Abstract: The choice of ownership structure is the primary issue in the mixed ownership reform of SOEs in China. It is the basic duty and legal obligation of SOEs to perform public welfare functions. The SOEs with different levels of public welfare function need to choose different ownership structures due to the different public welfare functions they need to perform. The level of public welfare function should be the fundamental basis for the SOEs to choose the ownership structure in the mixed ownership reform. It is of great theoretical and practical significance to study the ownership structure choice mechanism of SOEs performing different public welfare functions from both theoretical and empirical levels, so as to strengthen the match between the public welfare functions and ownership structure of SOEs, smoothly promote the mixed ownership reform of SOEs, and ensure the sustainable, stable and healthy development of SOEs.

Key words: ownership structure； public welfare functions； SOEs； mixed ownership reform