The Mechanism Of The Board Power Of Non-State Shareholders On The Preservation And Appreciation Of Assets Of Mixed State-owned Enterprises

In the context of deepening the reform of state-owned enterprises,mixed ownershp reform is an important breakthrough in the reform of state-owned enterprises.The goal of mixed ownership reform is to deepen the integration of state-owned and non-state-owned capital,improve the corporate governance structure,and accelerate the formation of a flexible market-based operating mechanism to achieve the complementary advantages,mutual promotion and common development of different ownership capitals,and enlarge the function of state-owned capital,and promote the preservation and appreciation of state-owned assets.However,there is a conflict between the system logic of state-owned capital based on government power and the logic of property rights of non-state-owned capital.Although many state-owned enterprises have already achieved mixed forms of capital structure,government intervention has not weakened,and the administrative monopoly system has not Breaking down.so that non-statc-owned capital participating in the governance of state-owned enterprises still face institutional obstacles such as "glass doors","spring doors" and"revolving doors".There is a fear of losing the right to speak for non-state-owned capital,leading to non-state-owned capital's low enthusiasm for participating in the mixed reform of slate-owned enterprises.Therefore synergies of capital of different ownership are difficult to play.It can be seen that giving non-state-owned shareholders the actual control of state-owned enterprise governance is crucial to alleviate non-state capital's concerns about"mixed but not mixed",to increase the enthusiism of non-state capital participating in the mixed reform of state-owned enterprises,and then to promote the preservation and appreciation of the assets of mixed state-owned enterprises.The board of directors is an important decision-making body and plays a central role in corporate governance.Shareholders can have a practical impact on corporate operating decisions through the board of directors.Therefore,this paper explores the influence of the board power of non-state shareholders on the preservation and appreciation of assets of mixed state-owned enterprises,and clarifies the internal mechanism of the board power of non-state shareholders exerting governance effects to provide a theoretical reference for state-owned enterprises by allocating board powers for the non-state shareholders to promote asset preservation and appreciation.Specifically,in-depth research is carried out from the following four aspects:(1)This paper analyzes the complementary advantages between non-state-owned resources and state-owned resources based on the resource-based theory,and clarifies the material basis and prerequisites for the mixed reform of state-owned enterprises;then the paper introduces the resource dependence theory to analyze the sources of board power of non-state-owned shareholders in mixed state-owned enterprises based on the perspective of shareholders'resources,and the paper analyzes the sources of board power from the perspective of governance structure,which lay the theoretical foundation for exploring the mechanism of non-state shareholders' board power on the preservation and appreciation of assets of mixed state-owned enterprises from the dual perspectives of shareholders' resources and governance structure.(2)From the dual perspectives of shareholders' resources and governance structure,this paper analyzes the influence of the board power of non-state-owned shareholders on the assets preservation and appreciation of mixed state-owned enterprise,and compares the influence strength difference between the board power and equity of non-state-owned shareholders on the assets preservation and appreciation of mixed state-owned enterprises.Based on this difference,the concept of "over-appointed directors" is introduced under the non-equal configuration logic of board power and equity,and then the role of non-state-owned shareholders over-appointed directors in assets preservation and appreciation of mixed state-owned enterprises5 assets is improved for deepening the research of board structure of mixed state-owned enterprises.(3)From the dual perspectives of shareholders' resources and governance structure,this paper explores the role of board powers of non-state-owned shareholders in assets preservation and appreciation of mixed state-owned enterprises in terms of asset operation efficiency and managerial entrenchment.From the perspective of shareholders' resources,non-state shareholders have a resource endowment effect after participating in the mixed reform of state-owned enterprises.The board powers of non-state shareholders improve the asset operation efficiency of the mixed state-owned enterprises,thereby promoting the preservation and appreciation of assets.From the perspective of governance structure,the board powers of non-state shareholders play a check and balance effect in the governance of mixed state-owned enterprises by restraining the managerial entrenchment of mixed state-owned enterprises to promote preservation and appreciation of assets.(4)In order to further deepen the research on the influence mechanism of the board powers of non-state shareholders on the preservation and appreciation of assets of mixed state-owned enterprises,this paper starts with the control of state-owned shareholders and analyzes the synergistic and complementary effects of the control of state-owned shareholders and the board powers of non-state shareholders from the perspective of shareholders' resources.Based on the perspective of governance structure,this paper analyzes the governance constraints of state-owned shareholder control on non-state-owned shareholders' board powers.With the increase of the state-owned shareholder's control,the governance constraint effect gradually strengthens,and the synergy and complementarity effect increases first and then weakens.Therefore the state-owned shareholders' control plays a dual role in regulating the positive relationship between the non-state-owned shareholders' board powers and the assets preservation and appreciation of mixed reform of state-owned enterprise.The innovation and theoretical contributions of this article are mainly reflected in the following three aspects:First,the previous literatures on the relationship among heterogeneous shareholders mostly explore the counterbalance relationship among heterogeneous shareholders from the perspective of governance structure based on the principal-agent theory.Under the realistic background that mixed-ownership enterprises require different ownership capitals to exert synergistic effects,this paper analyzes the complementary advantages and the power balances between non-state-owned and state-owned shareholders based on the dual perspectives of shareholders' resources and governance structure,and realizes the opposition and unification of heterogeneous shareholders' relationship,which will help expand the theoretical perspective of the research on heterogeneous shareholders' relationships,and then provide theoretical guidance for promoting the effective fusion of different ownership capitals in mixed-ownership enterprises.Second,based on the analysis of the direct correlation between the governance structure and economic consequences of mixed-ownership enterprise in existing research,this article delves into the influence paths of the board powers of non-state-owned shareholders on preservation and appreciation of assets of mixed state-owned enterprises in terms of managerial entrenchment and asset operation efficiency.It also examines the effect of state-owned shareholder control on the strength of the relationship between the two.These could clarify the mechanism of the board power of non-state shareholders on the preservation and appreciation of assets of mixed state-owned enterprises,and will help deepen the research on the impact of governance structure of mixed state-owned enterprises on economic consequences,and provide more operable suggestions for the practice of state-owned enterprises reform.Third,different from previous research on the internal power structure of the board of directors,this paper combines the over-allocation of board powers of non-state shareholders in the state-owned enterprises under the new round of mixed reforms to analyze the difference of board power and equity of non-state shareholders.And this paper further examines in detail the influence of non-state-owned shareholders'over-appointment of directors on the assets preservation and appreciation of mixed state-owned enterprises,which will help to deepen the research on the structure of the board of directors of mixed state-owned enterprises,and enriched the influence factors of the assets preservation and appreciation of mixed state-owned enterprises.