Research On The Impact Of Mixed Ownership Reform On The Governance Efficiency Of State-owned Enterprises

State-owned enterprises play a vital role in the process of social development and are the mainstay of China’s national economy.Their scale,development speed and direction affect the pace of social development.In order to adapt to the situation of economic development,state-owned enterprises need to be constantly reformed so that they can play a better key role in economic development and maintain their leading position.The report of the 19 th CPC National Congress in 2017 clearly emphasized that the reform of stateowned enterprises should be taken as the focus of future work,continuously deepen innovation,promote the development of mixed ownership,and enable China’s state-owned enterprises to gain a place in the global competition.The report once again reaffirms the future development direction of China’s state-owned enterprises.The essence of mixedownership reform is to integrate state-owned capital,private capital,foreign capital and other different types of capital to achieve common development,and realize the cross-ownership of different ownership.Mixed-ownership reform aims to invigorate soes and improve governance efficiency.The enterprise which participated in the mixed ownership reform has the common enterprise does not have multiple ownership structure and special operation mechanism,thus making full use of the state-owned capital and private capital resources,foster strengths and circumvent weaknesses,so as to improve the regeneration ability and innovation ability of enterprises,to achieve the effect of "1 + 1 > 2" and improve the efficiency of corporate governance.Making state-owned enterprises become bigger and stronger.Based on this,this paper takes A-share state-owned listed companies in Shanghai and Shenzhen from 2013 to 2020 as research samples,and measures the degree of mixed ownership of enterprises by constructing equity integration degree,and then empirically analyzes the improvement effect of mixed ownership reform on corporate governance efficiency.At the same time,in order to further clarify the mechanism of this effect,the paper takes enterprise innovation invest as the intermediary variable,and further tests the relationship between mixed ownership reform,innovation investment and enterprise governance efficiency.In addition,the paper also takes China Unicom,the first state-owned enterprise in China to carry out mixed ownership reform at the group level,as a case study to summarize successful experience,effectively avoid risks,and provide guidance for further deepening mixed ownership reform.The results show that:(1)mixed ownership reform can effectively promote the governance of state-owned enterprises,which is embodied in the increase of Roa and Tobinq values of state-owned enterprises.(2)Innovation invest plays a mediating role in this effect,that is,the innovation ability of enterprises after the mixed ownership reform is greatly improved,thus helping to improve the governance efficiency of enterprises.(3)China Unicom achieved good results in mixed-ownership reform.After participating in the mixedownership reform,its return on assets and innovation investment were significantly improved.