The Path Of The Reform Of Mixed Ownership In State-Owned Enterprises And The Optimization Of Capital Allocation

Research Background and Research Issues:State-owned China National Building Materials Group Co.,Ltd.was included in the development of pilot projects of mixed ownership in the pilot reform conducted by the State-owned Assets Supervision and Administration Commission of the State Council in 2014,unveiling the reform of mixed ownership of central enterprises in the competitive sector and the optimization to governance.The core issue in this case is that:What is the basis for the restructuring of China State Building Materials Group Co.,Ltd.before it was chosen as a pilot project in 2014?How has China CNBM Group Co.,Ltd.,a competitive area after being selected as a mixed-practice pilot,made various achievements in implementing mixed ownership reform at different levels in order to achieve optimal capital allocation,so as to provide new ideas for competitive enterprises,who are going to implement a mixed ownership reform.Research ideas and findings:This article uses the theoretical analysis paradigm of property rights theory and corporate governance theory.First,through the study of different levels of corporate restructuring,We analyze the entire group of mixed reform implementation model.Also,I study what form of optimal allocation of resources and what effect can be achieved by different mixed paths.By studying this case,I found that in the group level,fully introducing the enterprises under the leadership of non-public capitals to large-scale mergers and acquisitions of private-owned enterprises,can realize the optimization layout of various industrial sectors,meanwhile,the corporate governance was improved and the reform of the board of directors was implemented.The main point is on the group-controlled listed companies,who can through the overall market to achieve the capital mix,integration of similar businesses,so as to solve the industry competition.By mixing and reforming,the relative holding of the core main business has been mobilized,leveraging a large amount of social capital.On the level of subsidiaries of listed companies,the introduction of the complementary advantages of private capital and private enterprises,the introduction of strategic investors and other means can promote the optimal allocation of resources to achieve long-term development of enterprises.Research innovation and practical significance:This case summarizes the mode of capital allocation by the central enterprise group through the mixed ownership reform,and reveals that the implementation of the mixed ownership reform of state-owned enterprises is essentially a mechanism for the disposition of different property rights.State-owned enterprises provide the basis for decision making through multi-level authorization management,and at the same time,different types of capital allocation are achieved due to the different emphasis points of the implementation of the mixed-change paths at all levels.Different ownership combinations form different forms of capital agency,which optimizes corporate governance throughout the process,improves the operating mechanism and other issues.China Building Materials Group Co.,Ltd.in promoting the central enterprises mixed ownership reform formed a general mode,providing reference for the follow-up state-owned enterprises in the field of competitive industries.Therefore,the research questions in this case have general and enlightenment significance.