Case Analysis Of China Unicom's Mixed Ownership Reform

As the pillar of national economy,state-owned enterprises have played an important role in China's economic development.Since the reform and opening up,the reform of state-owned enterprises has continued to deepen,and the ownership reform represented by mixed ownership reform has achieved remarkable results.Especially at the Third Plenary Session of the 18 th Central Committee in 2013,“the mixed ownership economy is an important form of realization of China's basic economic system” was put forward,and the reform of mixed ownership has become an important direction for the reform of state-owned enterprises at this stage.At the same time,the government also put forward higher development requirements for the state-owned enterprises under the current mixed ownership reform.Most of the state-owned enterprises reforms before 2013 are joint-stock reforms.Through the mixture of equity to achieve the purpose of stimulating the development vigor of state-owned enterprises.And there are few aspects related to corporate governance.The improvement of corporate governance can bring more internal vitality to state-owned enterprises and realize the rapid development of state-owned enterprise.Therefore,the core of this round of state-owned enterprise mixed reform is not only to optimize the ownership structure of state-owned enterprises,but also to further optimize the governance structure and mechanism of enterprise on the basis of optimizing the ownership structure,so as to make the stateowned enterprises converge with the market in the aspect of governance mechanism,and further improve the market competitiveness and sustainable development capacity of state-owned enterprises.China Unicom's mixed ownership reform practice is the first large-scale monopoly state-owned enterprise to start mixed ownership reform from the group level,and its mixed ownership reform has a certain exemplary role.Its equity reform structure design is the best model of “one leading + highly dispersed + equity incentive”.It can maintain the control of state-owned capital,preserve and increase the value of state-owned assets,and give full play to the enthusiasm of the backbone of enterprises at the same time.Based on this,this paper selects China Unicom's mixed ownership reform as the research object,and deeply analyzes the impact of mixed ownership reform on China Unicom's corporate governance mechanism and its governance effect.This paper uses literature analysis and case analysis to study and analyze China Unicom's mixed ownership reform from the perspective of corporate governance.The full text is divided into six parts.The first chapter introduces the research background and significance of China Unicom's mixed ownership reform,the research route,research methods and framework of this paper,and combs the domestic and international research status of mixed ownership reform and corporate governance.The second chapter is a summary of the relevant theories of mixed ownership reform and corporate governance of state-owned enterprises,including the related concepts of mixed ownership reform and corporate governance,the impact of mixed ownership reform on corporate governance,and the relevant theoretical basis.It can provide theoretical support for the following case studies.The third chapter is the case summary part,firstly,it introduces the basic information of China Unicom and the industry information;next,it introduces the motivation and phased process of China Unicom's mixed ownership reform;and finally,it introduces the specific plan of China Unicom's mixed ownership reform.The fourth chapter is the case analysis part of this paper.It mainly analyzes the mechanism and effect of China Unicom's corporate governance after “mixed ownership reform” from four aspects: shareholder governance,board governance,supervisory board governance and managerial governance.The fifth chapter is the case revelation and suggestion.Through the case analysis in the fourth chapter,it is concluded that China Unicom's mixed ownership reform measures have improved the corporate governance level,including:(1)diversified equity institutions design has formed a multi-balanced shareholder governance,which can effectively regulate the behavior of the major shareholders;(2)introducing strategic invertors with high relevance to their own business,and strengthening the business cooperation with them,which can improve corporate performance;(3)improving employee participation in corporate governance through long-term equity incentives;(4)increasing the seats of non-state-owned shareholders in the board of directors,which can strengthen the independence of the board of directors and further standardize the governance of the board;(5)marketed-based selection and incentive mechanism,and implement the tenure system and contract management of managers,which improving the level of manager governance.However,there are still same problems in the current corporate governance.So,in the end,some corresponding suggestions are put forward for China Unicom to continue improve corporate governance,including,(1)improving the independence and professionalism of independent directors;(2)establishing a board of supervisors that can balance the interests of all parties;(3)establishing and perfecting the professional manager market,etc.I hope these suggestions will help China Unicom further improve its corporate governance and achieve its own rapid development.The sixth chapter is the concluding part,based on the previous research and analysis,summarizing the research conclusions and pointing out the shortcomings of this paper and the prospects for future research.With the continuous development of China's market economy,mixed ownership will become the mainstream of state-owned enterprise reform.China Unicom's mixed ownership reform practice has provided important reference for the reform of other state-owned enterprises,and it also provided valuable value for improving the theory of mixed ownership reform.