Research On Financial Performance Of Mixed Ownership Reform Of China Eastern Airlines

Since 2012,the domestic and international economic situation has undergone tremendous changes.China's economy has shifted from a stage of rapid growth to a stage of high-quality development.State-owned enterprises have deepened reforms and entered a new era.The Third Plenary Session of the Eighteenth Central Committee in 2013 proposed that "mixed ownership reform" should aim at the efficiency of market-oriented resource allocation,promote the transformation of the operating system of state-owned enterprises,so as to effectively improve the efficiency of state-owned capital operation and allocation,and realize the enlargement of the function of state-owned capital and the improvement of influence To drive the transformation and upgrading of various industries and economic development in China.As of 2018,the National Development and Reform Commission has promoted a total of 50 state-owned enterprise "mixed reform" pilot projects;in 2019,it will further promote 100 state-owned enterprise mixed reforms.At the same time,the SASAC will promote the implementation of "mixed reform" at the level of 2-3 central enterprise groups.The intensity and depth of "mixed reform"will continue to increase.In this paper,the case study method is adopted,with the state-owned enterprise Eastern Airlines as the main body,the private capital Juneyao Group and its Juneyao Airlines are introduced,and cross-shareholding is adopted to promote the reform of China Eastern Airlines and inject private capital into the state-owned enterprise Eastern Airlines.This article first introduces the external economic environment situation and the development of the domestic aviation industry,and then analyzes the reasons for Eastern Airlines'mixed reform of state-owned enterprises and the selection criteria for strategic investors,and proposes the selection of the subject matter in combination with the company ' s own operating conditions and future development strategies.Standard requirements;followed by analysis of changes in the main company's organizational structure and changes in financial performance after mixed reforms,including analysis of financial indicators such as the company's solvency,operating capacity,profitability,and cash flow.At the same time,the economic value-added EVA index is used to analyze the actual profit before and after the mixed reform,and the economic value-added model is established to analyze the financial performance of China Eastern Airlines' private capital Junyao Group and Juneyao Airlines,and to calculate some ratio indicators for a more intuitive comparison.The analysis shows the actual financial impact of the mixed reforms by both parties.Through the analysis of the financial indicator data after the mixed reform,it is concluded that under the new economic situation,the mixed ownership reform of Eastern Airlines and the private capital Juneyao Group and its Juneyao Airlines has played a role in continuously deepening the reform of mixed ownership of state-owned enterprises.