Research On The Impact Of Mixed Ownership Reform On Enterprise Value

Since the reform and opening up,China's state-owned enterprise reform has been receiving much attention.In particular,the Third Plenary Session of the 18 th Central Committee in 2013 raised the reform of state-owned enterprise mixed ownership to an unprecedented height.The mixed ownership of state-owned enterprises affects the ownership structure,governance structure and financial structure of the company,which will inevitably change the value of the enterprise.This paper focuses on the hot topic of mixed ownership reform of state-owned enterprises.The value of enterprise is the starting point.Through theoretical combing and empirical analysis,the changes of the value of Yunnan Baiyao enterprises before and after the mixed reform are studied,exploring the impact of state-owned enterprise mixed ownership reform on corporate value.The experience and enlightenment of mixed reforms provide a reference for the follow-up of state-owned enterprises.First of all,this paper introduces some basic conditions of mixed ownership reform and enterprise value,including the concept of mixed ownership reform and its implementation,and introduces the status quo of China's mixed ownership reform.The paper also compares and analyzes enterprise value assessment methods and elaborates options.The reason for the EVA method.Secondly,in order to have a more detailed understanding of this article,this paper gives a brief introduction to the background of the entire mixed reform,including the background of the case company and its mixed changes and history.Thirdly,this paper uses the EVA method to calculate the enterprise value of Yunnan Baiyao in 2017,and compares the enterprise value before the mixed reform to explore whether the reform has an impact on the enterprise value of Yunnan Baiyao.In addition,this paper also selects the price of Yunnan Baiyao stocks before and after the mixed reform as the analysis object,and more intuitively demonstrates the positive impact of the mixed ownership reform on Yunnan Baiyao.Through the above analysis,it is concluded that the mixed ownership reform has a good driving force for Yunnan Baiyao.Finally,this paper proposes that Yunnan Baiyao can successfully realize the reform of mixed ownership because he has seized the right opportunity for mixed reform,introduced strategic investors and introduced appropriate strategic investors,optimized corporate shareholding structure,and improved business performance.The value of the company has been greatly improved.Based on this,this paper summarizes the enlightenment of the successful reform of Yunnan Baiyao's mixed ownership system to the reform of mixed ownership of other stateowned enterprises,with a view to providing a reference for future reform of mixed ownership in other state-owned enterprises in China.This paper puts forward some suggestions for some problems existing in the development of Yunnan Baiyao.