Mixed Ownership Reform,Corporate Governance Structure And Operation Efficiency

Mixed ownership reform is an important breakthrough in solving the problem of reform of state-owned enterprises,and it has achieved certain significant results.This paper,selecting mixed ownership reform as the research subject,utilizes literature research and case-studies to investigate the theory and practice of mixed ownership reform.This paper,with China Unicom Group and COFCO Group's mixed ownership reform cases,systematically analyzes the mixed ownership reform model,implementation paths,reform context,and pricing mechanism.In addition,the paper also analyzes the impact of corporate governance structure and mixed ownership reform on the operating efficiency of enterprises after the reform.The study found that the mixed ownership reform is able to optimize resource allocation,help enterprises to establish an effective corporate governance structure,and improve business efficiency.However,the reform models,implementation paths,reform context,pricing mechanism,and even the impact of reform could vary by different enterprises adopted.After the mixed reform,the ownership structure of the enterprise should not simply focus on state-owned holdings.What should be paid attention to is whether it can form an effectively balanced equity structure.Enterprises related to national security and strategic development must be controlled the state,but not predominately though.Enterprises that fully compete in the industry can appropriately increase the shareholding ratio of non-state-owned equity and maximize the advantages of non-state-owned capital.To fully protect the right of non-state-owned shareholders,non-state-owned capital should have more than one-third of the seats on the board of directors.For non-state-owned shareholders with a small shareholding ratio,they can participate in business management decisions by sending observers to the board of directors.Mixed ownership reform can improve the company's business performance,enhance the company's market competitiveness,enhance the company's innovation ability,and therefore improve the company's operating efficiency.Mixed ownership reform is especially more effective for those enterprises with fierce competition and poor business performance.This paper believes that the reform of mixed ownership should be further promoted from the following aspects: First,clarify the purpose of reform,and improve the top-level design;Second,improve the supervision system to prevent the loss of assets;Third,improve the corporate governance structure;Fourth,establish a strict system of property rights protection;Fifth,strengthen the connection with capital market;Sixth,fully leverage the role of property-rights trading market.