Case Analysis On The Reform Of Yunnan Baiyao Mixed Ownership

In 2015,Premier Li Keqiang pointed out in the Government Report "We should orderly implement mixed ownership reform of state-owned enterprises,encourage and standardize investment projects to introduce non-state-owned capital shares." As the economy gradually enters the new normal and economic growth gradually slows down,promoting state-owned enterprise reform through the development of mixed ownership is conducive to finding new economic growth points,adjusting the economic structure,and resolving the problems commonly existing in state-owned enterprises such as low operating efficiency,and excessive debt et cetera.Through effective mixed ownership reform,state-owned capitals will be better integrated with private capitals,meanwhile market-based mechanisms will be introduced,and the governance efficiency of state-owned enterprises will be improved.However,how to effectively implement mixed ownership reform is still a process that needs continuous exploration.The current mixed ownership reform models in state-owned enterprises mainly include: employee ownership,introduction of strategic investors,and overall listing.Which model will better promote the governance efficiency of state-owned enterprises is also a question for the paper to ponder over.Therefore,starting from the specific case,the paper analyzes the existing insufficiencies and causes on the mixed ownership reform of Yunnan Baiyao,and provides some reference opinions for the development of the mixed ownership reform of state-owned enterprises in China.The specific arrangement of the paper is to first analyze the background and significance of the selected topic.Then look up certain references and confirm related theories,such as property rights theory,principal-agent theory,agency cost theory,equity structure theory,et cetera,to establish a theoretical basis for the reform of state-owned enterprises.After that,the process of mixed ownership reform of Yunnan Baiyao is reappeared to clarify the process of mixed ownership reform of Yunnan Baiyao.Then,the model analysis,market analysis and financial performance analysis on the Yunnan Baiyao mixed ownership reform are carried out to further explore the merits of the Yunnan Baiyao mixed reform model as well as the existing insufficiencies.Through the analysis of financial data,it is found that the relative indicators of reflecting profitability and operating capacity of Yunnan Baiyao have declined and the relative indicators of reflecting solvency and growth capacity have increased.Finally,based on the analysis of the paper,some operational reference opinions are concluded.The reform of stateowned enterprises' mixed ownership should continue to be steadily promoted,and the stateowned enterprises' equity structure should be liberalized during the reform of state-owned enterprises so as to prevent the state-owned holding company from becoming a single dominant one.When choosing to introduce strategic investors,the synergy effect of the enterprises should be focused.The company's operating efficiency and governance efficiency will be escalated and the problems of agency and agency costs existing in state-owned enterprises will be solved by introducing diversified investment entities.