Research On The Driving Factors Of Insider's Interest Encroachment In The Diversification Reform Of State-owned Enterprises' Equity

As the lifeblood of China's economy,the state-owned economy has always had serious problems of insider encroachment in the process of state-owned enterprise reform.At this stage,it has become a key issue that constrains the realization of the goal of deepening the reform of state-owned enterprises proposed by the Third Plenary Session of the 18 th CPC Central Committee..Through in-depth study of the driving factors of insider interest encroachment in the diversification reform of state-owned enterprises,the aim is to provide relevant policy recommendations for promoting the diversification of equity of state-owned enterprises,deepening the reform of mixed ownership,and improving the modern corporate governance system.Based on the diversification of equity,this paper takes the 2013-2017 state-owned listed company as the research object,and verifies the characteristics of the pyramid equity structure as the government decentralization,and the impact of the quality of accounting information on the degree of insider's interest encroachment.The empirical research results show that: First,the more pyramid levels of state-owned listed companies,the more control chains,the more serious the insider interests of enterprises;secondly,the improvement of the information disclosure quality of state-owned listed companies may not be able to improve the internal interests of listed companies alone.The phenomenon of encroachment,but can weaken the positive effect of the complexity of the pyramid's shareholding structure on on-the-job consumption.On the impact of verifying the allocation of control rights on the internal interests' encroachment,the empirical research results show that: First,the higher the shareholding ratio of the first largest shareholder of a state-owned listed company,the more serious the insider's interest encroachment,but this relationship Secondly,the higher the equity balance of state-owned listed companies,the higher the degree of insider encroachment,which is mainly due to the fact that the second to third major shareholders of state-owned enterprises in China are still state-owned shares;thirdly,the board of directors and independent directors The system does not play an effective supervisory role.The proportion of directors from the managerial level and the proportion of directors from the shareholder level have a certain impact on the internal interests of the insiders,but this relationship is not significant.Forthly,the promotion of executive power will be significant.Increase the degree of encroachment of insiders.The research of this thesis shows that the pyramid shareholding structure of state-owned enterprises,the quality of accounting information and the allocation of control rights have certain influence on the degree of insider's interest encroachment.Therefore,improving the pyramid shareholding structure,improving the quality of accounting information and optimizing the allocation of control rights may have a positive effect on improving the internal interests of China.