Research On The Motivation,Path And Performance Of Sinopharm Group's Mixed Ownership Reform

In recent years,a new round of mixed ownership reform of state-owned enterprises has been a hot issue in society.In 2013,starting from the Third Plenary Session of the 18th CPC Central Committee,we will develop a mixed mix of all the major directions for the reform of state-owned enterprises.The mixed reform of state-owned enterprises mainly realizes diversification of equity by introducing non-state-owned capital,thereby optimizing the internal governance mode of state-owned enterprises and improving operational efficiency and competitiveness.As of the end of 2017,the proportion of mixed-ownership enterprises in central enterprise group companies and subsidiaries at all levels reached 68.9%,and commercial-type state-owned enterprises in fully competitive industries had the highest mix,accounting for 73.6%.Based on this,this paper combines the development of Sinopharm Group,the external market environment and policy environment,and divides its mixed reform process in stages,analyzes the motivation and path selection of Sinopharm's mixed reform under dynamic environment,and conducts performance test of mixed reform.How to classify and classify state-owned enterprises to carry out mixed reforms can provide reference.At the same time,for strategic investors involved in the mixed reform of state-owned enterprises,private enterprises provide advice,and provide a new perspective for the regulatory authorities to control the risk control and system support in the mixed reform of state-owned enterprises,thereby promoting the healthy development of state-owned enterprises.Through the case study of this article,the author has obtained the following conclusions:From the motivation of promoting state-owned enterprises to carry out mixed reforms,the government administrative forces play a continuous influence,but they play different roles in different periods.In the case of strong policy guidance,the introduction of strategic investors,restructuring and listing and asset restructuring are more common.With the deepening of market economic system reform,market-oriented decision-making plays an increasingly important role in the production and operation of state-owned enterprises.At this stage,state-owned enterprises should fully consider their own development needs and the market competition environment when they conduct mixed reforms.A mixed-use program that promotes value-added enterprise value.Competitive state-owned enterprises can optimize their shareholding structure by investing in or acquiring private enterprises with competitive advantages,and quickly gain product or technological advantages.From the perspective of path selection and integration,on the one hand,the addition of private capital is conducive to changing the situation of monopoly of state-owned assets,the participation of strategic investors in management,and the retention of management teams of private enterprises can effectively promote the optimization of the internal governance structure of state-owned enterprises and promote Overall performance improvement.On the other hand,state-owned enterprises should reasonably choose to mix and modify business or objects,from easy to difficult,bottom-up mixed logic can effectively reduce the risk impact of reform on the group companies.With the further deepening of the mixed reform,the competitive state-owned enterprises should gradually promote the equity diversification at the parent company level,as well as the reform of the incentive system and governance model,and complete the top-level design of the mixed reform,thereby enhancing the overall competitiveness of the group.Finally,from the perspective of institutional norms,the normative policies of state-owned asset transactions and property rights transactions should be gradually improved,and the regulatory authorities should also establish a unified supervision system to create an orderly market environment for mixed reform of state-owned enterprises.