Research On The Influence Of Ownership Integration To Corporate Performance In The Mixed Reform Of State-owned Enterprises

At present,there are still some problems in state-owned enterprises,such as "one-size-only","insider control",and the administration of assets management,which lead to the low governance efficiency and operating performance in China's state-owned enterprises.Under the dual drive of policy promotion and survival needs,more and more state-owned enterprises introduce the participation of non state-owned properties.The introduction of private capital as an important path to implement mixed ownership reform,and private capital participates in corporate governance by holding shares and appointing management.Private capital and state-owned capital have achieved deep integration,so these problems have been improved to a certain extent.However,at the micro level of enterprises,whether the implementation of mixed ownership reform in state-owned enterprises can achieve the purpose of improving enterprise performance under the background of mixed ownership reform,this remains to be further discussed.Base on this,this paper study the influence of ownership integration in the mixed reform of state-owned enterprises on corporate performance in the context of the classification reform of state-owned enterprises.This paper takes state-owned mixed ownership enterprises in competitive industries from 2013 to 2018 as a sample,and collects the proportion of state-owned shares,private shares,foreign shares and the number of management appointed by shareholders from the annual report disclosed by listed companier.Based on the relevant theories and research literature,the paper constructs a moderated mediation model to explore the effect of ownership integration and diversity of management ' sources on corporate performance.At the same time considering the impact of institutional ownership in the process of this research.The research finds that:(1)In the reform of competitive state-owned enterprises,the ownership integration is significantly positively correlated with corporate performance.(2)Diversity of management ' sources partially mediates the effect of the ownership integration on corporate performance.(3)The institutional ownership play a positive role in diversified-ownership enterprises.Institutional ownership not only positively moderates the relationship between ownership integration and corporate performance,but also positively moderates the mediation effect of “ownership integration?diversity of management'sources?corporate performance”.this is to say,the higher the proportion of institutional ownership is,the stronger the role of ownership integration in promoting corporate performance through the diversity of management ' sources.Finally,according to the results of empirical tests and the current situation of state-owned mixed ownership reform,put forward to build diversified and balanced ownership structure and improve the internal governance structure of state-owned enterprises,it proposes targeted recommendations from the diversified and balanced equity structure,improving the internal governance structure of state-owned enterprises,introducing and cultivate active institutional investors,and improve the legal and policy system of mixed ownership reform of state-owned enterprises.It is hoped that it will serve as a reference for the design of governance structure in the reform of mixed ownership of state-owned enterprises.