Research On The State-Owned Capital Operation Efficiency Affected By Reallocation Of State-Owned Enterprises

The report of the Nineteenth Congress proposed that we must accelerate the improvement of the socialist market economic system,deepen the reform of state-owned enterprises,and develop a mixed-ownership economy.We must improve various types of state-owned capital management systems and reform the state-owned capital authorized operating system.State-owned enterprise reform is also in full swing as an important part of China's economic system reform.Currently,the mixed ownership economy plays a decisive role in China's economic development and shows obvious advantages.However,in the process of reform,we have always faced the problem of allocation of state-owned capital,how to allocate state-owned capital,avoiding the loss of capital in the reform process,and affecting China's overall economic development.As part of the allocation of state-owned capital,state-owned equity has also become the focus of the social conference.The paper uses a combination of qualitative and quantitative methods to explore the impact of state-owned enterprises' equity weighting on the efficiency of capital operations.Based on the existing theory,quantitative analysis method is used to explore which effect dominates the share of different state-owned shares after recapitalization.231 qualifying listed state-owned enterprises were selected as descriptive analysis and empirical analysis samples.Descriptive analysis stage,the article analyzed the efficiency of state-owned enterprise capital operation under different state-owned shares from four financial perspectives:the proportion of state-owned shares in profitability More than 50%of listed companies have the highest average profit rate of the main business and the highest return on net assets,and they have the best profitability,followed by listed companies with less than 10%of state-owned shares;growth ability is based on growth of total assets and net profit.According to the rate index analysis,listed companies with less than 10%of state-owned shares perform well,have strong growth capacity and have great potential for future development;the companies with state-owned shares less than or equal to 10%have the best performance in solvency,while the proportion of state-owned shares is 10%to 30%.The company's performance was the worst;for listed companies with less than or equal to 10%of state-owned shares,the average total asset turnover was the highest,with asset turnover capacity and utilization efficiency high,and good operating capacity.In the empirical analysis stage,the regression analysis found that the proportion of state-owned shares is related to corporate performance in a U-shaped curve,and the inflection point is between 35%and 50%.The conclusion is basically consistent with the descriptive conclusion.Finally,based on the analysis conclusions,four suggestions are proposed:(1)to achieve diversification of equity structure;(2)to maintain appropriate state-owned shares;(3)to maintain proper ownership balance;and(4)to transform government functions to strengthen top-level design and supervision.