Research On The Motivation And Effect Of The Mixed Ownership Reform Of State Owned Enterprises

The convening of the 20 th National Congress of the Communist Party of China in 2022 made a series of important new strategic arrangements for the reform and development of state-owned assets and state-owned enterprises,providing goals for the reform and development of state-owned assets and state-owned enterprises at a new historical starting point,and also indicating the basic principles to be followed.The report of the 20 th National Congress of the Communist Party of China emphasizes: "We must continue to promote the reform of state-owned enterprises,improve the modern enterprise system with Chinese characteristics,accelerate the optimization of the structure and layout of state-owned enterprises,and achieve the growth and strength of state-owned capital and state-owned enterprises",which reflects the importance that the state attaches to the mixed reform of state-owned enterprises in the new era.Since the 18 th National Congress of the Communist Party of China,it is an important proposition that state-owned capital should be stronger,better and bigger,and the mixed ownership reform gives a specific answer to this proposition.The continuous promotion of the reform of state-owned enterprises will help state-owned enterprises get out of the current predicament,improve the rigid management of enterprises,lack of endogenous motivation and other problems,so as to improve the innovation and operating performance of enterprises One step is to promote the development of state-owned enterprises in a stronger direction.On the basis of case study,this paper takes CPMC as a case,analyzes the motivation,implementation path and specific effects of CPMC’s mixed ownership reform,and summarizes some experience.This paper starts with the background of the topic and determines the overall research idea,and then combs,summarizes and summarizes the existing literature at home and abroad.At the same time,based on modern property rights theory,principal-agent theory and synergy theory,the functional path of state-owned enterprise reform is constructed.Secondly,this paper introduces the basic situation of CPMC,its business operation and the implementation of the mixed process.The reasons of CPMC under the implementation background are analyzed from three aspects: the promotion of national policies,the support of group companies and the development needs of enterprises.Thirdly,this paper analyzes the specific path of how mixed reform affects enterprise performance from three aspects: equity structure affects the balance of enterprise power,governance mechanism affects the vitality of enterprise operation,and resource integration affects the market position of enterprises.Finally,this paper analyzes and evaluates the effect of CPMC’s mixed reform by using financial indicators,short-term market response and comprehensive financial performance.Through the comprehensive analysis and research of CPMC mixed reform cases,it is found that: first,on the functional path,the implementation of mixed reform effectively dispersed the enterprise’s equity,optimized the property structure,adjusted the composition of the board of directors,and realized the internal power balance of the enterprise;Secondly,the participation of private shareholders has improved the enterprise management structure,established a monitoring mechanism,reduced the agency cost,and optimized the enterprise operation efficiency.At the same time,ESOP has realized the long-term binding between enterprises and employees,stimulated the vitality of employees,and promoted the innovation and transformation of enterprises;Finally,effective integration with private capital can complement each other’s advantages.It can not only optimize the product structure and enrich the product composition,but also improve the management mode,improve the overall layout of the enterprise and enhance the competitiveness of the company.Secondly,in the aspect of effect evaluation,through the event research method,it is found that the mixed reform has promoted the increase of excess earnings of enterprises and effectively improved the short-term market value;through the analysis of financial indicators,it is found that the profitability and growth ability of enterprises have been improved after the mixed reform,but the improvement of profitability is relatively lagged behind.The ability to repay debts has remained stable on the whole,with a slight increase in the middle and late stages,and the improvement of operating capacity is not obvious;Through entropy method,it is found that the mixed reform has significantly improved the comprehensive performance of enterprises.In general,the implementation of the mixed reform has improved the performance of enterprises relatively significantly.Although it is in the middle and late stage,it is still affected by the upstream raw material market and the overall industrial environment,as well as the national economic downturn caused by the epidemic,and its impact is still relatively obvious.On the basis of previous studies on the mixed reform of state-owned enterprises,this paper,starting from theoretical and practical cases,puts forward the following suggestions for the practice of the reform of state-owned enterprises in China: First,enterprises should select the mixed reform mode according to their actual situation,pay attention to the rhythm of mixed reform,ensure that the mixed reform can be carried out in an orderly manner at each time node,pay attention to the actual effect,and avoid random mixed reform and reform for reform;Secondly,after introducing non-state shareholders,enterprises should focus on integrating various high-quality resources of private enterprises,highlight the coordinated development of state-owned enterprises and private capital,and improve the comprehensive competitiveness of enterprises;Thirdly,after the mixed reform,state-owned enterprises should continue to strengthen the internal control management,apply the market-oriented mechanism to enterprise management,and realize the long-term optimization of the management system to ensure the long-term effect of the mixed reform.