Research On Performance Evaluation Of China’s State-owned Enterprises Under The Background Of Mixed Ownership Reform

BackgroundFor a long time,state-owned enterprises have made important contributions to the development and progress of society.At the same time,they are increasingly facing the realistic requirements of high-efficiency and high-quality development.Actively promoting the development of mixed-ownership economy makes mixed ownership reform optimize resource allocation,strengthen stateowned enterprises’ competitiveness and other aspects.The role played by mixed ownership reform is becoming more and more obvious."Mixed ownership" is not a new concept.The concept of “property of mixed ownership” was first proposed in the “Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Establishment of a Socialist Market Economic System” issued by the Third Plenary Session of the 14 th CPC Central Committee in 1993.In the “Report of the 15 th National Congress of the Communist Party of China”,“Report of the 16 th National Congress of the Communist Party of China” and “Resolutions of the Third Plenary Session of the 16 th CPC Central Committee”,the mixed ownership system is discussed.In 2013,the “Decision of the Central Committee of the Communist Party of China on Comprehensively Deepening the Reform of Several Major Issues” issued by the Third Plenary Session of the 18 th CPC Central Committee further raised the mixed ownership economy to the height of “an important form of realization of China’s basic economic system”.To a large extent,it is the need to promote the strategic restructuring of the state-owned economy.In October 2017,the 19 th National Congress of the Communist Party of China put forward that “Unswervingly consolidate and develop the public ownership economy,and unswervingly encourage,support and guide the development of the non-public ownership economy,deepen the reform of state-owned enterprises,and develop mixed ownership economy.”The reform of mixed ownership will be the “key event” for the current and future reform of state-owned enterprises and state-owned assets.The basic idea is to accelerate the reform of state-owned enterprises and shareholding systems,and optimize the ownership structure,governance structure and governance mechanism of state-owned enterprises.Shanghai has always been a leading region in China’s development of mixedownership economy.In this wave of reforms,Shanghai is still at the forefront.On December 17,2013,Shanghai officially released the “20 Points of State-owned Enterprises Reform and State-owned Assets Reform in Shanghai”,and pointed out that the key point of this reform is to promote the reform of state-owned enterprises through state-owned assets reform,and to improve the vitality and market competitiveness of state-owned enterprises by deepening the reform of state-owned assets.On July 8,2014,the Shanghai municipal government issued the “Several Opinions on Actively Promoting the Development of Mixed-Ownership Economy of State-owned Enterprises in the City(Trial)”.The goal is to basically complete the mixed ownership reform of state-owned enterprises after 3-5 years,to implement equity diversification,to develop a mixed ownership model and to emphasize the promotion of overall listing.The reform goal of the Shanghai SASAC is to basically complete the reform of state-owned enterprises and one-third of the competitionoriented state-owned enterprises are listed on the whole.In addition,Shanghai will focus on cultivating state-owned leading enterprises in the future,that is,to cultivate 5-8 multinational groups with global layout,transnational operations,and international competitiveness and brand influence.Therefore,in the next 3-5 years,Shanghai’s large state-owned enterprise groups will face new tasks and new opportunities for reform and development.Greenland Group is a large-scale central enterprise with the characteristics of rapid development and strong profitability.It is also the only Shanghai-owned real estate enterprise that is not listed on the A-share market.Therefore,Greenland Group will inevitably become the focus enterprise of the Shanghai government to promote the mixed ownership reform by overall listing.How such large state-owned enterprise groups can accelerate the process of mixed ownership reform and achieve the goal of marketization,specialization and internationalization has become a topic of common concern.PurposeOne of the purposes of this paper is to provide theoretical support for the mixed ownership reform of large state-owned enterprise groups by summarizing the research on mixed ownership reform in domestic and foreign literatures,exploring and analyzing the factors affecting the performance of state-owned enterprises based on mixed ownership reform.It provides some reference for the state-owned enterprises that intend to carry out mixed ownership reform in the future.The second purpose of this paper is to explore the reasons for the change of corporate performance from the perspective of mixed ownership reform through two-dimensional performance evaluation.Take the pilot enterprise of the ShanghaiSASAC Greenland Group as an example to study the performance evaluation of mixed ownership reform of state-owned enterprises.It aims to use quantitative results to explore ways to improve the overall strength and competitiveness of stateowned