Research On The Influence Of Ownership Structures On Firm Performance In Mixed-ownership Enterprises

Since the reform and opening up,China's economic system reform has continued to deepen,and the planned economy has gradually turned to the market economy.As the central tache in the reform of Chinese economic system,moreover,the reform of state-owned enterprises has experienced a gradual deepening process from "decentralization of power to profit" to "separation of two powers",establishing a modern corporation system and improving from "state-owned assets supervision" to "mixed ownership reform." The report of the 19 th National Congress of the Communist Party of China put forward new requirements for deepening the reform of state-owned enterprises.It is necessary to develop a mixed-ownership economy and cultivate a group of state-owned enterprises into world-class enterprises with global competitiveness.March,2019,Premier Li Keqiang emphasized in the government work report that it is necessary to speed up the reform of state-owned assets and stateowned enterprises,and actively and steadily promote the reform of mixed ownership.The mixed ownership economy plays an increasingly important role in the overall economic development.The mixed ownership reform has also been established as a major strategy and basic model for the current state-owned enterprises to deepen reform.The breakthrough of mixed ownership reform is the transformation of the ownership structure.By introducing non-state-owned capital and optimizing the shareholding structure,the efficiency of corporate governance is improved.Therefore,it is of great significance to study the impact of changes in the ownership structure of mixed ownership enterprises on business performance.In the context of mixed ownership reform of state-owned enterprises,the article takes the 2013-2017 A-share listed manufacturing mixed-asset enterprise balance panel data as a sample.Firstly,it reviews the history of China's state-owned enterprise reform,and understands the current state-owned enterprise reform and development status.Secondly,it combines the theory of property rights and the principal-agent theory,the relationship between the ownership structure of China's mixed-ownership enterprises and the performance of enterprises is carried out from four aspects: the proportion of state-owned shares(non-state-owned shares),the concentration of ownership,the balance of equity ownership and the proportion of equity ratio.Then,empirical research was carried out.Finally,the policy recommendations for the reform of mixed ownership of state-owned enterprises were put forward.This paper is divided into five chapters in structure.Among them,the first chapter is the introduction;the second chapter is the related concepts and literature review;the third chapter is the analysis of theories and research hypothesis;the fourth chapter is the positive analysis;the fifth chapter is the conclusions and the policy-type proposals.Through empirical research,this paper finds : firstly,the overall performance level of China's manufacturing mixed-ownership enterprises is low,and the corporate shareholding structure needs further adjustment and optimization.Secondly,there is a significant negative correlation between the proportion of state-owned shares and corporate performance,rather than the proportion of state-owned shares.There is no non-linear relationship with corporate performance,which may be caused by the special status of China's manufacturing industry in the national economy;thirdly,there is a significant negative correlation between equity concentration and corporate performance;fourthly,the equity subject weight can promote the improvement of corporate performance.This paper further finds that compared with the state-owned holding company,the non-state-owned holding company's balance of shareholders has a more significant impact on the company's performance;finally,the equity ratio mix has a significant positive correlation with corporate performance.Based on this,this paper proposes that the proportion of state-owned shares and non-state-owned shares should be reasonably allocated in the reform of state-owned enterprise mixed ownership.It should appropriately reduce the concentration of ownership,and improve the balance of equity owners.It is necessary to pay attention not only to the introduction of non-state-owned shares,but also to the non-state-owned shares after the reform.Suggestions for countermeasures such as the degree of balance between state-owned shares.The empirical conclusions and policy recommendations of this paper help to deepen the understanding of the relationship between ownership structure and corporate performance under the background of mixed ownership reform,and have certain practical significance for the reform of state-owned enterprises' mixed ownership.