Study On Private Benefits Of Executives In State-owned Mixed-ownership Enterprises

The reform of state-owned enterprises has gone through 40 years of development.The Third Plenary Session of the 18 th CPC Central Committee opened the prelude to deepening the reform of state-owned enterprises in the new period.The development of mixed ownership is an important part of the reform of state-owned enterprises and has received great attention from the people.From a macro perspective,the mixed ownership reform can guarantee the realization of the basic economic system.From a microscopic point of view,the introduction of more social capital in the mixed ownership reform is the process of achieving equity diversification.This process is based on the relevant systems of national enterprises.And relying on the governance structure,its realization relies on the effective introduction of social capital,the soundness of the state-owned enterprise system,and the improvement of the governance structure to form a "trinity" layout.The 19 th National Congress report pointed out: "Deepen the reform of state-owned enterprises,develop a mixed-ownership economy,and cultivate world-class companies with global competitiveness." The process of state-owned enterprise reform was promoted.With the deepening of the reform of state-owned enterprises,the private-sector executives of state-owned enterprises have received more and more attention,and there are more and more discussions on the benefits of high-level management of mixed-ownership enterprises.This article uses the sample of China's state-owned mixed-ownership listed companies from 2014 to 2016 as a sample.By manually inquiring about the nature of the actual controllers of the top three shareholders,and based on the proportions of the four major shareholders of the three major shareholders,namely,private ownership,institutions,and foreign capital,they defined the mixed main body of the state-owned mixed ownership listed companies.Mixed main body diversity and mixed main body checks and balances,examines the influence of these three characteristics of the mixed main body on the privately owned earnings of senior executives.This paper divides the privately owned executives' income into monetary private and non-monetary private returns.The empirical results show that there is an inverted "U" relationship between thedominant subject of hybrid ownership and the private monetary return of executives in state-owned mixed ownership enterprises,and there is a "U" relationship between non-monetary private earnings of executives and they are complementary.There is no correlation between the diversity of hybrid subjects and the monetary private benefits of executives and non-monetary private benefits.The checks and balances of mixed subjects are significantly negatively correlated with the private monetary returns of executives,and there is a significant positive correlation between non-monetary private benefits of executives and the relationship between the two.It shows that in the reform of state-owned mixed-ownership enterprises,the introduction of non-state-owned shareholders is not as good as possible.The state-owned shareholders and non-state-owned shareholders should achieve a certain proportion,ensure the equality of the two,and pay attention to the function of each part of the mixed form.Bring new development and vitality to the company.