Research On The Evaluation Of Investment Efficiency Of Mixed Ownership Reform Of State-owned Enterprises In The Context Of Hierarchy And Classification

The reform of state-owned enterprises is a key link in China’s current economic reform,and the reform of mixed ownership is the core breakthrough point to promote a new round of state-owned enterprise reform.Since the end of the 20 th century,the Chinese government has gradually transformed from a "production-oriented government" to a "service-oriented government",and the reform of state-owned enterprises has also evolved along the basic path of "marketization" : from the marketization of management rights in1978-the decentralization and transfer of benefits and the separation of the two rights,to the marketization of control rights in 1992-the transformation of institutional systems,to the marketization of equity in 1995-the focus on the big and the small,and then to the marketization of ownership-the mixed reform.Looking back at the historical process of the development of state-owned enterprises,the problem of inefficiency is one of the important bottlenecks that have long restricted the development of state-owned enterprises,and one of the most important manifestations is inefficient investment caused by overinvestment or underinvestment.Mixed reform is conducive to optimizing the corporate governance of state-owned enterprises,thereby optimizing the resource allocation of enterprises and improving their investment efficiency.The reasons for the problem of inefficient investment in state-owned enterprises mainly stem from two aspects:insufficient investment level of enterprises themselves and insufficient competition in external markets.The introduction of diversified non-state-owned capital through mixed reform can on the one hand transplant flexible market investment mechanisms,ease the soft constraints of state-owned enterprises’ investment budgets,and obtain more investment opportunities;On the other hand,it can form an equity structure with mutual checks and balances,curb excessive investment and blind expansion,reduce investment risks,and ultimately improve the investment efficiency of enterprises.Therefore,evaluating the investment efficiency of mixed reform state-owned enterprises based on multiple perspectives has important theoretical research value and practical application value for continuously deepening the mixed ownership reform of state-owned enterprises.This paper mainly adopts literature induction method,normative research method and case study method.In terms of content,this paper takes the path and investment efficiency of mixed ownership reform of state-owned enterprises as the research center,and follows the context of "theoretical analysis framework-case analysis summary",and takes the theory of institutional change,decentralized control theory and principal-agent theory as the theoretical basis.Under the foundation of the research of relevant scholars at home and abroad,this paper first starts from the definition and characteristics of different mixed reform paths,analyzes the path selection based on the perspective of hierarchy and classification,and then uses the DEA model to measure the investment efficiency of mixed reform enterprises,and conducts comparative analysis based on different functional characteristics,different management levels and different administrative subordination levels.Finally,relevant policy suggestions are put forward from the three aspects of government,state-owned assets and private capital,and the limitations and prospects of this research are given.The results of this paper show that,first,mixed ownership reform is an important way for state-owned enterprises to improve investment efficiency,and the factors driving the change of comprehensive investment efficiency are mainly the scale efficiency of enterprises.Secondly,from the difference analysis of path selection,we can see that compared with other paths,the introduction of strategic investors can most affect the investment efficiency of enterprises.Thirdly,the multi-angle heterogeneity analysis shows that the performance of investment efficiency of mixed-reform enterprises is significantly different under different functional characteristics,different management levels and different subordinate levels,and the overall performance of investment efficiency of commercial class I,group level and local state-owned enterprises is better.Fourth,the top ten enterprises with DEA effective number and average value have obvious advantages in equity structure and investment management mechanism,and their mixed reform path is worth learning.The innovation of the paper is reflected in: from the research object,the DEA-BCC model of data envelopment analysis is adopted,and the combination of multi-input and multi-output is used to analyze the data more comprehensively,objectively and referenceally.From the research content,a number of state-owned enterprises were selected as the research objects,and the heterogeneity analysis was carried out according to the three perspectives of different functional characteristics,different management levels and different subordinate levels,and the relevant case enterprises were analyzed and discussed in depth to strengthen the comparability of the research conclusions.