Research On The Impact Of The Nature Of Equity Shareholders On The Operating Performance Of State-owned Enterprises

From September to October in 2015,the state council has issued a "state-owned enterprises reform guidance" and "state-owned enterprises to develop a mixed sector of the economy",completely opened the prelude of the mixed ownership reform of state-owned enterprises.Later,the central announced three batch of pilot enterprises and zone,showing the official to mix state-owned enterprises changed from the aspect of theory to practice demonstration level,effectively promoted the process of the reform of state-owned enterprises.In the state-owned enterprises reform,mainly presented the three mode of reform:firstly,asset securitization.Part of the established state-owned enterprises and institutes have started by listing to further optimize equity structure;Secondly,increase endowment spread and equity transfer.Most of the state-owned enterprises by introduce foreign capital,such as private capital,insurance,funds,such as led by the financial capital,even some companies choose the introduction of foreign capital;Thirdly,employee shareholding.Corporate use increase endowment spread,for a new way to encourage executives and grass-roots employee shareholding,effectively achieve the equity structure optimization and internal employee incentive dual benefits.In these three ways,the second way is the most commonly used directly,and then in the implementation of state-owned enterprises to mix to enterprise,different capital influence on its business performance will particularly important.This article will through the panel data model to analyze the equity shareholders of the nature of the business performance,the influence will contact the actual at the same time,considering the administrative regional differences of state-owned enterprises and the competition degree difference to further analyze the above issues.