A Study On The Impact Of Equity Checks And Balances On Corporate Value In The Context Of Hybrid Reform

Since the reform and opening up,state-owned enterprises have made fruitful contributions to the country’s economic development.Since the 19 th National Congress,the Party Central Committee and the state have repeatedly put forward requirements such as "actively developing mixed ownership economy",laying the foundation for a new round of SOE reform.However,the "one share is too big" in State Enterprise,the distribution of control,the traditional management style and the backward institutional mechanism still accompany and affect the quality development of China’s macro and micro economy,and in order to change the development status of "wearing new shoes and walking the old way" as soon as possible,it is necessary to change the original institutional mechanism of both sides that affect the development.In order to change the "old road in new shoes" as soon as possible,it is necessary to change the shortcomings of the original institutions and mechanisms of both sides that affect the development,to think and act with abandonment,to recognize the existing problems,to implement the measures of change,and then to improve the core competitiveness of the mixed state-owned enterprises to participate in the market,to expand the amplification function of state-owned capital,and to stabilize the quality development of the socialist market economy.Therefore,how to realize the reform of equity structure and improve the institutional mechanism through the hybrid reform in order to adapt to the institutional environment with Chinese characteristics and the development of enterprises themselves,and how to design a set of scientific equity checks and balances mechanism to realize the complementary advantages of capital in the process of hybrid reform and help improve the value of enterprises is the key.Therefore,based on the review of relevant literature and data,this paper adopts the theory of equity checks and balances as the social background,and introduces in detail the specific process and motivation of the formation of equity checks and balances,the mechanism of equity checks and balances to enhance corporate value,and whether the establishment of an effective check and balance mechanism can enhance corporate value after the hybrid reform.It also summarizes the aspects of the equity checks and balances model of AVIC Jianghang,and analyzes the specific effects of the implementation of equity checks and balances mechanism for corporate value in the context of mixed reform,combining four aspects: intrinsic value,financial value,market value and social value,in an attempt to provide new experience for the improvement of equity checks and balances under mixed reform,especially for the equity structure of military enterprises.Finally,based on the study of the formation process,mechanism of equity checks and balances and changes in corporate value in the context of the mixed ownership reform of AVIC Jianghang,,this paper draws the following conclusions: First,the mixed ownership reform of JAC Equipment has continuously optimized its internal equity,diversified its equity structure,and formed a governance structure of mutual supervision and checks and balances by adjusting the organizational structure of "three layers and one layer".Secondly,the impact of equity checks and balances on the value of the enterprise is reflected in four aspects: economic growth value,financial value of investment and financing,market value and social value.In order to prevent the loss of state-owned assets,the nature of the enterprise determines that its equity structure must be relatively concentrated.Through the case study of AVIC Jianghang,the benchmark enterprise of mixed reform,this paper hopes to provide reference for other military State Enterprise seeking to participate in mixed reform,so that State Enterprise can better play their unique advantages and bring new vitality to China’s economic development.