A Study On Corporate Governance Of The Mixed Reform Of State-owned Enterprises Under Strategic Investor

The reform of state-owned enterprises has been a hot issue of corporate governance in China for many years.There are some problems in the corporate governance of state-owned enterprises,such as the imbalance of stock-right structure,the dominance of state-owned shares,the serious control of insiders,the imperfection of relevant laws and regulations,which lead to the inefficiency of corporate governance,unfair and unreasonable decision-making,and the decline of core competitiveness,etc.Therefore,improving corporate governance is an important issue in the current reform of state-owned enterprises.The purpose of mixed restructuring is to build a governance system that can cultivate competitiveness and innovation in line with modern corporate governance.State-owned enterprises can promote the optimization of corporate governance structure through mixed restructuring,break through the current bottlenecks encountered by state-owned enterprises at the corporate governance level,and thus enhance the strength of enterprises.In the choice of mixing methods,the introduction of strategic investors has obvious advantages,not only in the sharing of resources,but also for the development of strategic layout and the generation of strategic synergies.But the mixed-ownership reform of state-owned enterprises can be realized not only by introducing strategic investors,but also by bringing a new corporate governance system to enterprises.Under the new corporate governance system,the mixed-ownership reform of state-owned enterprises will bring new life to enterprises and lead them into the market competition system.This paper takes the introduction of strategic investors as a breakthrough point,summarizes the existing research of domestic and foreign scholars,reviews the theoretical framework,and then through specific case analysis,analyzes the changes of stock-right structure,corporate governance structure and corporate governance mechanism of China Unicom after the mixed-ownership reform,and through the evaluation of the implementation effect of the case,clarifies whether the mixedownership reform of state-owned enterprises by introducing strategic investors can optimize corporate governance.Finally,it summarizes the possible problems of corporate governance after the mixed-ownership reform,and puts forward relevant suggestions based on the successful experience of the mixed-ownership reform of China Unicom,so as to provide constructive suggestions for the new round of mixed-ownership reform of state-owned enterprises.In the end,it is concluded that the investment efficiency of China Unicom itself is obviously raised,which reflects the company's improvement of corporate governance through the introduction of strategic investors.It has made clear achievements in the development and application of new products,the extension of the industrial chain and the growth of the whole core competitiveness.And the successful experience of the communication is proposed to guide the state-owned enterprises after the reform.