State -owned enterprises are important material foundations and political foundations of socialism with Chinese characteristics，It is an important pillar of our party's ruling and relying on the power，The "eldest son of the eldest son" by the Republic，Play an important role in the process of China's economy from high -speed growth to high -quality development。Actually，In the process of promoting China's economic growth，State -owned enterprises have always played an important role，It has made important contributions to the rapid and rapid growth of the Chinese 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“ decentralization of rights ”,“ institutional innovation ”,“ state -owned asset supervision ”and“ classification reform ”，In the reform of state -owned enterprises，The government and the market "Who plays the dominant role" and "how to play"，Is the theoretical researcher、The focus of the policy maker and practitioners' attention and focus of controversy。Western government intervention theory and corporate governance theory，It can explain the reform and practice of Chinese state -owned enterprises to a certain extent，But China also has some institutional arrangements different from the West，Affecting the development of state -owned enterprises，Requires Chinese scholars to interpret and sublimate the theory and practice。State -owned enterprise party organization governance，is one of the important institutional arrangements with Chinese characteristics。Here will analyze the impact of state -owned enterprise party organization governance bet365 Play online games on the reform of state -owned enterprises、State -owned enterprise party organization governance acts on the path of high -quality economic development，Based on this, it proposes countermeasures for state -owned enterprises and party organizations to help the high -quality development of the economy。

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State -owned enterprise party organization governance refers、Participate in the company’s major decisions，reflected as "party management cadres" and "two -way enter、Cross -term "，Among them, "two -way entry、Cross -term "refers to the members of the State -owned Enterprise Party Committee and the Board of the company、Supervisory Board and Management personnel cross -term position。Generally speaking，Member of the Party Committee and the Board、The more the number of people who coincidence of the supervisors and management members，The greater the degree of the party organization's participation in corporate governance、The greater the impact on company decision -making。State -owned enterprise party organization governance is an institutional arrangement with Chinese characteristics，It is a major innovation of the governance mechanism of Chinese company。Improve the efficiency of state -owned enterprises is the main goal of state -owned enterprise reform，Eliminate the enthusiasm and initiative of the person，to improve corporate efficiency。For this，The government "decentralization for power"，Let state -owned enterprise operators master more power，It has also gradually promoted the marketization process of state -owned enterprises。The reform of state -owned enterprises in the "decentralization of power" has achieved great success，The operating efficiency of state -owned enterprises has been greatly improved，Promoting economic growth。

But "decentralization and profit" also lead，The "selfish" weakness of human nature is stimulated，The phenomenon of some state -owned enterprise executives with power，Agent issues worsen，It produced bad economic consequences，If the bank reduces the credit of bet365 live casino games the corresponding enterprise、Suppliers provide insufficient commercial credit power、Increasing equity financing costs、Excessive investment aggravation and stock price synchronization increase。China's reform is a gradual reform of "Crossing the river with stones"，Often caused by problems in practice，can be called "problem -oriented" reform。The problems caused by the increase in power of state -owned enterprise executives，It can be solved by the system arrangement of state -owned enterprise party organization governance。Party organizations often carry out activities such as party education, especially moral education，Focus on serving the people，It can make the company's executives and employees establish the correct outlook on life、Values ​​and World View，Motivation and behavior of containing private interest。and，During the selection process of state -owned enterprise executives，Party Organization attaches importance to politics and moral inspection，Make sure the "purity" of the sources of executives，Control the agency cost of the enterprise from the source。During the performance of cadres，Party organizations also supervise the behavior of state -owned enterprise executives，to effectively prevent corruption and reduce people's "selfish" behavior，Make sure the health operation of state -owned enterprises。

　　Improve the efficiency of investment in the real economy

State -owned enterprise party organization governance can help the high -quality development of the economy by affecting the real economy。I have done two empirical research，You can provide experience evidence for this。The first empirical research is the impact of examining the governance of state -owned enterprises on investment efficiency，We believe that the impact of party organization governance of state -owned enterprises on the efficiency of investment efficiency of state -owned enterprises has two possibilities。One is a positive impact，That is，to improve investment efficiency; the second is a negative impact，That is，leading to over -investment。Bet365 app download Empirical research discovery of data from Chinese state -owned listed companies from 2003 to 2013，Members of the Party Committee and also served as the board of directors、Members or executives of the Supervisory Board，Can improve the investment efficiency of state -owned enterprises，Especially when the party committee secretary or deputy secretary concurrently served as chairman、General Manager or Chairman of the Supervisory Board，Enterprise is a local state -owned enterprise、Chairman and general manager two positions in one position、When the company's external governance is weak，The role of party organization governance to improve the efficiency of enterprise investment is stronger，It supports theoretical expectations of party organization governance of state -owned enterprises。

