Research On The Performance Of Yunnan Baiyao Mixed Reform

Since 2013,it is obviously important and urgent for state-owned enterprises to carry out mixed ownership reform under the background of China's in-depth structural supply-side reform and economic transformation and upgrading.Both of government documents and market environment imply that mixed ownership reform has become one of the dominant waves of China's current economic.At present,the reform of the mixed ownership system of central state-owned enterprises has obtained some achievements,while the mixed reform of local state-owned enterprises is now in progress.The operating income of local state-owned enterprises and the total operating cost in 2018 respectively increased by 10.4% and 10.1% year-on-year,and the realized profits were 0.5 percentage points higher than central state-owned enterprises,among which the enterprises in oil and steel industry performed best,while the counter-parts in local pharmaceutical industry were supressed.The development of China's pharmaceutical industry is suffering a big obstacle to achieve similar development to world level,especially when Chinese state-owned pharmaceutical companies are currently facing transformational development turns.Therefore,the implementation of the reform of mixed ownership,and the introduction of private capital into state-owned enterprises,have a positive two-way effect on the self-correction for state-owned enterprises and the further encouragement for private enterprises to participate in the reform of mixed ownership.Based on this,this paper takes Yunnan Baiyao Group Co.,Ltd.,a state-owned enterprise in Yunnan Province,as the object of this study,relying on competitive industries,state-owned enterprises and competitive state-owned enterprises,equity structure related concepts and strategic alliance theory,enterprise performance evaluation theory,and principal-agent theory.Combined with the current situation of the state-owned enterprises,We study the special mode of white drug mixed reform and company performance.There are six parts in the thesis: one is the introduction,which involves the research background and significance,the second is the literature review,the third is the introduction of relevant theories and concepts,the fourth is the analysis of the current situation of mixed ownership,the main body is the case introduction and case analysis,and the last is the conclusion and enlightenment of this paper,which can provide experience for the development of local competitive state-owned enterprises in the future.In the aspect of performance analysis,the analysis methods such as case analysis method,financial index analysis method,Wall comprehensive scoring method and event research method are used to analyze the performance showed after the reform,including financial and market performance.Based on the financial indicator analysis method,the Wal-Mall score method is used to select the corresponding indicators according to the actual situation of the company,and the company's financial performance seems good from comprehensive evaluation results.While studying performance,we explored how Yunnan Baiyao improved its shareholding structure and changed the corporate governance mechanism to pave the way for further improvement of performance.According to the analysis results,from the mixed reform approach,mixed reform performance,corporate governance and shareholding structure,respectively,the white drug mixed reform is a top-down mixed reform.Financial indicators and the market have made positive feedback to this mixed reform,The governance structure realizes the transformation of management assets,de-administrative management,and the diversification of equity,thus the target of mixed reform is reached.According to the conclusion of the mixed modification of Yunnan Baiyao Company,it is suggested that 1)the mixed reform should choose the appropriate approach;2)in order to achieve the separation of government and enterprise in response to the central policy requirements,the state-owned capital operation company should be established,and combined with the reverse absorption;3)appropriate Strategic investors should be introduced;4)at the same time,the government should actively assist local state-owned enterprises to achieve mixed reforms;5)if there is potential principal-agent contradictions,executive incentive mechanisms should be established in time.The case study of Yunnan Baiyao Company shows that Yunnan Baiyao Company adopted the top-down mixing method of introducing strategic investment,and introduced Xinhua Capital and Jiangsu Yuyue as the capital-increasing parties successively.It changed the original situation of Yunnan Government's complete control situation into a 2:2:1 ownership structure.Based on that,Yunnan Baiyao Company optimized the ownership structure,and obtained 117.34 Wal's comprehensive score in terms of financial performance.In terms of market performance,we can see from the CAR curve that the enthusiasm of the market for the mixed modification of Yunnan Baiyao is on the rise.