The Case Study Of The Mixed Ownership Reform Of China Shipping Haisheng CO.,LTD

In The Third Plenary Session of the 18 th CPC central committee,the mixed-ownership economy was put forward as a main project and an essential part for further reform to stateowned enterprises.Under such conditions,China Shipping(Hainan)Haisheng Shipping Co.,Ltd(CSHS)has started its reform of mixed-ownership.Before this reform,CSHS did not have a clear direction in its transaction.Meanwhile,affected by the sluggish development and other factors in the area of the South China Sea,this Shipping company has been increasingly become “the last one” in its field with a grim future.However,after carrying out this reform of mixed-ownership,CSHS recovered successfully from its former plight.In addition,this enterprise was also the first listed state-owned enterprise to implement this kind of reform after China introduced such relevant programs for the state-owned enterprises.Therefore,taking CSHS as an example to do this research is practically valuable and significant.In this thesis,the former part is about an introduction of the researching background,significance,status and reviews at home and abroad on the reform of mixed-ownership in CSHS.Afterwards,it elaborates some related theories,including transfer of equity,private placement and assets stripping,in the process of the reform.Then,it introduces the example of mixed-ownership reform in CSHS in detail and has a further study on the reasons and the exact time of the reform,the company that CSHS chooses to transfer its equity,the way it reforms,the application of the reform,transfer price,and the transfer ratio.Last,there are some conclusions drawn from the example.Mixed-ownership can offer some opportunities to small-and medium-sized enterprises to gain excess income.Combining equity transfer and private placement is an effective way to achieve the reform of mixed-ownership.As a reference,premium in the transfer of equity should be around 50 percent of the its share price.The separation of assets in the reform of mixed ownership is conducive to the reasonable tax avoidance of enterprises.On the reform of mix-ownership,CSHS turned its major shipping to healthcare industry and insurance industry,transferring and upgrading its original business.Not only did it satisfy the shareholding ratio from the government,but it obtained capital injection from private enterprises,changing its loss into gains gradually.Admittedly,CSHS has made an effectiveseries of measures to reform.This thesis has an intensive analysis on the reform of mixedownership in CSHS and summarizes the company's experience and reform pattern.As a representative example,other domestic enterprises could use its very experience for reference.