| Since the market-oriented reform began in China,transforming the state-owned enterprises with soft budget constraints into the market competition subjects with independent operation and self-sufficiency in profits and losses has become the central link of economic system reform,in which the development of mixed ownership is an important content and key breakthrough in the reform of state-owned enterprises.In recent years,with the deepening of reform,more and more state-owned enterprises participate in the mixed ownership reform.In 2017,the report on the work of the government call for " deepening the reform of mixed ownership,making substantial changes in monopolistic sectors such as electricity,oil,natural gas and civil aviation,reforming the oil,gas and electricity systems,and opening up competitive businesses",which once again pushed the reform of mixed ownership to a new height.Therefore,it is of great and far-reaching significance to research the mixed ownership reform of state-owned enterprises.In order to understand the practice of mixed ownership reform in state-owned enterprises,this paper starts from the perspective of corporate governance.Firstly,it combs the relevant literature and theories at home and abroad,clarifies the relationship between mixed ownership reform and corporate governance,and lays a theoretical foundation for the research of this paper.Secondly,under the background that monopoly state-owned enterprises are the focus and hot spot of reform at present,the paper selects Chongqing Iron and steel mixed ownership reform,a natural monopoly industry with more research value,as the research object,sorts out the process and motivation of the implementation of mixed ownership reform,and lays a solid foundation for the full text analysis.Thirdly,from the perspective of equity structure,board of directors system,board of supervisors system,incentive and restraint mechanism and internal control,this paper analyzes the impact of Chongqing Iron and steel mixed ownership reform on corporate governance.On this basis,the paper analyzes the mechanism of corporate governance effect caused by the reform of mixed ownership,and clarifies the transmission mechanism of the reform to promote corporate governance effect.At the same time,through the vertical analysis of the market performance and financial performance of Chongqing Iron and steel before and after the reform,further verify the impact of the reform on corporate governance.Finally,the following conclusions are drawn:(1)the reform of Chongqing Iron and Steel Co.,Ltd.is different from the current capital level reform of most enterprises,but on the basis of the capital level reform,the in-depth reform of corporate governance structure and governance mechanism has been carried out;(2)the mixed ownership reform has improved the corporate governance structure and governance mechanism,and realized market-oriented corporate governance,It has improved the corporate governance effect;(3)this mixed ownership reform has achieved the improvement of corporate governance effect mainly through three transmission mechanisms: supervision effect,incentive effect and synergy effect;(4)this mixed ownership reform has had a positive effect on market performance and financial performance,further verifying the promotion effect of mixed ownership reform on corporate governance effect.Through the case study,this paper finds that the state-owned enterprises not only achieve the short-term goal of resolving the debt crisis and helping enterprises out of difficulties,but also improve the corporate governance structure and governance mechanism,which lays the foundation for the promotion of corporate governance effect and the long-term development of enterprises.This provides a sample for other stateowned enterprises,especially natural monopoly state-owned enterprises to implement mixed ownership reform.At the same time,it can also enrich the research on the improvement of corporate governance effect by the reform of mixed ownership. |
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