Research About The Impact Of Ownership Structur On Corporate Performance Under The Backgrounf Of The Mixed Ownership Reform

Beginning with the 19 th CPC national congress,comprehensively deepening reforms has become a key issue in the national economic area.The reform of mixed ownership of state-owned enterprises has reached an unprecedented level.As an important field of mixed ownership reform,hotel enterprises did not adapt well to the development trend of tourism.It is urgent to find a way to adapt to the market development and industrial environment changes.Under such circumstance,state-owned enterprises began to attempt to reform the mixed ownership system by classification.The most commonly used method is to adjust the ownership structure.The equity composition,concentration and balance of enterprises are changed by means of merging and acquisitions,as well as introduction of strategic investors.This can meet the needs of long-term development of the enterprise.Corporation performance is often used to evaluate the effect of corporation equity structure adjustment.Besides judging the operation and management of an enterprise,corporation performance also reflects its development prospects and development goals.The study of corporation performance mainly focuses on market performance,financial performance and non-financial performance,since market performance can affect investors' investment decisions on enterprises and financial performance which is generally reflected by applying the financial index system to measure the enterprise's debt paying ability,operation ability,profitability and development ability is highly representative and comparable.Non-financial performance mainly includes business scale and strategic objectives,which can predict the long-term impact of ownership structure on corporate performance.This paper first discusses the development progress of mixed ownership in China,and finds that China's economic development level differs from region to region and thus requires a diversified economic structure.In addition,in order to enhance the connection between enterprises and the market,mixed ownership economy grows along with the trend.Through the formation stage,improvement stage and development stage,the reform of state-owned enterprises has made lots of breakthroughs in depth and breadth,but at the same time it faces resistance from policies,culture and operation mechanisms.In terms of ownership structure,state-owned shares still dominate.The institutional investors from several types of state-owned enterprises such as tourism,accommodation,and catering,hold a low proportion of shares in state-owned enterprises and their strength is very weak.The profitability of main business is declining year by year,and there is still much to be improved in terms of profitability and management.Then,this paper chooses Jinjiang Stock as a case to study the different influences of its shareholding structure adjustment on corporation performance.Changes in equity structure are basically synchronized with the three important stages of mixed ownership reform.By studying the influence of equity composition,concentration,balance and liquidity differences caused by different mixed ownership reform approaches in non-tradable shares reform,mergers and acquisitions,equity incentives and introduction of strategic investors on corporate performance of Jinjiang Stock,this paper puts forward suggestions on the mixed ownership reform of the hotel industry.Through the significance analysis,the ownership structure of Jinjiang Stock has a significant and positive impact on enterprise performance.Compared with the First brigade Hotel and Jinling Hotel,Jinjiang Stock has many advantages and disadvantages in shareholding structure adjustment.Finally,this paper puts forward suggestions on the mixed ownership reform of the hotel industry.The government should perfect the legal system and supporting policies and optimize the state-owned assets supervision means,government functions and market competition mechanism.Enterprises should construct diversified and balanced investment subjects,advocate good corporation culture and ideas and standardize corporate governance structure.