Research On The Path And Effect Of Mixed Ownership Reform Of Competitive State-owned Enterprises

The 19 th National Congress of the Communist Party of China proposed “actively develop the reform of the state-owned enterprise shareholding structure and the mixed ownership of the real economy,and promote a new round of mixed-ownership economic reform of the state-owned enterprise reform and shareholding structure reform.” The new round of mixed reform has once again become a hot spot.This reform not only emphasizes optimizing the ownership structure of state-owned enterprises and the operating conditions of state-owned capital,but also hopes to completely transform the operation and management mechanism of large state-owned enterprises.Unlike the previous stage of reform,which introduced a single method such as the direct introduction of strategic investors,state-owned enterprises began to explore a combination of multiple paths to achieve a new round of structural reform of mixed ownership.This paper started from sorting out the driving factors,paths and effects of the new round of mixed reform,Antai Technology Co.,Ltd.was selected as a research case.In 2015-2016,it adopted a multi-dimensional investment model such as the acquisition of Tianlong Tungsten and Molybdenum Enterprises and the implementation of employee shareholding to conduct a new round of mixed ownership reform.I have analyzed in detail the economic drivers and paths of Antai Technology's implementation of a new round of mixed ownership reform in recent years,and further analyzed its reforms from the three aspects of Antai Technology's senior governance,investor market response,financial analysis and performance after the macroeconomic impact and consequences.Through the analysis of the cases,the following conclusions are drawn.The current research on this multi-path combined mixed ownership reform found that the mixed reform of the “multidimensional model” is effective.The reform model will help Antai Technology to improve the performance of the enterprise,enhance the competitiveness of the enterprise,and promote the sectorization of products and business.The introduction of private capital has formed a diversified shareholding structure,the private enterprise team has optimized the internal governance structure of the company,and employee shareholding has formed a community of interests for the owners of the capital market and corporate laborers.This has a positive impact on the promotion of listed company diversification and mixed ownership reform;This “multi-dimensional model” reform of introducing private enterprises + employee shareholding + newly established enterprises has become a new way to promote the reform of mixed ownership of private enterprises,and has made a good demonstration for the reform and development of state-owned enterprises in the future.In the process of mixed ownership reform,whether effective measures can be taken to prevent the loss of state-owned assets and whether the management and vitality of private enterprises can be fully stimulated and released can be used for reference for other state-owned enterprise reforms.