore,it is concluded that the pilot reform policy of "two types of companies" will reduce the cost of equity capital of enterprises.It is suggested that the state continue to promote the innovation of the state-owned capital supervision and management system,in order to give full play to the positive role of the two types of companies,improve the principal-agent relationship to properly solve the cooperation problems between SASAC and the two types of companies,fully perform their regulatory functions,and maximize the effect of the two types of companies in the reform of state-owned enterprises.