bet365 withdrawal are an important material and political foundation for socialism with Chinese characteristics，is an important pillar and reliance for our party to govern and rejuvenate the country，Referred to as the “eldest son” of the Republic，Plays an important role in the process of China's economy shifting from high-speed growth to high-quality development。actually，In the process of promoting China’s economic growth，bet365 withdrawal have always played an important role，Making important contributions to the sustained and rapid growth of China’s economy。It can be said，The quality of state-owned enterprise reform determines the quality of China’s economic development to a large extent。China’s state-owned enterprise reform has gone through stages such as “devolution of powers and benefits”, “system innovation”, “state-owned assets supervision” and “classification reform”，In the reform of bet365 withdrawal，"Who plays a leading role" and "How do they play a role" in government and market，is a theoretical researcher、Focus of focus and controversy among policymakers and practitioners。Western government intervention theory and corporate governance theory，Can explain China’s state-owned enterprise reform and practice to a certain extent，But China also has some institutional arrangements that are different from the West，Influencing the development of bet365 withdrawal，Chinese scholars need to combine theory and practice to interpret and sublimate it。Party Organization Governance of bet365 withdrawal，It is one of the important institutional arrangements with Chinese characteristics。Here we will analyze the impact of party organization governance of bet365 withdrawal on the reform of bet365 withdrawal、The path of party organization governance of bet365 withdrawal in high-quality economic development，And on this basis, we put forward countermeasures and suggestions for state-owned enterprise party organizations to help high-quality economic development。

　　A major innovation in corporate bet365 withdrawal mechanism

State-owned enterprise party organization governance refers to the participation of party organizations in bet365 withdrawal in corporate governance、Participate in the company’s major decisions，Reflected in the "two-way entry of party-managed cadres"、Cross-appointment”，Where "two-way entry、Cross-appointment” refers to the members of the party committee of a state-owned enterprise and the company’s board of directors、The supervisory board and management personnel hold cross-term positions。Generally speaking，Party Committee Members and Board of Directors、The more overlap between the supervisory board and management personnel，The greater the degree of party organization’s participation in corporate governance、The greater the impact on the company’s decision-making。The governance of party organizations in bet365 withdrawal is an institutional arrangement with Chinese characteristics，It is a major innovation in China’s corporate governance mechanism。Improving the efficiency of bet365 withdrawal is the main goal of state-owned enterprise reform，Arouse people's enthusiasm and initiative，Thus improving business efficiency。For this，The government “decentralizes power and benefits”，Give state-owned enterprise operators more power，Also gradually promote the marketization process of bet365 withdrawal。The “decentralization of power and profit” style of state-owned enterprise reform has achieved great success，The operating efficiency of bet365 withdrawal has been greatly improved，Promotes economic growth。

However, “decentralizing power and transferring profits” has also led to an increase in the power of state-owned enterprise executives，The "selfish" weakness of human nature is stimulated，The phenomenon of some state-owned enterprise executives using their power for personal gain，Agency problem worsens，Having adverse economic consequences，If it causes the bank to reduce credit to the corresponding enterprise、Insufficient motivation for suppliers to provide commercial credit、Increase in equity financing costs、Intensified over-investment and increased synchronicity of stock prices。China’s reform is a gradual reform of “crossing the river by feeling for the stones”，Often caused by problems in practice，Can be called "problem-oriented" reform。Problems caused by the increased power of state-owned enterprise executives，It can be solved through the institutional arrangement of party organization governance in bet365 withdrawal。Party organizations often carry out party education, especially moral education and other activities，Focus on serving the people，Can enable corporate executives and employees to establish a correct outlook on life、Values ​​and worldview，Curbing motives and behaviors for self-interest。And，In the selection process of state-owned enterprise executives，Party organizations attach great importance to political and moral inspections，Ensure the “purity” of the source of senior executives，Control the company’s agency costs from the source。In the process of performing duties as a cadre，Party organizations also supervise the behavior of state-owned enterprise executives，Thus effectively preventing corruption and reducing people's "selfish" behavior，Ensuring the healthy operation of bet365 withdrawal。

