Research On The Influence Of Mixed Ownership Reform Arrangement On Cash Holdings Of State-owned Enterprises

The mixed ownership reform is recognized as the core measure to deepen the reform with further reform of state-owned enterprises.The reason why the mixed ownership reform can undertake this critical task is that the introduction of non-state-owned capital in the mixed ownership reform can correspondingly improve corporate governance,optimize corporate finance and even business behavior.Cash holding is an important embodiment of financial behavior of enterprises,which has strong dynamic and environmental adaptability.Under the background of mixed ownership reform system,different arrangements of mixed ownership reform will undoubtedly lead to different cash holding behaviors of state-owned enterprises.What is the effect of mixed ownership reform arrangement on the cash holdings of state-owned enterprises? This is not only an important aspect to evaluate the effect of mixed ownership reform policy,but also an important perspective to explore the influencing factors of cash holding behavior of stateowned enterprises.This thesis uses literature analysis,logical reasoning,empirical testing and other research methods to study the impact of mixed ownership reform arrangements on cash holdings of state-owned enterprises thoroughly and systematically.First of all,this thesis summarizes the basic theory that the mixed ownership reform arrangements affect the cash holdings of state-owned enterprises,and secondly this thesis analyzes and reveals the internal mechanism that the degree of the mixed ownership reform affects the cash holdings of state-owned enterprises,and then this thesis empirically tests the influence of the mixed ownership reform arrangement on the state-owned enterprises' cash holdings from the aspects of the equity diversity,the ownership balance degree,the share ratio of the first non-state-owned shareholder,etc.by taking state-controlled listed companies of Shanghai and Shenzhen A-share market as samples,and puts forward the research conclusions and policy implications accordingly.The results show that:(1)The mixed ownership reform of state-owned enterprises mainly focuses on the mixed objects and the mixed degree,the related arrangements of mixed ownership reform of state-owned enterprises should be investigated from the dimensions of the equity diversity,the ownership balance degree and the share ratio of the first non-state-owned shareholder;(2)The equity diversity has no significant impact on the cash holdings,and the increase of the equity diversity does not significantly change the financing constraints of state-owned enterprises in the mixed ownership reform;(3)The increase of the ownership balance degree can significantly improve the corporate governance,and then increases the cash holdings of the state-owned enterprises in the mixed ownership reform;(4)The share ratio of the first non-state-owned shareholder is positively related to the cash holdings of the state-owned enterprises,because the share ratio of the first non-state-owned shareholder can effectively alleviate the agency problems caused by the absence of "personalized owners";(5)The mixed ownership reform arrangements mainly affect the cash holdings of state-owned enterprises by the path of governance effect and the financing constraint path plays a relatively limited role in the process.