| As China's economy enters a new normal phase,state-owned enterprises,as an important part of China's economy,have the problems of low management efficiency and increasingly difficult operations.They cannot effectively meet the new requirements of economic transformation.Reforms are urgently needed to eliminate these disadvantages.Therefore,the reform of mixed ownership has become the focus and breakthrough point of China's state-owned enterprise reform.After 2013,the central government issued a series of policies and guidance documents to deepen the reform of state-owned enterprises and develop mixed-ownership economies.A large number of mixed-ownership enterprises have emerged in the society,but most of them are nominally mixed-ownership enterprises,that is,the state-owned shares are still maintained.For companies with the largest shareholding and unchanged operating mechanism,it is difficult to improve the management efficiency and improve the operating performance of the company,which is contrary to the original intention of the mixed ownership reform.The reform of mixed ownership not only introduces non-state-owned capital in equity,but also strengthens the right of non-state-owned capital to speak at the corporate governance level to ensure that mixed-ownership companies can change their corporate governance structure.Therefore,it is of great significance to study how state-owned enterprises affect corporate governance performance by improving corporate governance in the reform of mixed ownership.Yunnan Baiyao is an important state-owned enterprise,a large local profit and tax player,and a leading enterprise in the pharmaceutical industry.In recent years,corporate development has encountered bottlenecks.Against the dual background of the continuous implementation of the mixed reform policy and the transition window period of pharmaceutical enterprises,Yunnan Baiyao decisively implemented the reform of mixed ownership with remarkable results.The reform model was called the "baiyao model" for its thoroughness and creativity.The research and analysis of Yunnan Baiyao's mixed reform cases and corporate governance arrangements are ofdistinctive era and typical representativeness,and they are highly exemplary for other state-owned enterprises to carry out mixed ownership reform.And Yunnan Baiyao is a listed company,and its data is publicly available.The research content of this article is divided into six chapters.The first chapter is the introduction,which elaborates the research background and research significance of this article,points out the core issues of this article,summarizes and reviews the research status of mixed ownership reform,corporate governance and governance performance at home and abroad,and then introduces the research ideas and research methods of this article..The second part is the concept definition and related theories.It mainly defines the concepts of mixed ownership reform,corporate governance and governance performance,and introduces the theoretical foundations of equity structure theory,principal-agent theory,stakeholder theory,and incentive theory.The third chapter is an introduction to the case of Yunnan Baiyao mixed reform.From the main participants in the reform of mixed ownership,the motivation for the reform,and the reform path,it studies why Yunnan Baiyao carried out mixed ownership reform and how to carry out mixed ownership reform.The fourth chapter is the analysis of Yunnan Baiyao's corporate governance arrangements in the process of mixed reform.It studies the establishment of a sound corporate governance structure in Yunnan Baiyao from the three dimensions of equity governance,board governance,and incentive mechanism.The fifth chapter is the analysis of Yunnan Baiyao's governance performance in the context of mixed reforms.It verifies the positive incentive effect of Yunnan Baiyao's corporate governance optimization on corporate governance performance through operating efficiency,financial performance,shareholder cash dividends,and innovation capabilities.The sixth chapter is the research conclusions and enlightenment.Through the study of Yunnan Baiyao's mixed reform case,the improvement of corporate governance measures and changes in corporate governance performance,the conclusions are drawn,and the enlightenment of state-owned enterprises' mixedownership reform is derived.The innovation of this article is that the research perspective is novel.This article analyzes the research object's mixed change path and mixed change cause,explores the research object's measures to improve corporate governance structure in the mixed ownership reform,tests the research object's corporate governance optimization effect,and to some extent fills the gaps in corporate governance research of mixed ownership enterprises.Second,the research object is unique.This article takes Yunnan Baiyao,a high-quality state-owned asset in Yunnan Province and a leading company in the pharmaceutical industry,as the research object.The industry in which it is located has the conditions for implementing mixed reforms,has the motivation to reform,and is more representative.Third,the research indicators are diverse.Based on the current status of research at home and abroad,this paper aims at studying the unity of corporate governance performance indicators of mixed ownership.Selecting four aspects of operating efficiency,financial performance,shareholder cash dividends and innovation capacity to measure changes in corporate governance performance is conducive to better reflection.Corporate governance efficiency and measurement of corporate governance effectiveness.This paper studies the case of Yunnan Baiyao mixed reform and corporate governance arrangements,and draws the following conclusions: First,the mixed ownership reform has a significant impact on the governance of Yunnan Baiyao.Second,Yunnan Baiyao has taken various measures to improve corporate governance arrangements in the mixed ownership reform.Third,the optimization of Yunnan Baiyao's corporate governance has a certain positive incentive effect on governance performance. |
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