Research On The Effects Of Different Methods Of Mixed Ownership Reform On The Stock Price And Performance Of A-share Listed Companies

Since the reform and opening,China has continuously promoted the reform of state-owned enterprises and actively promoted the diversification of state-owned company equity.Especially after the Third Plenary Session of the 18 th CPC Central Committee proposed to actively develop the mixed ownership economy,China's mixed ownership reform entered a new era,and the government departments promulgated a series policies of mixed ownership reforms.The relevant policies has promoted the pilot reform of mixed ownership reform in three batches of 50 enterprises,and achieved remarkable results.However,during the pilot process,problems such the reforms move slowly,corporate reforms become formalistic,and how some employees were resettled during the reform process also occurred,which affected the effectiveness of mixed ownership reform.Under the background of China's continuous deepening mixed ownership reform,how much is the value of corporate ownership reform at this stage? Has the enterprise's mixed ownership reform actually improved the efficiency of production and operation? What experiences and lessons have been accumulated in the pilot enterprises? Exploring the above issues is of great significance for deepening mixed ownership reform and promoting the high-quality development of China's economy.Through combing the domestic and foreign literatures,it is found that most of the research on China's mixed ownership reform is still an analysis of the previous round of state-owned enterprise reform.At present,the research on the new round of mixed ownership reform in combination with the latest national policy is still based on theoretical analysis.The specific case analysis combined with the actual mixed reform is less,and empirical research is rare and needs further research.This paper analyzes and summarizes the historical evolution,policy orientation and problems encountered in the process of mixed ownership reform in China,and deeply analyzes the theoretical mechanism and transmission path of the impact of mixed ownership reform on the performance of state-owned enterprises.Through event research,panel data analysis,case analysis,and take the A-share listed companies with overall listing,private enterprise(as a strategic investor)participation,mergers and acquisitions and employee stock ownership since 2014 as sample,to comprehensively evaluate and compare changes in stock price and changes in corporate performance brought about by different reform paths.The empirical study found that the mixed ownership reform has a positive impact on the stock price of listed companies,especially from the two days before the announcement to the fifth day after the announcement,and the cumulative average abnormal return rate on the fifth day can reach 3%.The cumulative average abnormal rate of return after the year can reach 9.13%,indicating that investors are optimistic about the performance of state-owned enterprises after mixed ownership reform.The results of the group study show that the most important way to enhance the stock price of listed companies is employee stock ownership,followed by mergers and acquisitions,while private enterprise(as a strategic investor)participation and overall listing can not enhance the stock price of listed companies,and even have a negative impact.This paper also studies the impact of mixed ownership on firm performance,and finds that the overall and grouped results indicate that the performance of the company has not been significantly improved after the mixed reform.This result may be because that period of the mixed reform of many state-owned enterprises was short,and the vitality of reform has not been fully released.At the same time,the company has not been able to choose the appropriate mix and change path based on its own actual situation,and needs to be further strengthened in terms of improving corporate governance and stimulating employee vitality.In order to further analyze the influence of different mixed ownership reform methods in the specific implementation process,this paper selects four representative enterprises of the WZ Group,Jin Jiang Group,BTG Hotels and Shanghai Port Group for case analysis.It is found that the short-term market effects of the mixed ownership reform are mostly obvious,and the financial indicators such as income and profit have also improved significantly,but the return on net assets reflecting the operational efficiency of the company has not improved significantly.In addition,the impact of different mixed reforms on corporate governance is very different.The board of directors of BTG Hotels has entered a number of Ctrip and Home Inn executives,The WZ Group and Shanghai Port Group are basically not change the corporate governance structure.Based on the above theoretical research and empirical analysis,this paper believes that the government and state-owned assets regulatory agencies should fully consider the actual situation of different enterprises,select appropriate mixed-reform paths to combine,and maximize the effectiveness of corporate mixed reform.