Research On The Impact Of Senior Management Characteristics On The Performance Of Mixed Ownership Reform

With years of experience accumulation and deepening development,the reform of mixed ownership in state-owned enterprises has solved the problem of combining state-owned economy with market economy.However,with the deepening of the reform,a lot of difficulties and latent contradictions have begun to emerge,and many problems such as institutional obstacles,cultural differences and environmental constraints have plunged the mixed ownership reform of state-owned enterprises into a deep water area,and finally making it difficult for the new round of state-owned enterprise reform to advance smoothly.In order to solve the current problems of mixed reform,relevant departments are required not only to pay attention to the guiding role of macro policies,but also to pay attention to the impact of micro-governance layers on mixed ownership reform.According to high-order theory,as the main decision-maker and implementer of mixed ownership reform,and their personal characteristics will certainly bring certain impact on the reform of state-owned enterprises.Therefore,it is of great practical significance to study the decision-making intervention of top managers’ characteristics and its influence results in the reform of mixed ownership,which will promote the deepening reform of state-owned enterprises and release their vitality.In this paper,political association,employment experience,and professional background are selected as the main explanatory variables of executive characteristics,and their influences on the performance of mixed-ownership reform are discussed separately.The empirical results show that,first,there is a positive correlation between the political association of senior management and the performance of mixed ownership reform of state-owned enterprises,indicating that the closer the relationship between senior management and the government,the stronger its policy response and political resources,and the positive attitude towards the mixed ownership reform of enterprises has brought good mixed ownership reform performance to enterprises.Second,the working experience of senior executives in non-state-owned enterprises is positively correlated with the performance of mixed ownership reform,and their role as an information bridge between state-owned enterprises and non-state-owned capital is conducive to breaking down the institutional barriers and information barriers between the mixed ownership reform sides,thereby promoting the performance of mixed ownership reform.Third,the rich professional background of senior management can significantly promote the performance of mixed ownership reform,and the heterogeneity of senior management’s professional background can improve the decision-making level of enterprises and help establish a sound corporate governance mechanism.Fourth,the implementation of mixed ownership reform and the degree of mixed ownership are significantly positively correlated with enterprise performance,indicating that the mixed ownership reform has achieved the preservation and appreciation of state-owned capital to a certain extent,and the degree of mixed ownership plays a significant intermediary role in the performance path where the characteristics of senior executives affect the reform of state-owned enterprises.Taking the senior management of state-owned enterprises as the starting point,this paper verifies that the characteristics of senior executives are an important factor affecting the performance of mixed ownership reform,improves the logical chain of "influencing factors-behavior path-implementation effect" of mixed ownership reform,and provides policy suggestions for the further development of mixed ownership reform and the talent selection system for senior managers.