The Economic Effect Of Introducing Non-state-owned Capital Into State-owned Enterprises

The reform of state-owned enterprises has always been the most important part of the reform of China’s economic system,while the practice of mixed ownership reform,which is characterized by introduction of non-state-owned capital,optimization of ownership structure and improvement of corporate governance,is accompanied and carried out continuously with the reform of state-owned enterprises.Since the third plenary session of the 18 th CPC Central Committee put forward the request of actively developing the mixed ownership economy,the strength of developing the mixed ownership economy in all parts of our country has been unprecedented.The reform of mixed ownership in state-owned enterprises has increasingly become a hot topic in the political and economic life of our country.It is an important issue for intensive study how to effectively improve the innovation performance,investment efficiency and corporate value of state-owned enterprises in the process of mixed ownership reform.The problem studied in this paper is the economic effect of the introduction of non-state-owned capital into state-owned enterprises,and the following three specific problems are mainly tested: First,the innovation performance of state-owned enterprises,including whether the introduction of non-state-owned capital into state-owned enterprises can effectively improve the innovation performance of state-owned enterprises,and how non-state-owned shareholders can effectively improve the innovation performance of state-owned enterprises through the participation on the two levels of ownership structure and high-level governance.Second,the investment efficiency of state-owned enterprises,including whether the introduction of non-state-owned capital into state-owned enterprises can effectively improve the investment efficiency of state-owned enterprises,and how non-state-owned shareholders can effectively improve the investment efficiency of state-owned enterprises through the participation on the two levels of ownership structure and high-level governance.Third,the corporate value of state-owned enterprises,including whether the introduction of non-state-owned capital into state-owned enterprises can effectively enhance the corporate value of state-owned enterprises,and how non-state-owned shareholders can effectively strengthen the further promotion of the value of state-owned enterprises through the improvement of innovation performance and investment efficiency.In this paper,the A-share state-owned listed manufacturing companies from 2008 to2016 are treated as specimens,and the main conclusions are as follows: First,the participation of non-state-owned shareholders on the levels of ownership structure and high-level governance can effectively enhance the innovation performance of enterprises,and the high-level governance participation of non-state-owned shareholders plays a mediating role in the mechanism of the ownership structure participation of non-state-owned shareholders to promote the innovation performance of enterprises;Further research reveals that the promotion effect of the participation of non-state-owned shareholders on the innovation performance of state-owned enterprises mainly comes from the managerial view,not the political view.Second,the participation of non-state-owned shareholders on the levels of ownership structure and high-level governance can effectively enhance the investment efficiency of enterprises,and the high-level governance participation of non-state-owned shareholders plays a mediating role in the mechanism of the ownership structure participation of non-state-owned shareholders to promote the investment efficiency of enterprises;Further research finds that the promotion effect of the participation of non-state-owned shareholders on the investment efficiency of state-owned enterprises is mainly reflected in two aspects: effectively restraining the overinvestment in central state-owned enterprises and effectively alleviating the lack of investment in local state-owned enterprises.Third,the participation of non-state-owned shareholders can effectively enhance the corporate value of enterprises,and innovation performance and investment efficiency play a mediating effect in the mechanism of the participation of non-state-owned shareholders to promote the value of enterprises;Further research shows that the innovation performance and investment efficiency of state-owned enterprises promote each other,and the synergy between them can further promote the value of enterprises.The main research contributions of this paper are as follows: First,from the level of high-level governance participation of non-state-owned shareholders,the research on the shareholder governance,innovation performance and investment efficiency of the state-owned enterprises is enriched,and the research on the corporate governance of state-owned enterprises has been refreshed from the perspective of high-level governance participation of non-state-owned shareholders in state-owned enterprises.Secondly,from the point of view of mediating effect,the mechanism of ownership structure participation and high-level governance participation of non-state-owned shareholders as well as innovation performance of the enterprises is improved,and the mechanism of ownership structure participation and high-level governance participation of non-state-owned shareholders as well as investment efficiency of the enterprises is also improved.It provides a theoretical basis for improving the non-state-owned shareholder participation in the high-level governance of state-owned enterprises in the practice of mixed ownership reform.Third,the research on the participation of non-state-owned shareholders and the corporate value of the state-owned enterprises is expanded from the perspectives of innovation performance and investment efficiency,and the key role of the core mediating mechanism such as innovation performance and investment efficiency between the participation of non-state-owned shareholders and the corporate value of the enterprises is examined.The empirical evidence has been provided for the introduction of non-state-owned capital into state-owned enterprises to promote the corporate value of the enterprises.Fourth,it is helpful for the state-owned enterprises to carry out the reform of the mixed ownership reform,to provide suggestions for the reform of the decision-making power of the state-owned enterprises,and to provide the theoretical basis for the state-owned assets supervision departments to issue the policies related to the reform of state-owned enterprises.