A Study On The Choice Of Ownership Structure And Financial Performance Of State-owned Enterprises From The Perspective Of Mixed Ownership Reforms

The reform of the mixed ownership system of state-owned enterprises(SOE)is the key section of China economic reform.The concept of mixed ownership Reform was invented in early 90's of last century.From then,China began to allow private capital and foreign capital to participate actively in the restructuring and reform of state-owned enterprises.The third Plenary session of the 18 Central Committee(2013)is a beginning of a new reform era.In the former state-owned enterprise reform,especially in the mixed ownership reform,due to various reasons,the ownership structure and performance of state-owned enterprises are not satisfactory.For example,the phenomenon of "one share alone" in state-owned shares is serious,and the adjustment of ownership structure is accompanied by the loss of state-owned assets,the serious loss of state-owned enterprises,the high financial risk,and the low efficiency of asset utilization and so on.In the new round of mixed ownership reform,central enterprises and local state-owned enterprises have successively introduced a timetable for the reform of mixed ownership,and adopted various ways to carry out mixed ownership reform.The new round of mixed ownership reform has entered a practical period from the concept period.According to the needs of the state-owned enterprises' industry and their own strategic development,the enterprises mainly adopt the ways of capital expansion,property right transfer,overall listing and employee stock ownership reform.Yunnan Baiyao Group Co.,Ltd.is a well-known enterprise in key state-owned enterprises and pharmaceutical manufacturing industries in Yunnan Province.At present,the biomedical industry has entered the window of value reengineering,pattern change and industrial restructuring.Yunnan Baiyao in order to improve the problem of high ownership concentration in recent years,actively seize the opportunity and timely carry out mixed ownership reform.In end of 2016,Yunnan Baiyao holding Group Co.,Ltd.,the largest shareholder of Yunnan Baiyao,introduced 25.4 billion yuan of Xinhuadu Group by way of increasing capital and the Perspective of Mixed Ownership Reforms——Take Yunnan Baiyao Group Co.of Example expanding shares.White medicine holding changed from the original 100% holding by the Yunnan SASAC to the ownership structure of 50% shares each of SASAC and Xinhuadu Group.This paper examines the impact of this important event on Yunnan Baiyao's financial performance from the two dimensions of short-term market reaction and long term financial performance.For the measurement of short-term market reaction,this paper uses the event research method commonly used in academic circles to find out the linear correlation between the actual daily return rate of Yunnan Baiyao stock and the market rate of return in the estimated period.Then the difference between the actual daily rate of return of Yunnan Baiyao stock and the expected daily rate of return calculated by regression equation before and after the event occurred is calculated and the cumulative excess return rate is obtained.The conclusion is that the car value has an obvious upward trend,indicating that market investors are optimistic about the reform of Yunnan Baiyao ownership structure.The long-term financial performance has been measured by comparing it with Yunnan Baiyao Medical and Health Industry Co.,Ltd.,which is similar to Yunnan Baiyao's background.From the four aspects of profitability,solvency,operating capacity and growth ability,The long-term financial performance of Yunnan Baiyao is developing in a positive direction,and the conclusion is that this reform of ownership structure has a positive effect on the long-term financial performance of Yunnan Baiyao in the future.This paper holds that the state-owned enterprises should conform to the arrangement of the state policy,combine their own needs and development needs,adopt the path suitable for the company,actively carry out the mixed ownership reform,and achieve the purpose of improving the enterprise performance and perfecting the ownership structure.Finally,this paper puts forward its own prospect and thinking on the future of mixed ownership of state-owned enterprises and the possible direction of development and the research direction of mixed ownership reform.