| In the Third Plenary Session of the 18th Central Committee of the CPC,the party put forward "actively develop the mixed-ownership economy",and it is rised to the prime method for materializing the basic economic system,and undrawn a new round of state-owned enterprises reform.At present,Scholars have debated the connotation,the nature,necessity of mixed ownership,and the road is"state-owned enterprises withdraw and private-owned enterprises enter" or"state-owned enterprises enter and private-owned enterprises withdraw".Therefore,academic research is qualitative and less quantitative,and empirical analysis is far behind the needs of social practice.In the face of controversy,Xi Jinping said that the basic policy of the development of mixed ownership economy has been determined,the key is to rule,the details are to success,so the research perspective should be transferred to the "rules".To this end,this paper reviewed the relevant literature at home and abroad,and explores the problem which is the choise regularity of shareholding structure of mixed ownership enterprises.Firstly,we analyze the current situation of the economic development of the mixed ownership economy.We first reviewed the development of China’s mixed ownership economy,and found that the mixed ownership economy is accompanied by the process of China’s state-owned enterprises to gradually sprout,develop and grow.Then we analyze the basic situation of the mixed ownership enterprises from the broad conception and narrow conception.We use more than three hundred thousand data of "Chinese industrial enterprise database" from 1998 to 2007,adopted the 3 year rolling window inspection found that the mixed ownership of enterprise technology innovation capability is the strongest.Analysis of variance found that the microcosmic efficiency and social welfare of state-owned enterprises,private owned enterprises,foreign-owned enterprises and mixed ownership enterprises is also affected by the enterprise scale,geographical location,market forces and industry factors and so on,which is better or bad is not conclusive.But from the trend,the profit ability,technology innovation ability and social welfare index of the mixed ownership enterprise has been optimized and improved,hence the mixed ownership enterprises is a great potential for the development of enterprises,which is the reality of the "decision" made "to actively develop the mixed ownership economy" in the Third Plenary Session of the 18h Central Committee of the CPC.Secondly,we focused on the control right which the state-owned enterprises and private enterprises are worried about,we stood at the capital occupation angle,studied the mechanism which the pyramid shareholding structure of ultimate controlling shareholders invade the interests of small shareholders,reduce the performance of the company.We collected the balanced panel data which included 692 mixed ownership enterprises and 222 private enterprises from 1998 to 2007,and built a simultaneous equations model,systematic analyzed the relationship among the pyramid ownership structure,misappropriation of funds,the performance of the company.We found that the motivation is different which the different kinds of ultimate control shareholders set up pyramidal ownership structure,but the ultimate controlling shareholders’ control rights and cash flow rights separation,will induce the ultimate controlling shareholders’ expropriation of minority shareholders’ funds,and the damage to the performance of the company,and the degree of violation in accordance with the ultimate control of the social legal person,the local government and the central government’s in turn.We also found that moderately concentrated ownership structure will help alleviate the ultimate controlling shareholders embezzlement behavior,enhance the performance of the company,the increased market competition will help alleviate the ultimate controlling shareholder and small shareholders embezzlement,is conducive to improve the performance of the company.Third,we studied the general rules of the choice of shareholding structure of mixed ownership enterprise.The data of 5960 mixed ownership enterprise of"China’s industrial enterprise database" 1998～2007 was used,the panel Ⅳ model was adopted,and empirical findings was that the relationship between state-owned shares and enterprise performance is inverted U type,and consider the effect of market competition,optimal proportion of state-owned shares increased from 45%to 84.3%,or 51%to 75%.Because of the mean and median of state-owned shares is far from the optimal level,so the mixed ownership reform of the high degree of monopoly industry can be considered to improve the proportion of state-owned shares to the optimal level,at this time the state-owned enterprises have absolute control,we can take the form of the combination of reference,such as CSR CNR merger,China COSCO merger,reform mode China tower.For the competitive industries,we should follow the market rules to select mixed ownership structure,but it is also not necessary to implement the policies that the state-owned stocks exits from all the competitive field or unilateral concession,because the state-owned shares and corporate performance are positively related.In addition,the mixed ownership structure is also affected by the size,industry and other factors,so there is no universal standard,and should adapt it’s to the enterprise’s needs.This conclusion has provided empirical evidence that the mixed ownership reform is not equal to the privatization,but bigger and stronger to the state-owned enterprises,so as to play the backbone of the state-owned enterprises,and enhance the status of the public ownership of the main body.Fouth,based on the perspective of a corporate strategy,we classified the hierarchical selection of two mixed ownership enterprises,analyzed the choice of the ownership structure and its impact on the performance of the company,found it is more important to perfect the corporate governance structure than choise the ownership structure.Based on the actual operation level,we selected the Shanghai SASAC,systematically analyzed the specific practice of its mixed ownership reform,and found that the main ways of mixed ownership reform is use the capital platform to mergers and reorganization,.Finally,we put forward some policy suggestions to develop the mixed ownership economy.First,the reform of mixed ownership should be pushed forward actively and steadily.Second,the reform of mixed ownership should be promoted classification,supervised classification and assessed classification.Third,the reform of mixed ownership should be adhered to market-oriented reforms.Fourth,the mixed ownership enterprises generally adopt the pyramid ownership structure,but it is also important to improve the corporate governance structure.Fifth,we should vigorously the construction of capital market. |
