Mixed Ownership Reform and Corporate Governance Author: Zhang Xiaohuan and He Chunlin Source: China's Economy and Trade, No. 18, 2016 [Abstract] The Decision gives new meaning to the legal and institutional protection of mixed ownership economy. At this stage, China has entered a new era of comprehensive deepening reform. Only by solving the problems that hinder the reform and development of mixed ownership can we promote the further development of mixed ownership economy.On the basis of discussing the present situation of mixed ownership reform, this paper puts forward the deficiencies in the process of mixed ownership reform and the governance problems of mixed ownership enterprises, and puts forward some pertinent suggestions. [Key words] Mixed ownership reform; State-owned enterprise reform; Corporate governance Mixed ownership economy was first proposed in the 1990s. At this stage, the law provides institutional guarantee for the development of the reform of mixed ownership.According to the latest official data, the number of mixed ownership enterprises by introducing non-public capital into central enterprises and their sub-enterprises has reached 52% of the total number of enterprises. By the end of 2015, there were 2 827 listed companies in China, with a total market value of 53.13 trillion yuan.From a macro perspective, the mixed ownership economy is not only conducive to the value-added and value-preservation of state-owned capital, but also to the development of non-state-owned capital. It is also conducive to breaking the monopoly of state-owned capital in some natural monopoly or administrative monopoly industries. By introducing a certain proportion of non-state-owned capital, a cross-shareholding structure can be formed in such monopoly enterprises, making them self-financing companies.Legal person provides services and products according to market demand.From the micro point of view, mixed ownership can also help to form synergies, mainly in human capital and financial capital.From the aspect of financial capital, state-owned enterprises have abundant funds, many financing channels and low financing cost, but their operation efficiency is low. On the contrary, some private enterprises with better development prospects have difficulties in financing, few financing channels and high financing cost. However, their operation and management modes are novel and efficient. Mixed ownership can make full use of idle state-owned capital and avoid mutual exclusion and competition.Excessive competition leads to unnecessary waste.From the perspective of human capital, state-owned enterprises have huge human capital advantages, but fail to play the greatest role. On the contrary, private enterprises are scarce in human capital and "parents'awareness" is too strong. Effective combination of the two can solve the problem of excess human capital in state-owned enterprises and maximize the role of human capital. With the advancement of reform, there are many different voices, such as "mixed ownership reform" (hereinafter referred to as "mixed reform") is to solve the problem of state-owned enterprises"and"reform will lead to the loss of inherent assets"and so on.In view of the above viewpoints, the author holds the objection.First of all, mixed ownership was initiated to improve the socialist economic system and accelerate the transformation of economic transformation and development mode. Mixed ownership is not the only form but one of the important forms of state-owned enterprise reform.Secondly, in the process of reform, there are some cases of the loss of state-owned assets, but we can not conclude that the loss of state-owned assets is caused by mixed ownership, which is a basic logical error. The real reason for the loss of state-owned assets is that the reform procedure of mixed ownership is not standardized, and the mechanism of supervision and restraint is not perfect. In the reform of mixed ownership, excellent mixed enterprises such as Lenovo Group and Vanke Shares have emerged.However, to further promote the reform of mixed ownership, we need to solve the following two problems.Firstly, it is the fundamental problem that hinders the reform of mixed ownership from proceeding further, and secondly, it is the problem that restricts the efficiency of the reform of mixed ownership.The fundamental problems hindering the reform of mixed ownership mainly lie in four aspects: first, classification and a

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