Study On The Influence Of The Pyramid Equity Structure Of State-owned Holding Mixed Ownership Companies Under The Soft Budget Constraint

State-owned enterprises are the important material foundation of socialist system,at the same time,deepening the reform of state-owned enterprises is also necessary for the construction of national modernization,and pushing forward the mixed ownership reform is the key to the reform of state-owned enterprises in our country.After private capital enters state-owned listed companies,not only the shareholding ratio of state-owned shares and non-state-owned shares of state-owned enterprises is changing,but also the shareholding structure has undergone substantial changes,and private shareholders get more right to speak.This not only helps to realize the diversified governance of state-owned listed companies,but also helps to improve the economic value of state-owned enterprises.Taking state-owned holding mixed ownership companies from 2013 to 2021 as research samples,this paper discusses the influence of private capital entry on corporate investment decisions through game analysis under soft budget constraints,empirically tests the influence of pyramid ownership structure on corporate investment efficiency,and further discusses the moderating effect of equity mix degree on the relationship between the two.The results show that:(1)The number of control chain of pyramid ownership structure is positively correlated with excessive investment in Chinese state-owned mixed-ownership companies;The pyramid hierarchy,the proportion of control rights and the degree of separation of the two rights are negatively correlated with excessive investment.(2)The proportion of control right and the separation of two rights of pyramid ownership structure are positively correlated with insufficient investment in our country’s state-holding mixed ownership company.(3)In Chinese state-owned holding mixed-ownership companies,equity mix has a significant moderating effect on the relationship between pyramid ownership structure and investment efficiency.With the increase of equity mixing degree,the degree of separation of two rights can be strengthened to restrain the degree of excessive investment,while the degree of insufficient investment caused by the degree of separation of two rights can be weakened.The results of this paper show that pyramidal ownership structure has a significant influence on the investment efficiency of state-owned mixed ownership companies.At the same time,with the entry of private capital,because of their "profit-seeking nature" will stimulate their active supervision of senior managers of state-owned enterprises,so that "the owners are in place" to optimize the allocation of resources and improve the efficiency of investment of state-owned enterprises.Therefore,it is of positive significance to give full play to the advantages of private capital in order to test the effect of the mixed reform of state-owned enterprises,improve the corporate governance structure and mechanism,promote the healthy development of state-owned mixed ownership companies and clarify the future development direction of the mixed reform of state-owned enterprises.