Research On The Impact Of Mixed-Ownership Reform On The Strategic Behavior Of SOEs

State-owned enterprises(SOEs)are an important pillar of the socialist economy with Chinese characteristics,and the success or failure of their reforms plays a key role in the process of the national economic model shifting from high-speed growth to high-quality development.As a main content of the new round of SOEs’ reform,the key of mixedownership reform is to introduce market-oriented forces,expand the set of resources and opportunities for SOEs to make strategic adjustments in a complex environment through mutual balances and resource synergy between different ownership capitals,so as to cope with environmental changes including economic transformation and epidemic impact.The current research on mixed-ownership reform mainly explores the governance effects of enterprises’ specific behaviors from the perspective of principal-agent theory.However,in addition to alleviating government intervention and agency conflicts within SOEs,the entry of non-state-owned capital also brings heterogeneous resources such as knowledge,technology and management experience to SOEs,which provides favorable conditions for SOEs to timely adjust their strategies from the overall level.Therefore,under different resource bases and target preferences,whether the non-state-owned shareholders introduced by the mixed-ownership reform will play a game with the state-owned controlling shareholders,which will have an impact on the strategic behaviors,make them play a role in the enterprises’ strategic choice and implementation,and even further affect the market performance of SOEs.It is a problem that needs to be solved urgently in the current research on the cross field of corporate governance and strategic management.On this basis,this dissertation establishes a research framework of "mixed-ownership reform — strategic choice — strategic implementation — implementation effect",explores the impact of mixed-ownership reform on the strategic choice of SOEs from the dual dimensions of shareholder power and board power,and clarifies the function mechanism of non-state-owned shareholders affecting the SOEs’ strategic types;Then taking innovation activities as the path for the implementation of SOEs’ strategy,it further probes the impact of mixed-ownership reform on SOEs’ innovation strategies;Finally,it analyzes the implementation effect of strategic activities in the capital market,so as to determine whether the strategic behavior of SOEs has been effectively optimized under the promotion of mixed-ownership reform.The main contents are summarized as follows:Firstly,based on theoretical development and practical needs,clarify research category of this dissertation.This dissertation systematically combs the research results at home and abroad,emphatically introduces corporate governance theory,property right theory,principal-agent theory,resource dependence theory and information asymmetry theory,defines the core concepts—mixed-ownership reform,strategic behavior,corporate strategy,innovation strategy and stock liquidity,and establishes the theoretical framework,so as to clarify the boundary and lay a foundation for subsequent theoretical analysis,hypothesis proposal and model construction.Secondly,explore and examine the impact of mixed-ownership reform on the strategic choices of SOEs.This dissertation puts forward the measurement index of the degree of SOEs’ mixed-ownership reform,quantifies the shareholder power and board power of nonstate-owned shareholders in SOEs,and discusses the impact of internal power reconstruction caused by mixed-ownership reform on the enterprises’ strategic choices.Then,we explore the mechanism from the perspective of balance effect and synergy effect,and use the group inspection to investigate the policy effect of the strengthening of mixedownership reform.Further analyze the effects of media coverage,analyst coverage,industry competition and administrative level on the relationship between them,investigate the impact of the mixed-ownership reform on competitive strategy based on different strategic classification frameworks,and verify the consistency of non-state-owned capital on the overall strategic preference.Thirdly,explore and examine the impact of mixed-ownership reform on the strategic implementation of SOEs.This dissertation regards innovation strategies as a means for SOEs to achieve the strategic goals,studies the investment preference of the SOEs’ mixedownership reform for innovation strategies,analyzes whether SOEs have carried out innovation activities matching the strategic positioning,and examines the key role of the corporate strategy.Based on the mediating effect model,this dissertation dissects the function mechanism from the perspective of resource effect and governance effect.Further discuss how environmental uncertainty,marketization process,industry competition degree,and internal supervision quality affect the relationship between the mixed-ownership reform and innovation strategies.At the same time,consider the impact of the mixed-ownership reform on the SOEs’ innovation output,test the integrity of non-state-owned shareholders’ governance effect of innovation activities under the strategic orientation,and form the "target—means" chain of strategic management.Finally,analyze and examine the impact of mixed-ownership reform on the strategic implementation effect of SOEs from the perspective of the capital market.The effect of business decisions will ultimately be reflected in the capital market,and stock liquidity is the lifeline of the capital market,which can form feedback on information related to innovation strategies.This dissertation uses stock liquidity as a measurement indicator to test the strategic implementation effect of SOEs under the mixed-ownership reform,and then analyzes whether the implementation of innovation strategy activities can obtain the recognition of market liquidity investors and increase their stock trading activity.And through the mediating effect model to explore the function mechanism from the channels of value performance and information disclosure.It further distinguishes media coverage,analyst coverage,industry competition and administrative level to discuss the relationship between them,and examines the impact mixed-ownership reform on the risk of stock price collapse and stock yield.This dissertation comprehensively investigates the SOEs’ capital market performance from the aspects of liquidity,income and risk,and forms the "meansresult" chain of strategic management.Combined with the results of the research,this dissertation puts forward targeted countermeasures and suggestions to improve the governance mechanism of non-stateowned shareholders and promote the formation of effective strategies of SOEs from optimizing the realization ways of SOEs’ mixed-ownership reform,strengthening the enterprises internal management mechanism and improving the functional positioning and business environment of SOEs.It provides reference for SOEs to carry out strategic management to realize economic transformation and upgrading.The innovation of this dissertation lies in:(1)It constructs an indicator system for measuring the degree of mixed-ownership reform of SOEs through the dual dimensions of shareholder power and board power.(2)It explores the influence of mixed-ownership reform on the strategic management process of SOEs by building a "target-means-result" strategic management logic chain,and clarifies the evolution logic of SOEs’ strategic management in the process of promoting mixed-ownership reform.(3)It provides new evidence of the strategy implementation consequences of the mixed-ownership reform by examining the capital market performance of the innovation activities of SOEs in the mixedownership reform.