　　Improving investment efficiency bet365 withdrawal real economy

The governance of party organizations in bet365 withdrawal can help high-quality economic development by influencing the real economy。The author has conducted two empirical studies，Empirical evidence can be provided for this。The first empirical study is to examine the impact of party organization governance in bet365 withdrawal on investment efficiency，We believe that there are two possibilities for the impact of party organization governance of bet365 withdrawal on the investment efficiency of bet365 withdrawal。First, positive influence，That is, the governance of party organizations in bet365 withdrawal can reduce agency costs，Thus improving investment efficiency；The second is negative impact，That is, the governance of party organizations in bet365 withdrawal will increase government interference，Thus leading to overinvestment。Empirical research findings using data from China’s state-owned listed companies from 2003 to 2013，Members of the Party Committee concurrently serve as the Board of Directors、Supervisory board members or senior executives，Can improve the investment efficiency of bet365 withdrawal，Especially when the party committee secretary or deputy secretary also serves as the chairman、General Manager or Chairman of the Supervisory Board，The enterprise is a local state-owned enterprise、The positions of chairman and general manager are combined into one、When the company’s external governance is weak，Party organization governance plays a stronger role in improving corporate investment efficiency，Supports the theoretical expectation that party organization governance in bet365 withdrawal has a positive impact。

The second empirical study is to examine the impact of party organization governance of bet365 withdrawal on the value of cash holdings。Using data from state-owned listed companies from 2004 to 2015，Discovered through relevant empirical tests，When members of the party committee concurrently serve as members of the board of directors，bet365 withdrawal have higher cash holding value，Especially when the separation of the two powers of the enterprise is greater、Higher executive excess compensation、Not audited by a Big Four accounting firm、Not listed in Hong Kong、When the product market competition is low，The value of cash holdings will be greater if the party organization governance of bet365 withdrawal is improved。This explains，Because the party organization governance of bet365 withdrawal can reduce the agency cost of the enterprise，Thus in companies with poor corporate governance，The governance of party organizations in bet365 withdrawal plays a stronger role in increasing the value of cash holdings。Although investment and cash holding values ​​are only two aspects that reflect the operation of the real economy，There are other manifestations of the real economy，But there are reasons to believe，Party organization governance can also help high-quality development of the real economy through other channels。

　　Promote the healthy bet365 withdrawal of capital markets

The governance of party organizations in bet365 withdrawal can help high-quality economic development by influencing the capital market。April 25, 2019，The Political Bureau of the CPC Central Committee held the 40th collective study session on safeguarding national financial security，General Secretary Xi Jinping emphasized when presiding over the study，Financial activities，Economic activity；Financial Stability，Economic Stability。Information transparency is a measure of whether the capital market is effective、Important standards for healthy operation。Listed companies are the main body of the capital market，The information transparency of listed companies determines the information transparency of the capital market。bet365 withdrawal are often criticized for lack of information transparency，One of the reasons is the motivation of state-owned enterprise executives to hide information，In order to obtain on-the-job consumption or promotion，SOE executives often hide bad news about their companies。

Party organization governance in bet365 withdrawal can help curb the behavior of state-owned enterprise executives hiding bad news。The author conducted an empirical study，Examined the impact of party organization governance of bet365 withdrawal on stock price crash risk。Using the data of China’s state-owned listed companies from 2003 to 2013，Found through empirical testing，The governance of party organizations in bet365 withdrawal can reduce the extent to which bet365 withdrawal hide bad news，Thereby reducing the risk of stock price crash。This study shows，The governance of party organizations in bet365 withdrawal can improve information transparency，Prevent financial risks，Promote the healthy development of capital markets。

　　Continuously improve the bet365 withdrawal system

In order to better play the role of party organization governance in bet365 withdrawal in promoting high-quality economic development，You can focus on the following three aspects。

First，Theoretical research on strengthening party organization governance in bet365 withdrawal。The governance of party organizations in bet365 withdrawal has Chinese characteristics，It is also an important practice to adapt to China’s economic development，But there are few relevant theoretical studies，Theoretical research in this field should be strengthened，And build it as part of the Chinese school system，Thus injecting explanations of Chinese theory into China’s economic growth miracle。

Second，Improving the governance structure and institutional arrangements of party organizations in bet365 withdrawal。Even if we find "two-way entry、The party organization governance arrangement of "cross-appointment" can play a positive role，However, the relationship between party organization governance and other corporate governance mechanisms should be further explored，And how to coordinate the role of party organization governance and other corporate governance mechanisms。Also，We should also actively explore whether there is a better way than "two-way entry、Cross-appointment” is a better form of party organization governance，Continuously improve the party organization governance system。

　Third，bet365 withdrawal must pay attention to the governance role of party organizations in daily operations。Relevant empirical research proves the positive role of party organization governance in bet365 withdrawal，Explain the existing academic support for party organization governance in bet365 withdrawal，Also supported by empirical evidence。For this，In the operation of bet365 withdrawal，We must actively practice party organization governance。

　　(This article is part bet365 withdrawal National Natural Science Foundation of China project (71972192)、Phase results bet365 withdrawal Ministry of Education Fok Ying-tung Education Foundation Project (161077))

(bet365 withdrawal’s affiliation: School of Finance and Taxation, Central University of Finance and Economics)