| National economic growth cannot be separated from the development of enterprises,and the long-term development of enterprises cannot be separated from high-quality internal control.State-owned enterprises are undoubtedly the ballast for the development of the national economy.However,state-owned enterprises have long relied on government funds,so there is a monopoly or even a monopoly,and it is difficult to separate government from enterprise.As a result,the internal governance of most state-owned enterprises is subject to administrative intervention,lack of innovation,ineffective governance mechanism,and too many decision-making mistakes.As a result,the development of state-owned enterprises is slow and the loss is serious,which imposes a heavy burden on the national finance.The reform of mixed ownership is based on the goal of invigorating the vitality of state-owned enterprises and improving their core competitiveness.Heterogeneous shareholders are encouraged to join state-owned enterprises,and the ownership structure of state-owned enterprises is changed,so that the degree of mutual checks and balances and integration of various types of equity is deepened.Therefore,in the background of actively promoting mixed reform,the impact of mixed ownership checks and balances on the quality of internal control of nationalized business is worth researching.It is also worth discussing whether the improvement of the balance degree of mixed ownership changes the original ownership structure of state-owned enterprises,and whether it can effectively reduce the principal-agent cost and improve the quality of internal control.Meanwhile,the level of government control of State-owned enterprises in China is different,and the imperfect external governance environment may affect the improvement of the balance degree of mixed equity on the quality of internal control.As a result,this article will these factors into consideration,the different level of government control hybrid equity balance degree difference,the role of state-owned enterprises internal control quality and try to further analyze the market,the external governance environment,such as lagging development of rule of law is not perfect,will weaken hybrid equity balance degree effect on the quality of the state-owned enterprise internal control.Based on the above analysis,this article selects 2013-2020 a-share listed state-owned enterprises as the research sample,is set in mixed ownership reform,before all others,from a certain point of the nature of equity,equity checks and balances and supervision,and analyzed the hybrid equity balance degree on the quality of the state-owned enterprise internal control,and the agency cost of partial intermediary effect between the two.Secondly,according to the difference of government control levels of state-owned enterprises,the group test is conducted to study the different influence of mixed equity balance degree on internal control quality of nationalized business under distinct levels of government control.In the further analysis,the influence of different external governance environment on the research question is discussed.Finally,the following conclusions are drawn: Improving the balance degree of mixed equity is helpful to improve the internal control quality of nationalized business;The increase of the balance degree of mixed ownership of nationalized business can prominently reduce the first type of agency cost and improve the internal control quality;Compared with local state-owned enterprises,the balance degree of mixed equity has a more significant improvement on the internal control quality of central state-owned enterprises. |
