The Behavioral Comparison Between The State-owned Enterprises And The Private-owned Enterprises&Empirical Research Based-on Operational Efficiency Of Listed Automobile Manufacturing Companies

In China, the largest bonus is in the area of economic reform in economy of China in the future. The major breakthrough is about handling the balance of the interest between government and free market. The main strain is that in the market economy, marketism also plays a fundamental role. Thus, it is critical and necessary for the state-owned enterprises to continuously innovate, and inject the engin of economic reform.What is different between the state-owned enterprises and the private-owned enterprises? Should the cooperation between them be insisting for a long time to innovating of reform in state-owned enterprises? This paper is to research on these theses.The cardinal line of this paper is to study on behavioral comparison between the state-owned enterprises and the private-owned enterprises through moral hazard model, and then to empirical research about operational performance using24listed automobile manufacturing enterprises. With the results, I think that the core of reform in state-owned enterprises is to take action as the private-owned enterprises.Moral hazard problem is one of the important topics in principal-agent. With Shapiro-Stiglitz efficiency wage model, this paper studies moral hazard model both in the state-owned enterprises and the private-owned enterprises. With the assumption of this paper, results have shown that there exits moral hazard problem in the state-owned enterprises, but there is no in which the owner and the CEO is same in the private-owned enterprises. In which the owners entrust managers, the private-owned enterprises can effectively solve moral hazard problem by efficient mechanism.To empirical research on the difference of performance between the stated-owned enterprises and the private-owned enterprises, SPSS18statistical software and the repeated measurement variance analysis method are used for. The result is that the performance is no significant difference in the state-owned enterprises and the private-owned enterprises. The main reason is that the state-owned enterprises make joint venture with foreign Auto companies, and have the advantage of foreign brand and the experience of systematic operating. If the private-owned enterprises cannot do better, the performance of the private-owned enterprises should be significantly lower for lacking of brand and products. Thus, the empirical result confirms the existence of advantage in the private-owned enterprises. The empirical result about Capital accumulation reflects better development potential in the private-owned enterprises. To summarize, we should deepen reform in state-owned enterprises in the further, especially applying of the innovative ideas and the efficient mechanism in the private-owned enterprises.Different from most researches from substitution relationship to study reform in state-owned enterprises. This paper thinks that the state-owned enterprises and the private-owned enterprises have both advantages and disadvantages, and then should be coexistence and complementary.The core essence of reform in state-owned enterprises is to imitate private-owned enterprises owner to do the right thing, and then to be more concern and efforts in improving the efficiency. According this idea, I try to introduce preference shares in cooperation of the state-owned enterprises and the private-owned enterprises. By preference shares, the state-owned capitals have dividends preference and liquidation preference, but to give up voting rights for operating. Therefore, equity relationship embodied in state-controlled and market relationship is private-owned mechanism. Thus the advantages of the private-owned enterprises can improve the efficiency, increase state-owned assets and enhance the vitality of economy of China. The cooperation between the state-owned enterprises and the private-owned enterprises, we should pay attention to how to ensure that private-owned shareholders will be effective follow the contract and does not damage the benefits of state-owned shareholders. To seek solutions, we should take it in thinking that the choice of partners, establishing the corporation credit archives, enhances supervision, enough shares to ensure payment and so on.The biggest innovation of this paper is to introduce preference shares to reform in state-owned enterprises, and to explain detailed about idea and route chart. For handling the problems of reform in state-owned enterprises, this paper suggests that those studies such as how to use preference shares well should be worth of deepening research theoretically and practically.