Research On Financial Performance Evaluation And Function Mechanism Of State-owned Enterprise Mixed Ownership Reform Based On The Example Of Yunnan Baiyao Corporation

The new round of mixed reform requires enterprises to further optimize the internal governance model of state-owned enterprises,so as to achieve improved operating conditions and stimulate the vitality of state-owned enterprises.How to choose the method of mixed reform,the effect of mixed reform on enterprises and the path of influence have been hot issues that have been paid close attention by all circles in recent years.This paper takes Yunnan Baiyao Group Co.,Ltd.,which has successfully completed the reform of mixed ownership,as the research object,and uses case analysis to study the impact of the special mixed reform method combining the two levels of the group and the listed company on the company's financial performance.Through combing the process of Yunnan Baiyao's two-stage reform,using Tobin's Q value and other methods to measure the capital market's response to corporate reform,using the performance evaluation system and economic value added,the financial situation before and after corporate reform is analyzed from a qualitative and quantitative perspective Changes in performance.Explore the internal mechanism of the implementation effect of Yunnan Baiyao mixed reform from four aspects of governance structure,revenue generation capacity,financing behavior and R&D innovation.Finally,it points out the shortcomings of this mixed reform and puts forward corresponding suggestions for improvement,provides empirical evidence for the internal logic of the mixed ownership reform of state-owned enterprises,explores new paths for mixed reform of enterprises,and builds the foundation for theoretical investigation and practical evaluation of similar problems in the future frame.