The Path And Effect Of Mixed Ownership Reform Of State-owned Enterprises

Against the backdrop of reforms,the central government has fully promoted the reform of mixed ownership of state-owned enterprises,and four batches of 210 state-owned enterprises have been included in the reform pilot units."How to mix and how to change?" Has become an urgent problem for enterprises to solve.At present,scholars' research on mixed ownership reforms is mostly biased towards large sample empirical research,and few case studies.Therefore,based on the case study method and literature analysis method,the article explores the path and effect of Yunnan Baiyao in promoting the reform of mixed ownership.The article takes the mixed ownership reform of state-owned enterprises as the starting point and improves the corporate governance structure.It proposes that the main ways to adjust the corporate governance structure include company equity structure reform,board structure reform,professional manager marketization,and employee incentive plans.The mixed reform path further affects the company's investment and financing activities.And market performance.First,the article introduces the general background of enterprise reform,analyzes the two theoretical foundations of enterprise reform,and sorts out the documents of mixed ownership reform according to certain standards.Secondly,introduce Yunnan Baiyao,a benchmark enterprise with mixed ownership reforms,and analyze the current status of the industry reform and its own reform in Yunnan Baiyao.Thirdly,the main body of the case is analyzed according to the main lines of path research and effect research.The reform path research includes the company's "three meetings and one layer" reform and the implementation of employee incentive plans.The reform effect research includes the analysis of the company's investment efficiency,financing constraints and corporate market performance.Finally,draw conclusions and enlightenment,with a view to playing a reference role for other companies.The research shows that Yunnan Baiyao's merger with its parent company Baiyao Holdings has achieved a good market response,the company's governance structure has been improved,financing constraints and operating efficiency have been improved,but the company's investment efficiency and financial performance have been poor.The article puts forward some suggestions for the problems that the non-state-owned capital introduced during the reform of Yunnan Baiyao's mixed ownership system does not have a veto power in the decision-making of important matters at the shareholders' meeting,and the financial performance of the company's mixed reform in the short term is not significant.First,during the reform of state-owned enterprises,the government should reduce administrative intervention,devolve power to the market,and the market determines the allocation of power.Second,the reform of state-owned enterprises needs to be steadily promoted,and we must not rush to achieve success.It takes a period of time for the effects of reforms to manifest,and there is a period of time when problems are discovered,analyzed,and solved.Third,strengthen information disclosure and guard against the loss of state-owned assets during the reform process.The listed company's reform of mixed ownership is a major issue in itself,and it is necessary to disclose information in a timely and reliable manner to ensure that investors understand the relevant information in a timely manner.Professional service institutions should achieve a fair assessment of the transfer of state-owned assets,enhance their legal awareness,and maintain their independence.