Research On Financial Performance Of Mixed Ownership Reform In State-owned Enterprises

The reform of mixed ownership has always been a key issue in the process of reform of state-owned enterprises in China.And the effectiveness of China’s mixed ownership reform since the comprehensive reform in 2013,whether the financial performance of state-owned enterprises has been improved,answering these questions is of great significance for testing the results of reforms and summing up the experience of reform.This paper makes a concrete analysis of the financial performance during the reform of China Unicom’s mixed ownership by the form of literature research and case study,and provides a reference for the new round of mixed ownership reform in China.The main contents of this paper include: Firstly,through the literature review,the starting point and the foothold of the research are clarified.The theoretical basis of the research on the financial performance of the mixed ownership reform is expounded through the definition of relevant concepts and the analysis of the theoretical basis.Secondly,it explains the status quo of China’s state-owned enterprise mixed ownership reform from the background of reform,the process and the overall effect at the present stage.Thirdly,it analyzes the background,mode,content and financial performance of China Unicom’s mixed ownership reform,and gives a concrete explanation of the situation of its mixed ownership reform through case study,and then demonstrates the effectiveness of its reform.Finally,the conclusions of this paper are drawn,and the suggestions on improving the financial performance of mixed ownership reform in state-owned enterprises are put forward,including establishing a ownership structure of multiple checks and balances,introducing strategic investors with synergies,improving internal supervision and governance mechanisms,establishing long-term incentive and assessment mechanisms,and evaluating the risks and performance of reforms rationally.In this paper,the theoretical analysis and case analysis are combined,the overall analysis and the specific analysis are combined,the demonstration is complete and the structure is clear.In the case selection,the article keeps up with the theme of the times.As one of the first pilot groups of reform announced by the Development and Reform Commission in 2016 and the first central enterprise to carry out mixed ownership reform of the Group,the case of China Unicom is typical,and its reform results and experience have important theoretical and practical value.In the analysis method,this paper combines the traditional Du Pont analysis,the four-capacity analysis and the EVA analysis prescribed by the SASAC,and uses the latest published annual report data to specify the change of the financial performance before and after the mixed ownership reform of China Unicom.It further enhances the comprehensiveness and rationality of the financial management optimization suggestions of state-owned enterprises put forward in this paper.This paper finds that the mixed ownership reform of state-owned enterprises has achieved great results at present,and the reform has a certain positive impact on the financial performance of state-owned enterprises,and the case of China Unicom also strengthens this point of view.Before the reform of mixed ownership,the performance of China Unicom has declined in an all-round way.After the reform of mixed ownership,by the end of 2018,the net profit and EVA value of China Unicom have been improved to varying degrees.In the short term,China Unicom’s ability to operate and develop,the quality of assets and the ability to resist debt risks have been improved to an overall extent.