Research On The Path And Effect Of Mixed Ownership Reform Based On Heterogeneous Capital Balance

Research Background and Research Issues:The 2016 Central Economic Work Conference puts special emphasis on the importance of the new round of mixed ownership reform.At present,the reform of mixed ownership has become the main mode of state-owned enterprise reform,from pilot central enterprises to local state-owned enterprises.In response,Yunnan Baiyao Group,one of the ten key state-owned enterprises in Yunnan Province,also took the pace of mixed ownership reform in December 2016.It is worth noting that Yunnan Baiyao maintained a state of balance between state-owned capital and private capital in the two rounds of mixed reform.The question in this case study is:How does Yunnan Baiyao Group in the competitive field make equity arrangements for heterogeneous capital in the process of mixed reform?How to achieve the goal of optimal allocation of state-owned capital by adopting different reform paths at the group level and listed companies?At the same time,this paper also discusses the essence of mixed ownership reform path selection and capital optimization configuration from the perspective of stakeholder theory and capital cost theory,thus providing a new mechanism explanation for mixed reform.Research Ideas and Research Methods:This paper takes the theory of stakeholder theory and the theory of capital cost difference as the theoretical analysis paradigm.Firstly,it studies the mixed reform of the different levels of Yunnan Baiyao Group and the different stakeholders involved,so as to sort out the mixed reform of the whole group.Implementation model.At the same time,the method of case analysis is used to analyze the mixed modification path and capital optimization allocation method of Yunnan Baiyao Group at the level of controlling parent company and listed company,so as to further summarize the mechanism of mixed reform of state-owned enterprises.Research Innovation and Practical Enlightenment:The macro theory of mixed ownership economy at home and abroad has been mature and perfect,but most of the existing research focuses on the deepening of macro-ownership theory.Few scholars combine the theory with the practical practice of mixed reform.In-depth analysis,the guiding role of theory in practice has not been fully utilized.At the same time,the analysis of the impact of the reform of state-owned enterprises on the company’s performance is often an empirical analysis of the overall level.There is less complete analysis of the mixed-reform path and capital-optimized allocation model of representative cases.This case analyzes the hybrid reform path selection and capital optimization allocation mode of Yunnan Baiyao Group,reveals the internal mechanism of the balance of state-owned enterprises’ equity and capital allocation efficiency,and deepens the reform mechanism of state-owned enterprises in the middle and advanced mixed ownership reform mode.Grasped.The successful practice of Yunnan Baiyao Group has formed a reproducible general experience in the process of further deepening the reform of state-owned enterprises.It can not only provide reference for the reform of local state-owned enterprises,but also provide practical guidance for the follow-up process of other central enterprises.