Study On Equity Structure,Trading Price And Enterprise Mechanism In Mixed Ownership Reform

The reform of state-owned enterprises is the central part of the economic reform.At present,the direction of the reform is to introduce external capital and develop mixed ownership.This article focuses on the ownership structure,transaction price and enterprise mechanism in the mixed ownership reform.By using game theory and case analysis,this article studies the problems faced in the reform of mixed ownership and proposes some suggestions.In the study of ownership structure,this article uses the game theory model to study the proportion of state-owned shares in the mixed ownership reform of Chinese enterprises in different market structures.The conclusion of the study shows that the optimal proportion of state-owned shares will be affected by the efficiency of enterprises,the efficiency of and the situation of non-state-owned enterprises.In analyzing the price of equity trading,we use the bargaining theory to analyze the equilibrium price under the complete information and the incomplete information.The study finds that the equilibrium transaction price is related to appraisal value,the added value of the future and discount factor,and are subject to the expectation of buyers and sellers.In the analysis of business mechanism,this paper sets up the game model among shareholders,shareholders and management,and puts forward the restriction and supervision system and incentive-constraint mechanism of the board of directors.At the end of the article,it puts forward the policy recommendations of the mixed ownership reform of state-owned enterprises the mixed ownership reform:state-owned enterprises needs to optimize the structure of ownership structure,explore reasonable pricing model of state-owned shares transaction and establish an enterprise mechanism centered on the board of directors.