Research On The Impact Of Mixed-Ownership Reform Of State-Owned Enterprises On The Accounting Information Quality

"Diversity drives innovation and integration and coordinated governance." In the context of mixed ownership reform of state-owned enterprises,state-owned enterprises should introduce non-state-owned capital to participate in corporate governance,enhance the diversification of property rights,improve the balance of control rights,and stimulate operation enthusiasm,so as to maintain and increase the value of stateowned assets and promote the sustainable development of deepening reform.In the "ten pilot reforms" of state-owned enterprises,THE Stateowned Assets Supervision and Administration Commission(SASAC)has made clear the content of information disclosure,and will carry out pilot projects centering on the information disclosure of the board of directors and financial management,so as to promote the sound corporate governance structure of state-owned enterprises and further improve the state-owned assets supervision system.Therefore,in order to implement the pilot reform important spirit,from the perspective of management effect of the mixed ownership reform of state-owned enterprises and the influence of the information disclosure,based on the principal-agent theory to explore in mixed ownership reform situation,principal-agent problems of governance mechanism of the state-owned enterprises to relieve to the enterprise accounting information quality of positive theoretical and practical research significance.Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2018,this paper constructs the performance indicators of mixed ownership reform of state-owned enterprises from two dimensions of equity governance and high-level governance.The results show that state-owned enterprises can effectively improve the corporate governance structure and improve the quality of accounting information through equity governance and high-level governance.The mechanism test shows that the mixed reform of state-owned enterprises can enhance the internal governance by improving the quality of internal control,and then improve the quality of accounting information.The results of action scenario test show that when the marketization process is slow and the attention of analysts is low,the effect of SOEs mixed reform on improving the quality of accounting information is more significant.The heterogeneity analysis shows that central state-owned enterprises have a more significant effect on improving the quality of accounting information through mixed-use reform than local state-owned enterprises.Competitive state-owned enterprises mainly enhance the quality of accounting information through the participation of senior management personnel such as directors appointed by non-state-owned shareholders in governance,while the degree of mixed ownership reform in functional state-owned enterprises is not significant.Research conclusion of this paper enriches literatures of the SOEs to mix change situation of corporate governance structure and accounting information quality in the field.And then expounds how different governance structures of ownership and executive management affect the mixed-ownership reform process of stateowned enterprises and affect the quality of accounting information.It plays a positive role in improving the construction of state-owned enterprise governance mechanism and promoting the process of mixed reform.