关键词: 混合所有制改革, 非国有股东治理, 资本运营效率, 企业监管

Abstract: Improving the capital operation efficiency of enterprises is an important problem to be solved in the reform of state-owned assets and enterprises.Regarding the reform of mixed ownership and transformation of supervision system based on ‘capital management’ as background,based on the data of listed companies from 2008 to 2019, this paper discusses the effects of non-state shareholders’ governance on the capital operation efficiency of enterprises from the two aspects of equity governance and executive governance, and the moderating effect of supervision mode. The research finds that non-state shareholders’ governance can effectively improve the capital operation efficiency of enterprises, and inventory supervision and big data supervision have a positive moderating effect on the relationship between non-state shareholders’ governance and capital operation efficiency of enterprises. This study has some implications for promoting the reform of mixed ownership and the reform of state-owned assets supervision system to improve the efficiency of enterprises’ capital operation.

Key words: mixed ownership reform, non-state shareholders’ governance, capital operation efficiency, enterprise supervision