enterprises through mixed ownership reform.It is hoped that the research and analysis of the evaluation of performance of Greenland Group from the perspective of mixed ownership reform can have a certain guiding effect on the performance evaluation of state-owned enterprises.Main Context and ViewThis paper analyzes the relationship between enterprise performance and ownership structure,governance structure and governance mechanism of stateowned enterprises,and explores trading of Shanghai Jin Feng Investment in July 2013 to August 2015.The mixed ownership reform is a research case.This paper uses the relevant market data and financial data of Greenland Group combining with the enterprise performance during the period of mixed ownership reform to explore how the mixed ownership reform influence the corporate performance,and this paper evaluates the performance from the two dimensions of market performance and financial performance.The full text research content is divided into the following parts:The first chapter is an introduction.This chapter mainly introduces the background and research methods of this paper,and expounds the significance,expected contribution and inadequacies of studying the impact of mixed ownership reform on corporate performance.The second chapter is a literature review.This chapter mainly reviews the domestic and international research status related to the topic selection and expounds the connotation of mixed ownership reform and the connotation of enterprise performance.And this chapter analyzes the research of domestic and foreign scholars in the areas exploring mixed ownership reform,corporate performance,and mixed ownership reform and corporate performance.The third chapter is the theoretical analysis of the performance evaluation of state-owned enterprises under the background of mixed ownership reform.This chapter further elaborates the relevant theories of mixed ownership reform and corporate performance,analyzes the institutional background and current situation of China’s state-owned enterprises’ mixed ownership reform,and focuses on the analysis of the impact mechanism of China’s state-owned enterprise mixed ownership reform on corporate performance and the dimension of performance evaluation under the background of mixed ownership reform.The fourth chapter is a case study of the performance evaluation of Greenland Group under the background of mixed ownership reform.This chapter introduces the general situation and motivation of Greenland Group’s reform of mixed ownership.Based on the above theoretical analysis,it analyzes the reasons for the impact of mixed ownership reform on the performance of Greenland Group.Then Greenland Group’s corporate performance was evaluated from the two dimensions of market performance and financial performance in the background of the reform of mixed ownership system and the evaluation results were obtained.The fifth chapter is the countermeasures and suggestions to improve the performance of China’s state-owned enterprises’ mixed ownership reform.In view of the above analysis and evaluation,this chapter puts forward suggestions for boosting the reform of mixed ownership and improving the performance of enterprises,and provides certain reference for state-owned enterprises that have not yet implemented mixed ownership reform.The sixth chapter is the research conclusion and research prospect.This chapter summarizes and analyzes the whole article and draws conclusions,and makes relevant research prospects for the shortcomings of this paper.Main ContributionsThe main contributions of this paper are as follows:(1)This paper expands the research on corporate performance under the new round of mixed ownership reform.Most of the previous literature studies have focused on the reform of mixed ownership in the 1990 s,and there has been relatively little research on the new round of mixed ownership reform.(2)This paper further enriches the research of corporate governance.From a shallow perspective,the reform of mixed ownership is the optimization of equity structure,but its fundamental problem lies in the improvement of the internal governance structure and governance mechanism of state-owned enterprises.Reasonable corporate governance is particularly important in the modern enterprise system.It is one of the important factors that determine whether corporate performance can be improved.The ownership structure and the degree of diversification of mixed ownership are important to modern corporate governance issues,and they also played the crucial roles in the effectiveness of corporate governance.Therefore,the study of corporate performance in the context of mixed ownership reform can further enrich corporate governance theory.(3)Through the case analysis and research of Greenland Group,this paper can provide some practical experience and case support for the reform of mixed ownership,helping decision makers to formulate relevant supporting policies for mixed ownership reform,to promote the reform of mixed ownership system smoothly,to improve the efficiency of state-owned enterprise reforms and mobilize the enthusiasm of all parties involved in the reform of mixed ownership,including institutional investors,managers,state-owned capital,etc.and to provide reference for other stakeholders who are prepared to participate in the reform of mixed ownership.