Influnence Of Jiahua Corporate Governance On Financial Performance Under The Background Of Mixed Reform

With November 9,2013,the Third Plenary Session of the 18 th CPC Central Committee will raise the economy of mixed ownership to the agenda.After years of joint-stock reforms,the effect of reforms in 2017 will initially appear.The Sina Finance report shows that 68.9%of the central SOEs have started mixed reforms.In 2018,mixed reform,as the designated reform direction of state-owned enterprise reform,entered the “strengthening period” of state-owned enterprise reform,and mixed ownership reform was the designated reform direction of state-owned enterprise reform.As the first domestic case to sell 100% equity by the SASAC,Shanghai Jahwa conducted a mixed reform on November 5,2011.Shanghai Jahwa had a certain influence before the mixed reform.This mixed reform breaks through the pattern that the state-owned structural reforms only solved the difficulties for state-owned enterprises.Therefore,the case itself has a certain benchmark.After Shanghai Jahwa's mixed reform,a series of dramas of control rights transfer and control rights have taken place.Jahwa Group's shares fell to three times,so it is more practical for the study of Shanghai Jahwa's mixed ownership reform.Based on the information disclosed in Shanghai Jahwa's financial report,after the change of Shanghai Jahwa's ownership structure,the ownership structure has changed and the control rights have shifted.Due to differences in management philosophy of the business operators,corporate goals and financial goals have changed,resulting in changes in business strategies.This in turn led to changes in the financial strategy.According to the strategic decision-making behavior and the concept of behavior-determining performance management,the change of Shanghai Jahwa's financial strategy under the background of mixed reform ultimately had an impact on financial performance.The paper is based on the theory that the company's goals and financial goals are homogeneous.Based on the change in corporate goals,Shanghai Jahwa changes the company's strategy and changes its role in the financial strategy through the change of the functional strategy under the business strategy.Eventuallycause changes in financial performance.This article adopts the method of descriptive statistics.Through the horizontal and vertical comparison of financial indicators,the impact of functional strategies on financial strategies is taken as the breakthrough to study the influence of Shanghai Jahwa's functional strategy on financial performance in the context of mixed reform.We found that although the original intention of the mixed ownership reform was to perfect the modern enterprise system and thus be more dynamic,due to the lack of corresponding institutional guarantees,after the mixed ownership reform,Shanghai Jahwa paid more attention to the development of the core value of the enterprise,and increased awareness of innovation.The risk of debt repayment was reduced,but the current development of Shanghai Jahwa was not optimistic due to numerous reasons such as product positioning bias,excessive cost input,and brain drain.We believe that the mixed ownership system reforms that have been generally placed by the market and regulators on multiple expectations such as governance structure,talent mechanism,and management mechanism are in essence a “double-edged sword” only when the corresponding theoretical constraints and systems are in place.When the premise is satisfied,it can play its role.