Research On The Impact Of Equity Structure Characteristics Of Mixed-ownership State-owned Enterprises On Financial Performanc

The essence of the reform of mixed ownership in China’s state-owned enterprises is the effective combination of state-owned capital and the market economy.It involves injecting non-state capital,constructing multiple types of equity,deepening reform efforts,stimulating enterprise competition,operating vitality,effectively supervising enterprise operations,improving decision-making accuracy,and promoting capital appreciation.As a direct change brought about by the reform of mixed ownership,the rationality of the ownership structure also determines the effectiveness of enterprise reform.Therefore,this article studies the impact of mixed reform on the financial performance of state-owned enterprises from three aspects: equity diversity,equity integration,and equity depth,namely,resource complementarity of equity diversity,supervision and balance of equity integration,and decision-making impact of equity depth.However,discussing the impact of mixed reform of state-owned enterprises on financial performance cannot ignore the situational role of enterprise financial management level.For example,the reserve level of financial flexibility of enterprises can form an internal environment for governance structure reform and financial performance improvement of mixed reform of state-owned enterprises.This is reflected in the fact that the financial flexibility of enterprises under uncertain operating environments can well cushion the impact of external uncertainty and operational risks,which is conducive to the improvement of the governance structure of state-owned enterprises and the improvement of their financial performance.Therefore,on the basis of considering the changes in ownership structure characteristics,this article also considers the regulatory role of financial flexibility on the relationship between ownership structure characteristics and financial performance.Use a research method that combines large sample quantitative research and case analysis to explore the principle of action.In order to conduct a deeper analysis of this,this article selects state-owned listed companies in China’s Shanghai and Shenzhen stock markets from 2008 to 2021 as samples and uses a fixed effect model to conduct a quantitative analysis of the mixed reform of Chinese state-owned enterprises.The moderating effect of financial flexibility on ownership structure characteristics and financial performance.Through quantitative research,it is found that moderate reserve financial flexibility has a positive regulatory effect on the relationship between equity diversity,equity convergence,equity depth,and financial performance.Secondly,based on the quantitative analysis conclusion,Haili Stock was selected as the case study object to analyze typical case companies of mixed reform,and to compare and analyze the impact of financial flexibility on the positive adjustment of ownership structure characteristics and financial performance.The research results show that on the basis of optimizing the ownership structure through the mixed ownership reform,Haili shares can significantly promote performance gains by reserving higher financial flexibility.Finally,consistent conclusions are drawn based on quantitative analysis and typical case studies,and targeted recommendations are proposed on the basis of this analysis to better help mixed-reform state-owned enterprises improve their financial performance and consolidate their sustainable development capabilities.