Research On The Performance And Driving Factors Of Mixed Reform Of State-owned Enterprises

The reform of mixed ownership of state-owned enterprises in China has been carried out in an orderly way.Its purpose is to help state-owned enterprises better establish modern enterprise system,improve corporate governance,survive and develop in the increasingly competitive market environment,and stimulate new vitality.The concept of mixed ownership reform of state-owned enterprises can be understood as introducing foreign capital into the original capital structure.The common forms include introducing private enterprise ownership,employee ownership,and merging private enterprises.In the new stage of state-owned enterprise reform after 2014,there are three kinds of mixed reform methods that attract much attention: introducing strategic investors,employee equity incentives and listing.Of course,there is a certain research basis for mixed improvement.The question of whether and how to mix the state-owned enterprises to achieve performance is still a hot topic for discussion,which is also the two questions answered by this article through literature collation and case comparative study.Considering the factors of variable control and different mixing paths,this paper finally chooses the Shenzhen Textile Co.,Ltd.,which is widely recognized by the academic mainstream,and the Shenzhen SDG Information Co.,Ltd.of choosing the open mixing paths for case comparative study.Finally,it puts forward the suggestions of mixing by comparing the performance differences between the two.Shenzhen SDG Information Co.,Ltd.(SDGI)is a subsidiary of SDG Group.Before the mix-up in 2015,the core of this company is the fiber optic cable industry.Because its business belongs to the upstream and middle of the optical fiber and cable industry chain,and is squeezed by the price at both ends of the industry chain,and the increasingly fierce competition in the market,the company must seek to change,upgrade the industry and stimulate new profit growth points.In view of this,SDGI through the merger and acquisition of two private enterprises and employee ownership in the end of 2015 to complete the mixing.The two private enterprises are Shenzhen Dongzhi Technology Co.,Ltd.and Chengdu Fourier Electronics Technology Co.,Ltd.,which have introduced small and medium-sized shareholders from outside,and guaranteed the interests of small and medium-sized shareholders through the modification of relevant systems such as the board of directors and the board of supervisors.In the critical period after the mix-up,the strategic committee of the board of directors and the office of the board of supervisors have been set up,the company's salary system has been reformed,and a separate staff incentive scheme has been implemented in the merger and acquisition enterprises.These measures have made the corporate governance of the Shenzhen SDG Information Co.,Ltd.more perfect.In terms of business operation and management,M&A enterprises are still managed by the original management team.In terms of horizontal expansion of the industrial chain,they have entered the field of military communication equipment through Chengdu Fourier,and successfully extended the industrial chain into the optical communication equipment industry through business integration with Shenzhen Dongzhi.Essential changes have also taken place in the structure of receivables.Whether from the analysis of market performance,financial performance or sub-financial performance,the mixing of special information can be regarded as a successful mixing.Shenzhen Textile Co.,Ltd.(STHC)is a high-tech industry represented by the integration of production and sales of polarizers for LCD.Its business also includes textile and garment industry represented by overseas garment processing and high-end seamless underwear,as well as property leasing services.Since the establishment of Shengbo Optoelectronics in 1995,STHC has become the first professional manufacturer of polarizers in China.After more than 20 years of development,Shengbo Textile Group has five production lines for polarizers.However,in the polarizing film industry,STHC has not made great breakthroughs in terms of production capacity,technology and other aspects over the years.In addition,the core raw materials of the polarizer industry are controlled by Japanese enterprises,and the price of raw materials is under great pressure because of the exchange rate.Under the market environment of increasing demand for polarizer products,in order to overcome the difficulties and achieve rapid development of the polarizer industry,it carried out a mixed transformation in 2016.Shenzhen Textile Group adopted the method of introducing strategic investors Jinjiang Group and employee stock ownership,but failed to reorganize assets with TCL Group.After the mix-up,Jinjiang Group holds 40% of Shengbo Optoelectronics,which directly changes the rights structure of board of directors and board of supervisors.Under the leadership of strategic investors,Korean experts have been introduced to guide Shengbo Optoelectronics production line technology and management,and ultimately the gross interest rate of polarizers has risen to about 9%.In the analysis of each performance,it is undeniable that Shenzhen Textile Group has also achieved some results in this mixing reform.Comparing the mixing measures and performance of SDGI and STHC,we can see that the reasons why the performance improvement of the latter is not as good as that of the former can be divided into three aspects: first,the success of asset restructuring with TCL Group and the insufficient strength of industrial upgrading;second,the substantive measures of corporate governance are not in place;third,there is not comprehensive in the business operation and management.Therefore,this paper also gives the corresponding suggestions for the case,hoping to bring some enlightenment to the mixed reform of state-owned enterprises to a certain extent.