Research On The Influence Of Diversified Reform Of State-Owned Enterprise Equity And The Characteristics Of Board Of Directors On Enterprise Performance

The reform of state-owned enterprises has always been the core content of China's economic system reform,and improving operational efficiency is one of the important goals of the reform of state-owned enterprises.The Third Plenary Session of the Eighteenth Central Committee pointed out that "cross-shareholding of state-owned capital,collective capital,non-public capital and mixed ownership economy are important forms of realizing the basic economic system.They are conducive to enlarging the functions of state-owned capital,preserving and increasing its value,enhancing its competitiveness,complementing each other's strengths and weaknesses,promoting each other and developing together".It has become the leading direction of state-owned reform to carry out mixed ownership reform in state-owned enterprises,gradually diversify their ownership structure,reduce the proportion of state-owned shares,let more private enterprises and foreign-funded enterprises enter state-owned enterprises,and bring fresh blood to the development of state-owned economy.The fundamental purpose of mixed ownership reform of state-owned enterprises is to improve the efficiency of state-owned enterprises.Although the reform has achieved some results in recent years,with the deepening of the reform,academia gradually realizes simply reducing state-owned shares cannot guarantee the effectiveness of the reform of state-owned enterprises.At the same time,we should improve modern enterprises.The system guarantees the reform of state-owned enterprises' ownership to achieve its fundamental purpose.Based on the reality of the reform of state-owned enterprises' equity diversification,this paper studies the relationship between the reform of state-owned enterprises' equity diversification,the characteristics of the board of directors and the performance of enterprises.Firstly,this paper combs the existing research from three aspects;the relationship between ownership structure and corporate performance of state-owned enterprises,the relationship between board characteristics and corporate performance,and the relationship between board characteristics,ownership structure and corporate performance.On the basis of understanding the current research situation in academic circles,this paper determines the research contents.Secondly,this paper reviews the process and current situation of the reform of state-owned enterprises in detail,in order to determine the realistic background of the problems studied in this paper.Thirdly,the corporate governance theory and principal-agent theory are applied to analyze whether and how the characteristics of the board of directors affect the performance of mixed reform of state-owned enterprises,and on this basis,the hypothesis of this paper is put forward.Then,according to the above theoretical analysis,relevant models are established to test the hypothesis.Finally,according to the empirical results,combined with the actual situation of mixed reform of state-owned enterprises,this paper draws the conclusions of this study and puts forward relevant policy recommendations.After research,this paper draws the following conclusions:(1)Diversification of state-owned enterprises' equity can promote the development of corporate performance.(2)The independence of the board of directors can promote the diversification of state-owned enterprises' equity to enhance the performance of enterprises.(3)The influence of board size on the relationship between diversification of state-owned enterprises' equity and corporate performance is not obvious.(4)The combination of chairman and general manager can promote the diversification of state-owned enterprises' equity to enhance the performance of enterprises.Based on this,this paper holds that,on the one hand,the reform of state-owned enterprises in China should continue to deepen the reform of diversification of stock rights and build a perfect mechanism of checks and balances of stock rights;on the other hand,improve the construction of the board of directors,promote the separation of management rights and ownership,and build a perfect modern enterprise management system.Only when the reform of ownership structure is coordinated with the construction of board of directors,can the diversification of state-owned enterprises' ownership play an important role in improving the performance of enterprises.