Research On The Path And Effect Of Mixed Ownership Reform Of Sinopharm Group

The resolution of the Third Plenary Session of the 18 th CPC Central Committee further clarified the status of the mixed ownership economy,emphasized the role of the mixed ownership economy,supported the sustainable development of the mixed ownership economy,and took the mixed ownership economy as our basic economic system.Mixed ownership economy can make the advantages of various ownership capitals complement each other,thus realizing common development and promoting win-win between state-owned economy and private economy.The mixed ownership reform of state-owned enterprises,through the introduction of natural person shareholders,the realization of equity diversification,and the improvement of corporate governance structure and operation mechanism,is the main connotation of China's economic system reform.After introducing the relevant documents of mixed ownership reform,this paper,in combination with the policies and theories related to mixed ownership reform,makes a theoretical analysis on the path and effect of mixed ownership reform of state-owned enterprises.Taking the national medicine group as the case study object,it deeply analyzes the path selection of the national medicine group in the process of promoting mixed ownership reform,summarizes the parts that the national medicine group can learn from the path of mixed ownership reform,provides theoretical support and practical reference for the reform path of mixed ownership reform of state-owned enterprises,and also analyzes the effect of mixed ownership reform of the national medicine group,which provides reference for other state-owned enterprises to a certain extent.The first chapter of the paper is the introduction,which defines the research background,purpose,significance,framework and methods of this paper.The second chapter is a literature review.According to the existing literature,it sorts out the relevant literature on the motivation,path and effect of mixed ownership reform.The third chapter is the institutional background and theoretical analysis,combing the institutional background of the mixed ownership reform of state-owned enterprises,and briefly introducing the property rights theory,principal-agent theory and corporate governance theory related to the mixed ownership reform.Finally,the path and effect of the mixed ownership reform of state-owned enterprises are analyzed from the theoretical level.Based on the above analysis,some ideas are provided for the follow-up path and effect analysis of the mixed ownership reform of state-owned enterprises.The fourth chapter is an analysis of the path of mixed ownership reform of the Chinese medicine group.First,it describes the whole process of mixed ownership reform of the Chinese medicine group.Second,it summarizes the path of mixed ownership reform of the Chinese medicine group through the process and layout of mixed ownership reform of the Chinese medicine group.The specific manifestations are as follows: from " reform" to " mix",that is,from the strategic reorganization to eliminate competition among peers.After the strategic reorganization,each subsidiary will become a specialized platform within the group,and each specialized field will not overlap with each other.This is to clarify the development demands of the group and its subsidiaries from the strategic level of the whole group,with the focus on " reform";After each subsidiary company has a specialized strategic positioning platform,considering the long-term development of each subsidiary company,it will choose whether to introduce strategic investors,invest in private enterprises or implement equity incentives.The purpose is to complete the mixed reform at the equity level.After completing the mixed reform at the equity level,it is also necessary to promote the mixed ownership reform at the corporate governance level,such as the composition of the board of directors and the board of supervisors.The board of directors and the board of supervisors should be rationally allocated among the state-owned assets,private capital,foreign capital and management personnel in combination with the equity structure,and the structure of the board of directors and the board of supervisors should be optimized.Emphasis should be placed on the combination of diversification of property rights and improvement of corporate governance.The key point of this move is to " mix",from " change" to " mix",instead of merely mixing for the sake of mixing.The fifth chapter is the analysis of the effect of the mixed ownership reform of the national medicine group.That is,to comprehensively evaluate the effect of the mixed ownership reform of the national medicine group from two aspects: the mixed reform effect of subsidiaries under different paths and the mixed reform effect of the national medicine group.The sixth chapter is the research conclusion and suggestion.According to the previous research and analysis,it can be considered that the mixed reform of China National Drug Group has been quite effective,but there are still some problems and deficiencies,and some targeted suggestions are put forward.The innovation of this paper lies in the proposed path of mixed ownership reform,which is to promote mixed ownership reform at both the level of corporate equity and the level of governance.taking the national medicine group selected as the pilot of the " four reforms" as the case study object,through in-depth study of the real typical cases,the path of mixed ownership reform of state-owned enterprises with practical experience is displayed and the effect is studied,which can provide reform ideas and enlightenment to the state-owned enterprises that promote mixed ownership reform in the future.The deficiency of this article lies in the fact that when evaluating the mixed reform effect at the level of the Chinese medicine group,the financial data are not fully obtained because the Chinese medicine group is not a listed company as a whole and the data rely on the bonds it has issued to disclose relevant information.