Mixed Ownership Degree, Enterprise Strategy And The Internal Control Effectiveness Of State-owned Enterprises

As the backbone force of the national economy,the state-owned economy bears the lifeblood of the nation economy and has been supporting important industries and fields in China.However,due to the fact that the dominant governance mode of the government is not suitable for the rapidly changing economic environment,it has resulted in an endless series of losses and struggling operations.The excessive proportion of state-owned shares not only causes financial burden,but also hinders other capable capital to enter the enterprise.The lack of equity balance mechanism makes the internal governance mechanism unbalanced and affects the effectiveness of internal control.As an important breakthrough in the reform of state-owned enterprises,the starting point of the mixed ownership reform is to diversify the subjects of property rights through the introduction of heterogeneous shareholders,so as to form an internal governance structure beneficial to the healthy development of state-owned enterprises.Under the background of the mixed ownership reform of state-owned enterprises,this paper studies the relationship between mixed ownership degree and the internal control effectiveness of state-owned enterprises,which has certain theoretical and practical significance.In addition,to enterprise strategy,representing different organizational structure and business goal,this article attempts to explore the effect of enterprise strategy on the internal control effectiveness as well as the moderating effect of enterprise strategy on mixed ownership degree and the internal control effectiveness in state-owned enterprise from the perspective of heterogeneity of enterprise strategy.It not only expands the research horizon of enterprise strategy,but also enriches the relevant theories of internal control effectiveness to a certain extent.At the same time,it also provides a positive policy reference for the mixed ownership reform of state-owned enterprises.This article first elaborates the research background,research purpose and the research significance of this study.And then,we summarize and review the domestic and foreign research,and define and sort out the concepts and related theories on mixed ownership reform,enterprise strategy and the internal control effectiveness.On this basis,this paper puts forward research hypotheses for the relationship among mixed ownership degree and the internal control effectiveness,enterprise strategy and the internal control effectiveness,and the moderating effect of enterprise strategy on mixed ownership degree and the internal control effectiveness in state-owned enterprises.Then,this paper takes the non-financial state-owned mixed-ownership listed companies of A shares in 2010-2018 years as the research sample,through the descriptive analysis,correlation analysis,panel regression analysis and robustness testing to verify the research hypothesis.The results show that the higher the mixed ownership degree,the more effective the internal control of state-owned enterprises;Compared with the enterprises that adopt exploratory strategy,defensive strategy can improve the internal control effectiveness more effectively;In addition,the enterprise strategy plays a moderating role between mixed ownership degree and the internal control effectiveness in state-owned enterprises,namely enterprise strategy can significantly affect the relationship between mixed ownership degree and the internal control effectiveness in state-owned enterprises,compared with the exploratory strategy,defensive strategy makes the positive correlation between mixed ownership degree and the internal control effectiveness in state-owned enterprises more significantly.