Study On The Performance Of Yunnan Baiyao Mixed Ownership Reform

The reform of mixed ownership system has always been a hot topic in China,and the national policies over the years have been actively promoting the reform process.The state hopes to change this deadlock through the introduction of non-state-owned capital,since problems such as rigid system,bureaucratic structure,unreasonable property right structure and insufficient competition mechanism have always been obstacles to the development of state-owned enterprises,and also hope to separate the government from the enterprise.To inject fresh blood into the state-owned enterprises by carrying out in-depth reform.In order to make the state-owned enterprises influence,economic vitality and so on can be consolidated,and so that state-owned capital can be more shining,and other types of capital to blend with the best performance.Guided by the national policy,more and more enterprises have joined the ranks,they have become an important part of China's economic system.The mixed mode of state-owned enterprises includes capital increase and stock expansion,overall listing,property rights transfer and employee stock ownership,etc..The introduction of strategic investors is one of the many ways to realize the reform of mixed ownership in state-owned enterprises,which can improve the efficiency of enterprise management and help enterprises set up and achieve strategic goals,be Able to improve corporate governance.As the reform is still in the practical stage,the case study of the state-owned enterprises can add a brick to it.Therefore,this paper chooses Yunnan Baiyao,a state-owned enterprise,as the research object by introducing the strategic investor model,which has certain theoretical value and practical significance.This paper studies the performance of Yunnan Baiyao by introducing strategic investors to carry out mixed ownership reform by combining theory with case study,event study and comparative analysis.First of all,this paper sorts out the relevant literature at home and abroad,and expounds the related concepts,models and theoretical basis of the research on the reform of mixed ownership.Then the paper Introduces Yunnan Baiyao,and discusses the motivation of its mixed ownership reform and the process of its implementation.Then it analyzes the changes of corporate governance structure and governance efficiency caused by the introduction of strategic investors into Yunnan Baiyao,the performance change of Yunnan Baiyao after mixed ownership reform is analyzed from two aspects: The change of market performance and the financial performance.Through the analysis,we find that the corporate governance structure of Yunnan Baiyao has been improved and the efficiency of corporate governance has been improved,which makes the market performance and financial performance improved.Finally,based on the above analysis,in view of the success and shortcomings of the case company's muddling,some suggestions are put forward,which can be used for reference for other state-owned enterprises that want to introduce strategic investors and further play the role of blending.