Research On The Impact Of Mixed Ownership Reform On Capital Efficiency And Financial Risk In State-owned Enterprises

The reform of mixed ownership is the focus of a new round of state-owned enterprises reform.The report of the 19 th National Congress of the Communist Party of China emphasized the importance of mixed ownership reform.As of September 2018,the National Development and Reform Commission has confirmed three batches of 50 mixed ownership reform pilots.At present,eight sub-enterprises of central enterprises have completed mixed ownership reforms.The primary goal of the mixed ownership reform is to improve the operational efficiency of capital in state-owned enterprises,and secondly to decapitalize and deleverage to closely integrate with the supply-side structural reforms.At present,the mixed ownership reform is still in the pilot and exploration stage,and there are no mature programs and typical cases for reference.Under such a realistic background,studying the impact of mixed ownership reform on the capital efficiency and financial risk of state-owned enterprises is of great significance for exploring the effective path of mixed ownership reform of state-owned enterprises,preventing mixed ownership failures,and promoting the smooth development of state-owned enterprises reform.This paper selects China Unicom as the case study object.The company is the first batch of telecom operation pilot enterprises determined by the central enterprises to implement the mixed ownership reform.China Unicom has introduced strategic investors with synergy and leading advantages,implemented core employee equity incentive plans and introduced private contractors,and its mixed ownership reform process and effects have been widely concerned.This paper mainly combines the basic theories of property rights theory,two-power separation theory,principal-agent theory and existing research results,and explores the effects of corresponding measures of mixed ownership reform on China Unicom's capital efficiency and financial risk.This paper is divided into five chapters: The first chapter is the introduction,which gives a brief overview of the background and significance of the topic,research ideas and content,research framework,research methods,and expected contributions and deficiencies.The second chapter is the literature Summary and theoretical analysis.The article will use the literature to sort out,summarize and analyze the basic theory relied on in this paper.The third chapter is the analysis of the institutional background and current situation.It analyzes the development history of China's mixed ownership reform,the development status at present and analyzes the equity structure of China's communication service industry,the capital efficiency and financial risk.The fourth chapter is case analysis: selecting China Unicom as a case.It analyzes the motives and paths of implementing mixed ownership reform and its impact on capital efficiency and finance risk for the company.The fifth chapter is the research conclusions and policy recommendations.According to the analysis results,it summarizes the impact of the reform of stateowned enterprises on capital efficiency and financial risk,and proposes corresponding policy recommendations for the reform of state-owned enterprises.This paper starts from the motivation of state-owned enterprises to carry out mixed ownership reform,and expands the current domestic research on mixed ownership reform of state-owned enterprises.At the same time,through qualitative and quantitative analysis,it studies the impact of implementing corresponding mixed ownership reform measures on capital efficiency and financial risks of stateowned enterprises,and put forward targeted suggestions and have a model role for the implementation of mixed ownership reforms in China's state-owned enterprises.However,this paper also has some shortcomings: First,the change of financial indicators as the basis of analysis,can not rule out the interference of other information,the selected indicators also have certain subjectivity.Second,this paper only selects a single case for research,which is lacking in breadth and cannot reflect the general law.Third,because China Unicom's communication service industry has certain industry uniqueness,the experience and conclusions can not be applied to all industries and types of mixed state-owned enterprises.