The Evolution Logic Of Mixed-Ownership Reformation Based On A Trust Perspective And Case Study On Performance

The file of the Eighteenth Third Plenary Session called the Determinations of Some Problems Concerned about Comprehensive Reformation by the Central Committee of the Communist Party of China emphasized the significant status of state-owned enterprise reform (SOE reform), which means a new round of SOE reform is accelerating. It was put forward that the aim is to develop the mixed-ownership economy and to push the reformation of state-owned enterprises towards the direction of mixed-ownership, therefore, the mixed-ownership reformation of state-owned enterprises is the hottest issue at present.During the process of SOE reform, ambiguous definition of property rights, over-intervention of the government, loss of state assets, loss and monopoly of the national brand, unfair treatment of the private company, and dispute over obligation all reflect the difficulties of mixed-ownership reformation.China National Building Materials Group Corporation had seized the opportunity of cement industry structural adjustment. It conducted union reorganization through developing mixed-ownership system to make it squeeze into Fortune Global 500. In the case of the formation of southern cement, the company reorganized 150 enterprises, in which 65 percent are private enterprises,15 percent are local state-owned enterprises,20 percent are mixed shares enterprises. Through large-scale acquisitions, the company had achieved a great-leap-forward development. The production capacity had become the first in the world by 2014, and the Group gained profit of 8.3 billion. Therefore, the successful experience of mixed-ownership reformation of the company is very worth learning.There are few scholars have specially studied the mixed-ownership reform from based on the trust perspective. In this paper, the author use the method such as literature researching. The paper is divided into six chapters. The first chapter is the introduction, which put forward the research background as well as the significance of this paper. The second chapter reviews the existing home and abroad research literature. The third chapter is the theoretical basis of this paper, which introduces the basic theory related to the evolution logic of mixed-ownership reformation, including the behavior characteristics of state-owned enterprises and private company, the essentials of SOE reform, the analysis of state-owned enterprises and private companies to participate in the game behavior, building the models of calculus-based trust and knowledge-based trust, and illustrate how the two kinds of trust word in mergers and acquisitions(m&a). The fourth chapter is based on mergers and acquisitions of China National Building Materials Group Corporation. On the basis of the company’s reformation background, we analyzed the motivation, pattern and process of the reformation, concluded the evolution logic of trust in mixed-ownership reformation.The fifth chapter through 10 years before and after m&a financial indicators calculation, horizontal and vertical contrast China building material group corresponding financial indicators before and after m&a, comprehensive evaluation of China’s building materials in the mixed ownership reform success or failure. Then, based on the above theory and case analysis, chapter 6 summarizes in the mixed-ownership reform, state-owned enterprises need to establish the trust foundation, the rational choice targets, choose appropriate m&a payment method and effective to carry out the merger integration.