Motivation,Path And Effect Of State-owned Enterprise Mixed Ownership Reform Under The Background Of High-quality Development

As the backbone of China’s high-quality economic development,state-owned enterprises(SOEs)are also a key part of China’s economic development and have a positive impact on accelerating the establishment of modern corporate systems and enhancing innovation capabilities.The 14 th Five-Year Plan puts forward requirements for the competitiveness,vitality and risk resistance of SOEs,indicating the direction for SOE reform and guaranteeing the effectiveness of reform;the 14 th Five-Year Plan highlights the importance of high-quality development of SOEs for deepening reform,thus providing a guarantee for refor m at the top-level design level.Solving the problems and grasping the main contradictions,although the business model and operation mechanism of SOEs have been changing since the implementation of the mixed reform,and certain results have been achieved,they still face key problems such as low operational efficiency and insufficient innovation capacity.Therefore,to further deepen the mixed ownership reform of SOEs,it is necessary to deepen the concept of high-quality development and scientific and technological innovation,take the mixed ownership reform as an opportunity to start from the governance structure,through improving the internal governance structure of enterprises,giving full play to the advantages of state-owned capital in terms of resources and non-state-owned capital in terms of institutional flexibility,complementing each other to achieve a more reasonable allocation of control,so as to achieve the improvement of the competitiveness of SOEs.To provide a solid foundation for the high-quality development of state-owned enterprises.As the only central enterprise in China’s gold industry,CJJ began to implement the mixed ownership reform in 2017,was shortlisted for the "Double Hundred Actions" reform of state-owned enterprise reform in 2018,and successfully landed on the capital market in 2021.During the period of mixed ownership reform,CICC Jewelry has been accelerating the implementation of reform initiatives and finally achieved the optimization of corporate governance structure and improvement of operational efficiency.In this context,this paper selects CJJ as a case company of mixed ownership reform and analyzes the motives,paths and effectiveness of mixed ownership reform by using literature research,case study and financial index analysis.Firstly,this paper reviews the motivation,path and effectiveness of the mixed ownership reform by reviewing the domestic and foreign literature,and introduces the theoretical basis of the mixed ownership reform.Second,from the jewelry industry in which CICC Jewelry is located,a macro analysis of the historical development and current industrial situation of the jewelry industry is presented.Furthermore,the history,motivation and specific path of the mixed ownership reform of CJJ ar e analyzed.Then,through the analysis of the governance effectiveness of CJJ after the hybrid reform,it is found that CJJ has not only realized the change in the ownership structure of the enterprise through equity diversification,but also rationalized the governance structure of the company by introducing strategic investors;then,the financial index analysis method and entropy value method are used to analyze the debt servicing,profitability,operation,development capacity and comprehensive capacity of the enterprise before and after the hybrid reform,and the EVA index analysis method is used to analyze the enterprise value of CJJ before and after the mixed reform,and multiple methods are used to corroborate the effectiveness of the mixed ownership reform with each other.Finally,the effectiveness of the mixed ownership reform of CJJ is analyzed from the aspect of innovation ability,and finally the evaluation system of the whole mixed ownership reform is improved.In summary,based on the detailed analysis of the motivation,path and effectiveness of the mixed ownership reform of CJJ,this paper proposes conclusions and subsequent recommendations for the implementation of mixed ownership reform in state-owned enterprises,aiming to provide referenc e for the subsequent mixed ownership reform of jewelry state-owned enterprises.