The Research On Overall Listing Of State-owned Enterprises From The Perspective Of The Mixed Ownership Reform

The State-owned enterprises are the backbone of the national economy and have made tremendous contributions to economic development during the 40 years of the reform and opening up.Since 2014,China's economy has entered a new normal stage of “three-phase superposition” from the high-speed development period,and the reform has gone into the deep water area and the attack period.The economic system reform represented by the reform of state-owned assets and stateowned enterprises is one of the most important and difficult part of the reform.Since the Third Plenary Session of the Eighteenth Central Committee,the reform of mixed ownership has been elevated to the height of the country's basic economic system and has become the "leader" of state-owned assets and enterprises reform.In September 2015,the CPC Central Committee began to encourage the group companies to focus on promoting the overall listing and deepening the mixed ownership reform.The concept of the overall listing was proposed to solve the problems of spin off listing,and it has been given a major mission to promote the mixed ownership reform and revitalize state-owned capital under the policy background.In recent years,the mixed ownership reform and overall listing have once again become the focus of economic reform,and have certain theoretical significance and strong practical value for the study of the overall listing problem under the background of the mixed ownership reform.1.The Purpose of This PaperThe overall listing can realize the securitization of state-owned assets,promote the establishment of modern property rights system,improve the governance structure,improve the "ownership vacancy" problem of state-owned enterprises,and reshape the benefit-sharing mechanism,which is the mainstream way to promote the mixed ownership reform.This paper mainly studies the following two questions: First of all,to explore the motivation for promoting the mixed ownership reform by overall listing.Why does the country encourage overall listing? What are the advantages of the overall listing compared to other ways of the mixed ownership reform? Secondly,to explore the effect of the overall listing to promote the mixed ownership reform according to the successful experience of the ZJMI Group's overall listing case and the problems it has exposed,which provides experience and reference for deepening the reform of state-owned enterprises and more state-owned enterprises that want to promote the mixed ownership reform by overall listing.2.The Content of This PaperThis article includes the following seven parts.The first chapter is the introduction.To expound the research background and purpose,study the content and methods,and propose the expected contribution.The second chapter is the literature review.This paper summarizes the current literature from the motivation,the path and the effect of the mixed ownership reform and the motivation,mode and impact on the overall listing.The third chapter is theoretical analysis.To define the basic concepts,describe the basic theory,and analyze the impact of different overall listing models on corporate governance and the logical mechanism of the overall listing to promote the mixed ownership reform.The fourth chapter is the basic situation of the overall listing of the ZJMI Group.It mainly explains the basic situation of ZJMI Group and Wuchan Zhongda GROUP,and the specific plan for the overall listing,and analyzes the specific mode and reasons of choosing this mode for its overall listing.The fifth chapter analyzes the motivation of the ZJMI Group's overall listing.To analyze the reasons for the overall listing of it from external factors and internal factors including debt situation,ownership structure and corporate governance issues,and parent-subsidiary strategic synergy and so on.The sixth chapter analyzes the effect of the overall listing of the ZJMI Group from the perspective of ownership structure arrangement,internal governance structure,value-addition of state-owned capital,operating performance and operational efficiency,and the situation of investment and finance methods for its mixed ownership reform.The seventh chapter is the conclusion,suggestion and prospect.It summarizes the successful experience and problems of the overall listing of ZJMI Group,and put forward practical suggestions for different subjects,reflecting on the lack of this paper and looking forward to the improvement direction of the follow-up research.3.Expected Contribution and deficiencyThe expected contributions of this paper consist of two parts.Firstly,it increases the relevant interaction theories of the mixed ownership reform and overall listing research.At present,the literature on mixed reform and overall listing is mostly independent of each other.Few scholars combine the two to explore.The innovation of this paper is based on the new background of the mixed ownership reform,combining the two to explore the motivation and effect of the overall listing from the new perspective of the mixed ownership reform,and supplementing the path research of mixed ownership reform of state-owned enterprises.Secondly,from the perspective of practice,this paper taps the successful experience and inadequacies of the case of ZJMI Group's overall listing through deep analysis in order to promote the new round of state-owned assets reform,providing practical experience and reference for decision-making to more state-owned enterprises which try to adopt the overall listing model to achieve the mixed ownership reform.provide practical experience and reference for decision-making.The shortcomings of this paper consist of two points.First of all,the case of ZJMI Group can't represent the whole.Each company's situation and the overall listing models they choose are diversified,the effects of the mixed ownership reform are not the same.Secondly,the case observation period of ZJMI Group's overall listing is only 3 years.The effect of its mixed ownership reform after the overall listing can only be judged based on short-term changes,and there is necessity to pay more attention to its long-term effects.Finally,the overall listing includes a variety of subdivision models.This article does not use multiple practical cases to compare and analyze the effects of different models.