Research on the Effectiveness of Deep Learning−Based Agency Cost Suppression Strategy: A Case Study of State−Owned Enterprises in Mainland China

Abstract

The mixed ownership reform aims to improve the property rights structure of the state−owned enterprises (SOEs) and reduce agency costs, and the current mixed reform strategies mainly include equity blending by introducing external non−state capital, executive assignments, and employee stock ownership. In this paper, 953 valid data of A−shares listed in Shanghai and Shenzhen from 2008 to 2020 are used as samples to construct the indicators of mixed reform strategy by the literature statistics method. After obtaining multiple impact indicators, the regression impact model of corporate agency cost suppression strategy is constructed by MATLAB software using a machine learning algorithm. On this basis, the performance of multiple machine learning algorithms is compared, and it is found that the integrated optimization−based bag−boosting model is used to study the effect of hybrid reform strategy to reduce the agency costs of SOEs, and the proportional setting of indicators when the effect is optimal is also explored. Finally, the laws of different influencing factors on the agency costs of enterprises are explored separately by the eigenvalue method. The results of the study show that the proportion of shareholding of the first largest non−state shareholder is sin−functional with the agency costs of SOEs when non−state majority shareholders are introduced into SOEs’ equity mix, and the agency costs tend to decrease after SOEs become privately held enterprises. The greater the number and proportion of supervisors appointed by non−state shareholders, the greater the supervisory restraint effect on SOE managers and the better the effect of suppressing agency costs. The participation of non−state−owned shareholders in the company’s business decisions by appointed executives and the special resource advantages of SOEs intensify the occurrence of the self−interest of appointed executives and the increase of agency costs of SOEs. The implementation of an employee stock ownership plan plays the role of employee supervision and restraint on SOE managers, which reduces the agency costs of SOEs. Based on this, it can provide support for the government to improve the hybrid reform policy and promote the process layer by layer, and also provide theoretical reference for SOEs to deepen the equity mix, incentivize employee shareholding, and empower non−state shareholders to govern and thus reduce agency costs.

How Shareholders' Right of Speech Affects the Performance of Green Innovation--Big Data Practice Based on R Language Brucer Package

“…However, previous studies have paid more attention to the relationship between green innovation performance and operating profit, profitability and innovation performance, while the research on internal factors of green innovation performance of enterprises is less. At the same time, due to the concentration of equity in some listed companies, shareholders with large equity shares often make biased decisions in order to safeguard their own interests, which affect the level of green innovation performance of enterprises, or affect market performance by changing green innovation performance to achieve profits [2] . Based on the above analysis, this paper selects relevant data from 2010 to 2020 to explore the relationship between equity concentration, enterprise growth and green innovation performance of listed companies through theoretical analysis and empirical testing, focusing on the intermediary role of enterprise growth in the process of equity concentration affecting market performance, with a view to providing strong empirical evidence for the research on influencing factors of market performance, And put forward targeted policy recommendations.…”