Research On The Influence Of Equity Structure On Corporate Governance Efficiency In Mixed Ownership Reform Enterprises

Mixed ownership reform refers to the introduction of non-public capital,the change of ownership structure,the optimization of corporate governance and the improvement of corporate governance efficiency by state-owned enterprises in China.It is of great significance to optimize the allocation of resources and accelerate the realization of mixed ownership economy.In this context,this paper chooses equity structure and corporate governance efficiency as the research content,which are the two key factors of mixed ownership reform.On the one hand,we can understand the changes of ownership structure and corporate governance efficiency of mixed ownership enterprises,and the impact of ownership structure on corporate governance efficiency,so as to improve the risk resistance ability of enterprises themselves;on the other hand,we can deepen the reform of mixed ownership and improve corporate governance.It is helpful for the research on the adaptability of corporate governance theory under the background of China's mixed ownership reform to put forward pertinent policy suggestions.Based on the X-efficiency theory,principal-agent theory,western property right theory and incomplete contract theory,this paper uses the data of A-share listed mixed-ownership enterprises in Shanghai and Shenzhen Stock Exchanges from 2013 to 2017(The Deepening Period of Mixed Reform Implementation)to measure the corporate governance efficiency of enterprises.At the same time,theoretical analysis and empirical test are carried out to examine the impact of ownership structure on Corporate governance efficiency.The main research process and conclusions are as follows:1.Research on Corporate Governance Efficiency Measurement of Mixed Ownership EnterprisesThe corporate governance efficiency of mixed ownership enterprises in China maintained an upward trend during the research period,and the efficiency index of state-owned capital-controlled enterprises was higher than that of state-owned capital-dominated enterprises and state-owned capital-participating enterprises.On the whole,the corporate governance efficiency of mixed ownership enterprises in China is far from optimal.The main reason for efficiency loss is agency conflict caused by unreasonable corporate mechanism.2.Research on the Equity Structure of Mixed Ownership Enterprises AffectingCorporate Governance EfficiencyThere is an inverted u-shaped relationship between the shareholding ratio of state-owned capital,the degree of ownership concentration,the degree of separation of the two rights and the efficiency of corporate governance,and a positive u-shaped relationship between the degree of ownership balance and the efficiency of corporate governance.In state-owned capital-dominated enterprises,the degree of ownership concentration and separation of ownership aggravate the negative impact of the proportion of state-owned capital on corporate governance efficiency,and the equity balance system can effectively improve this negative impact.In state-owned capital holding enterprises,ownership concentration can help the proportion of state-owned capital to have a positive impact on corporate governance efficiency,but the separation of two powers inhibits this positive effect,and there is no significant moderating effect of ownership checks and balances.In the state-owned capital participating enterprises,the degree of ownership concentration and the degree of separation of ownership have a positive regulatory effect on the relationship between state-owned capital ownership and corporate governance efficiency,and the degree of ownership balance has a negative regulatory role.3.Policy Suggestions on Corporate Governance in the Reform of Mixed OwnershipTo clarify the specific reform targets of mixed ownership reform,we should distinguish state-owned capital-dominated,state-owned capital-controlled and state-owned capital-participated enterprises,and promote the transformation of state-owned capital-dominated enterprises into Participatory and holding enterprises.Similarly,mixed ownership enterprises should adopt different optimization methods of ownership structure according to the dividing mode of state-owned capital ownership proportion.At the same time,an effective internal checks and balances mechanism and a stable long-term effective incentive mechanism should be established within the enterprise.