The Impact Of Mixed Ownership Reform On Corporate Performance

In recent years,the reform of mixed ownership has been a hot topic concerned by all sectors of society.With the comprehensive expansion and mass promotion of the reform,the popularity of the reform of mixed ownership of state-owned enterprises has been further increased,and various reforms of state-owned enterprises have entered the stage of full implementation,showing an overall positive trend of "delegating power","expanding boundaries" and "making real progress".The discussion on the reform of mixed ownership has attracted the attention of scholars at home and abroad and become a hot spot of academic research.As the enterprise selected in the "12 samples of state-owned enterprise reform",cishi zhongda is the first state-owned enterprise in zhejiang province to successfully achieve the overall listing while completing the mixed ownership reform.It took about a year for the company to achieve the overall listing and complete the second mixed ownership reform,setting a speed miracle in the domestic capital market.The overall listing of zhongda is a very representative and instructive case of comprehensive listing of mixed reform.By sorting out the path of comprehensive listing of zhongda,we can extract the reform methods that can be used by other state-owned enterprises.First of all,based on the sorting and summary of a large number of literature contents,this paper takes property rights theory,principal-agent theory,stakeholder theory and corporate governance theory as the entry point,laying a solid theoretical foundation for the case study in the following paper.Secondly,the paper combs the concrete path of zhongda’s mixed-ownership reform from the three dimensions of "overall listing","introduction of strategic investors" and "implementation of employee stock ownership plan",and expounds the changes of shareholding structure before and after zhongda’s mixed-ownership reform.Finally,this paper explores the impact of mixed ownership reform on corporate performance,mainly answering the question "how does mixed ownership reform affect corporate performance?" "And" how has mixed-ownership reform affected corporate performance?" Two questions,EVA index,market response and financial performance index,ownership structure,corporate governance and resource integration are the focus of this paper.The following two points highlight the characteristics of this paper: first,the change of ownership structure is the most intuitive manifestation of the mixed-ownership reform.This paper places the ownership structure directly at the end of the logical chain rather than as the influencing mechanism,highlighting the influence of ownership structure on corporate performance.Second,this paper constructs a financial performance evaluation system by using the scoring method of basic indicators stipulated in the operating rules of enterprise performance evaluation.This system gives weight to all aspects,so that the final calculation results can more truly reflect the overall situation of the company.