Abstract
This paper takes China’s port and shipping companies as an example to analyze the factors related to the proportion of mixed-change in the port industry, and whether it undertakes the social affairs is related to the equity ratio. By the empirical analysis, the non-state-owned shares of shipping companies are higher and the equity is more dispersed. For the more profitable port companies, they have lower intention for mixed reform. However, if the benefits of state-owned companies are too bad, private companies will not be interested. Only when the benefits of state-owned companies are within a certain range, for state-owned companies and private companies are both more willing to carry out mixed reform. The better the social benefits of the company, the better it will be to optimize the trend of the company’s shareholding structure toward the non-state-owned shares.
Highlights
This paper takes China’s port and shipping companies as an example to analyze the factors related to the proportion of mixed-change in the port industry, and whether it undertakes the social affairs is related to the equity ratio
When the benefits of state-owned companies are within a certain range, for state-owned companies and private companies are both more willing to carry out mixed reform
This paper mainly studies the relationship between the proportion of non-state capital in China’s port and shipping companies and the social benefits of the company
Summary
The path logic of China’s state-owned companies’ mixed ownership reform is to optimize the ownership structure, improve the corporate governance structure, and establish a modern company system to improve corporate performance. The core of the optimized equity structure is the proportion of equity ratio, especially the proportion of non-state-owned shares (Jiang & Xu, 2019). These stocks will have certain checks and balances on state-owned shares. Since the proportion of mixed reforms will determine whether the company can carry out mixed reforms, the proportion of mixed reforms is related to the externalities of the companies, and is related to the social affairs (social responsibility) undertaken (Yang, 2019). This paper takes China’s port and shipping companies as an example to analyze the port and aviation industry, what factors are related to the proportion of the change, and whether the social affairs undertaken by them are related to the proportion of equity?
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