The second empirical study is the impact of testing the value of state -owned enterprise party organization governance on the value of cash。Data from a state -owned listed company from 2004-2015，Discovery through relevant empirical inspection，When a member of the Party Committee and a member of the board of directors，State -owned enterprise cash holding value is higher，Especially when the company's two rights have a greater separation、Executives are higher salary、Audit of the four major accounting firms、Non -Hong Kong listing、When the product market competition is low，State -owned enterprise party organization governance to improve cash holding more value。This description，Due to the governance of party organization governance of state -owned enterprises, it can reduce the agency cost of the enterprise，Companies that are poorly governed by the company，State -owned enterprise party organization governance play a stronger role in improving cash holding value。Although the value of investment and cash holding is only two aspects that reflect the operating status of the real economy，There are other manifestations of the real economy，But there are reasons to believe，Party organization governance can also help the high -quality development of the real economy through other channels。

　　Promoting the healthy development of the capital market

State -owned enterprise party organization governance can help the high -quality development of the economy by affecting the capital Bet365 lotto review market。April 25, 2019，The Political Bureau of the Central Committee of the Communist Party of China conducts 40 collective learning on maintaining national financial security，General Secretary Xi Jinping emphasized when hosting the study，Financial Living，Economics; Financial Stability，Economic Stability。Information transparency is to measure whether the capital market is valid、Important standards for healthy operation。Listed companies are the main body of the capital market，The information transparency of listed companies determines the transparency of the capital market。State -owned enterprises are often criticized as information opaque，One of the reasons is that the information of the state -owned enterprise executives hidden motivation，That is to obtain on -the -job consumption or promotion，State -owned enterprise executives usually hide bad news from the company。

Party organization governance of state -owned enterprises helps to curb behavior of state -owned enterprise executives to hide bad news。I made an empirical study，The impact of the governance of state -owned enterprise party organization governance on the risk of stock price collapse。Data from Chinese state -owned listed companies from 2003 to 2013，Annual inspection discovery，State -owned enterprise party organization governance can reduce the extent of the hidden news of state -owned enterprises，thereby reducing the risk of stock price collapse。This study indicates，State -owned enterprise party organization governance can increase information transparency，Prevent financial risk，Promoting the healthy development of the capital market。

　　Constantly improving the party organization governance system

In order to better give play to the role of state -owned enterprise party organization govern，Pay attention to the following three aspects。

First，Strengthen theoretical research on party organization governance of state -owned enterprises。State -owned enterprise party organization governance has Chinese characteristics，It is also an important practice to adapt to China's economic development，But less related theoretical research，It should strengthen theoretical research in this field，and build it as a part of the Chinese school constituent system，As a result, the explanation of China's theory for the miracle of China's economic growth。

Second，Improve the governance bet365 best casino games structure and institutional arrangement of state -owned enterprise party organization。Even if we find "two -way enter、Cross -term "party organization governance arrangements can play a positive role，But you should further explore the relationship between party organization governance and other corporate governance mechanisms，How to coordinate the role of party organization governance and other corporate governance mechanisms。Another，It should also actively explore whether there is no "two -way entry、Cross -term "better party organization governance form，Constantly improving the party organization governance system。

third，State -owned enterprises must earnestly pay attention to the governance role of party organizations in daily operations。Related empirical research proves the positive role of party organization governance of state -owned enterprises，Explain that state -owned enterprise party organization governance has both academic support，There is also support evidence support。For this，In the operation of state -owned enterprises，To actively practice party organization governance。

　　(This article is the National Natural Science Foundation of China (71972192)、The Ministry of Education Huo Yingdong Education Foundation Project (161077) phased results)

(Author Unit: School of Finance and Taxation of Central University of Finance and Economics)