The Exploration And Effect Study Of Mixed Ownership Reform Model Of State-owned Enterprises

At the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,for the first time,the development of mixed ownership was clearly identified as the focus of state-owned enterprise reform,and a new round of state-owned enterprise mixed ownership reform was opened;The work report of the 19 th National Congress of the Communist Party of China has made it a priority to deepen the reform of state-owned enterprises,develop a mixed-ownership economy,and cultivate world-class companies with global competitiveness.The development of mixed-ownership reform of state-owned enterprises has raised unprecedented heights.According to the National Development and Reform Commission,as of 2019,China has issued four batches of 210 pilot enterprises of mixed ownership reform of state-owned enterprises,of which the fourth batch of pilot enterprises released in 2019 totaled 160,107 were in the central enterprise system and 53 were local enterprises The number of homes and enterprises is much higher than the sum of the first three batches.It can be seen that China's state-owned enterprise mixed ownership reform has entered an accelerated phase.Under the strong call of the central government,a number of local state-owned assets systems have also issued mixed reform pilot enterprises,actively promoting the reform of local state-owned enterprises' mixed ownership.As the first batch of units of the Beijing State-owned Assets Supervision and Administration Commission's state-owned enterprise pilot reform,the BTG Hotel's mixed reform model adopts cross-border mergers and acquisitions + simultaneous introduction of strategic investors,which is innovative and typical.Through this mixed reform,BTG Hotel not only enhanced its own competitiveness,but also revitalized state-owned assets,and played a leading role of China's state-owned economy in the market economy.Through the analysis of the case of mixed reform of BTG Hotels,I hope that it can provide some reference for the companies that will carry out mixed reform in the future.This article adopts a case study method and selects BTG Hotels as a specific analysis case.Based on property rights theory,principal-agent theory,and market power theory,it first analyzes in detail the background,model and process of BTG hotels' mixed reform It was found that the objectives of the mixed reform of BTG Hotels are to improve the construction of modern enterprise systems,realize the appreciation and preservation of state-owned assets,and promote the implementation of the company's strategy.Driven by these goals,BTG Hotels adopted overseas mergers and acquisitions of home-like hotels,and introduced the strategic investor Ctrip Travel at the same time,successfully achieved mixed reforms and achieved the expected results:(1)The effect of the construction of a modern enterprise system.Through the introduction of strategic investors,the situation of state-owned shareholders has been changed,the shareholding structure has been optimized,external directors and market-oriented management teams have been introduced,and corporate governance and governance efficiency have been improved;(2)The value-added and value-preserving effect of state-owned assets.Through the merger and integration of Home Inns,the scale and market competitiveness of BTG Hotels have been enhanced,a substantial increase in financial performance has been achieved,and good market performance has been achieved;(3)The effect of the implementation of the company's strategy successfully promoted the implementation of the business strategy of "development to stock,development to integration,and development to innovation".Through further analysis,it is found that the reason why the mixed reform of BTG Hotel can achieve such a significant effect is that it has truly achieved the implementation of mixed reform with strategic and business requirements.Finally,through the review and analysis of the full text,the conclusions of this article are:(1)The support of national policies,the huge challenges in the hotel industry and the development status of BTG Hotels have promoted the mixed reform of BTG Hotels;(2)The mixed reform of BTG Hotels has achieved good economic results;(3)The success of the mixed reform of BTG Hotel is due to the reforms that fit the company's strategy and business needs.Through the overall analysis of the case of the mixed-ownership reform of BTG Hotels,this article also draws some enlightenments.On the one hand,the government should actively play a role of supervision and guidance to protect state-owned enterprises' mixed-ownership reform;on the other hand,state-owned enterprises are conducting mixed When reforming the ownership system,we must choose a suitable model,and at the same time we must pay attention to the integration of all parties' resources after the mixed reform.