Study On The Synergistic Effect Of The Mixed Reform Of State-owned Enterprises

Reform is the driving force of development.China is faced with the problem of how to effectively promote the mixed ownership reform of state-owned enterprises,and achieving synergy is considered to be a positive response to deepening the mixed ownership reform of enterprises.Since its listing in 2001,Wanhua Chemical has adopted various ways and measures to carry out mixed ownership reform in different ways before and after its listing,and finally went public in 2018.It has completed the phased reform tasks and achieved remarkable results.It has firmly held the leading position in China’s chemical products industry.At the same time,its main business is polyurethane MDI,which ranks first in the world,and polyurethane TDI,which also ranks among the top in the world.After many times of mixed ownership reform,the shareholder structure of Wanhua Chemical now presents a multiple combination of state-owned enterprises,private enterprises and international strategic investors,which is a classic case of mixed ownership reform.Through the discussion on the implementation of four major mixed reform schemes of Wanhua Chemical after its listing,this paper analyzes how state-owned enterprises realize three kinds of synergy effects in different mixed reform modes,the factors that affect the realization of synergy effects of mixed ownership reform,and whether the market responds positively to the realization of synergy effects of mixed ownership reform.This paper first introduces the concepts and theoretical basis of the reform of mixed ownership of state-owned enterprises and the synergy effect,combs out the motivation and path of the current reform of mixed ownership,and how the different paths achieve synergy effect,laying the foundation for case analysis.Secondly,it introduces the four mixed ownership reforms after the listing of Wanhua Chemical,and analyzes the motivation,path and equity changes before and after the four mixed ownership reforms.Then,based on the synergy theory of the mixed reform of stateowned enterprises,the specific effects and financial indicators of the synergy produced in the process of Wanhua Chemical’s mixed reform are analyzed in detail from three aspects of management,operation and finance using the analysis framework of synergy theory.The study found that in the four mixed ownership reforms,Wanhua Chemical achieved management synergy through its own management system improvement,management cost control and management efficiency improvement;By achieving economies of scale,solving horizontal competition and improving production efficiency,the company has achieved business synergy;Financial synergy is achieved through the realization of capital cost effect and tax saving effect.Finally,through the analysis of the event study method,it is found that the cumulative excess return rate of Wanhua Chemical’s shares has been achieved in the short term after the occurrence of the mixed-ownership reform event,which can confirm that the market holds a positive attitude towards the mixed-ownership reform of Wanhua Chemical,and the realization of synergy is also a support and promotion for the mixed-ownership reform.Finally,the following conclusions can be drawn from the study of the case of Wanhua Chemical’s mixed ownership reform:(1)different mixed ownership reform methods can achieve one or more synergies;(2)When selecting the reform object of mixed ownership,we should consider whether we can achieve positive synergy in many aspects;(3)The market has a positive attitude towards the reform of mixed ownership that has achieved synergy,so synergy can deepen the reform of mixed ownership.