An Empirical Study on the Equity Nature, Ownership Structure and Corporate Performance of Mixed Ownership Enterprises

Based on the Mixed Ownership Enterprises in Competitive Industries

DOI

10.2991/aebmr.k.220307.185How to use a DOI?

Keywords

Competitive area; equity nature; mixed-ownership enterprises controlled by state-owned capital; mixed-ownership enterprises controlled by private capital; corporate performance; ownership structure

Abstract

This article uses the cross-section data of 1468 listed companies collected on the CSMR database in 2020. It uses STATA15 software with OLS model to conduct empirical research findings: In the field of competition, the performance of mixed-ownership enterprises which are controlled by state-owned capital is lower than mixed-ownership enterprises which are controlled by private capital. In addition, with regard to the analysis of the shareholding structure of private-controlled mixed-ownership enterprises, we find that the ownership structure of the private party as the largest shareholder has a significant positive correlation with corporate performance. However, the proportion of state-owned shares does not have negative harm on the corporate performance of the private-controlled mixed-ownership enterprises. Regarding the new round of mixed-ownership reform in the competitive industry, state-owned capital should carefully consider a comprehensive strategy giving up a controlling position. That means state-owned capital could extensively integrate with private capital to build private-controlled mixed-ownership enterprises, and they could share the results of private capital management capabilities and inject capital vitality into the private economy in the competitive area. Therefore, in the area of general competition, state-owned shares could transfer corporate control rights, retreat for progress, and participate in the reform of mixed-ownership enterprises to make themselves bigger and optimize resource allocation.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Jia Zhou
PY  - 2022
DA  - 2022/03/26
TI  - An Empirical Study on the Equity Nature, Ownership Structure and Corporate Performance of Mixed Ownership Enterprises
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 1123
EP  - 1128
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.185
DO  - 10.2991/aebmr.k.220307.185
ID  - Zhou2022
ER  -