Study On Property Rights Diversification And Enterprise Performance Of Private Enterprises

In November 2018,general secretary Xi Jinping pointed out clearly at the Forum on private enterprises that "the position of the non-public sector of the economy has not changed in the economic and social development of China.We have never wavered in encouraging,supporting and guiding the development of the non-public sector of the economy." General secretary Xi Jinping's speech at the Forum on private enterprises fully affirmed the significant contribution of the private economy to China's economic development.For the private enterprises,how to do a good job of transformation and upgrading and enhance their core competitiveness is the urgent problem to be solved.At present,the family characteristics of private enterprises are obvious,and the property right structure is single,closed and over concentrated.Such property right structure has become an important factor restricting the development of private enterprises.The single closed property right structure makes it impossible for private enterprises to really establish a modern enterprise system.At the same time,it will be restricted by capital and technological innovation,and it has been at the low end of the production value chain.The value of production products is not high and they are lack of competitiveness.Under the background of the reform of mixed ownership,this paper studies the influence of the diversification of property right structure on the performance of private enterprises,aiming at the phenomenon that private enterprises cannot develop further due to the single closed property right structure.For the future development of private enterprises in China,how to carry out the reform of property right structure and promote the improvement of enterprise performance has a certain guiding significance.Based on this,this paper uses the data of Shanghai and Shenzhen A-share private listed companies from 2010 to 2018 as samples to study the impact of diversification of property right structure on the performance of private enterprises.In this paper,after adding industry and annual dummy variables,OLS regression is used for empirical test.Firstly,this paper studies the impact of diversification of ownership structure on corporate performance,and verifies the impact of diversification of equity type and concentration of equity on corporate performance.Further study the mechanism of the diversification of property right structure on enterprise performance,and introduce two variables: R&D investment and financing constraints.The results of this study show that:(1)there is a positive U-shaped relationship between the diversification of equity types and corporate performance.Private enterprises should introduce different types of capital,truly realize the diversification of investors,so as to play the complementary advantages between different capital.(2)There is an inverted U-shaped relationship between ownership concentration and firm performance.High decentralization and excessive concentration will reduce firm performance.Only when ownership concentration is moderate,firm performance is optimal.(3)The diversification of property right structure will reduce the sensitivity of R&D investment to enterprise performance,and the effect comes from the improvement of equity concentration,which will reduce the sensitivity of R&D investment to enterprise performance.Considering the inverted U-shaped relationship between equity concentration and enterprise performance,private enterprises should choose diversified investors and moderately concentrated equity when choosing the diversification direction of property right structure The pattern.(4)The diversification of property right structure will reduce the financing constraints of enterprises to improve the performance of enterprises,and the effect comes from the improvement of equity concentration,which will reduce the financing constraints of enterprises to improve the performance of enterprises.Considering the inverted U-shaped relationship between equity concentration and enterprise performance,private enterprises should choose the diversification of investment subjects when choosing the diversification direction of property right structure,and the equity is moderate Centralized mode.This paper verifies the influence of the diversification of property right structure on the performance of private enterprises,and concludes that the optimal model is the diversification of investment subjects and the appropriate concentration of property rights.After considering the endogeneity and the change of performance measurement indicators,the results of this paper remain stable.Finally,this paper gives suggestions from the two levels of state and enterprise.For the country,we should actively create a suitable living environment for the development of private enterprises.For private enterprises,they should break their own shackles,actively introduce different types of external investors,and optimize the structure of property rights.