Research On The Economic Effect Of Privately-held Mixed Reform

Since the 40 th anniversary of reform and opening up,the reform of state-owned enterprises has made great progress in practice.Most state-owned enterprises have achieved a mix at the capital level,while state-owned enterprises in industries with full competition have a higher degree of mixing.In the future,no matter at the level of central enterprises or local state-owned enterprises,the reform of state-owned enterprise mixed ownership will be promoted more vigorously and deeper.The mode of mixed reform of state-owned enterprises includes listing,restructuring,equity incentives,mergers and acquisitions,introduction of strategic investors,and the establishment or introduction of funds.In the latest round of mixed reform of state-owned enterprises,the integration of state-owned enterprises and private enterprises is one of the important ways and major directions for enterprise restructuring.According to statistics,since 2013,the proportion of non-state-owned capital in the total capital of the enterprise has reached 37%.It can be seen that state-owned enterprises are vigorously introducing foreign capital to realize equity diversification.However,even if some enterprises have carried out mixed reforms,the phenomenon of ?one big share? of state-owned shares and ?free rider? of private enterprises still exists.State-owned capital and private capital cannot be effectively inte grated,and ultimately it is difficult to realize the positive impact of mixed reform on the company's development.Therefore,it is of great significance to study the mixed reforms from the perspective of privately-owned state-owned enterprises and to solve the problems pointed out above.Therefore,on the basis of summarizing the existing research on the reform of the mixed ownership of state-owned enterprises at home and abroad,based on the perspective of introducing private controlling shareholders and using the method of case study,this paper analyses the economic effect of the introduction of Tianyang Holdings Limited and the reasons for successful reform.It is found that although Shede Spirits Co.,Ltd has not improved its innovation ability,its corporate governance structure has been improved,and its market and financial performance have been improved.Compared with other mixed reforms introduced into private enterprises,the reform of Shede Spirits Co.,has three characters(1)mixed-reform path matching strategy,and choosing the right partner;(2)the state-owned assets strongly supporting the reform,and the state-owned equity transferred reasonably;(3)the private sector becoming the controlling shareholder,and the advantages effectively exerted.For the above three reasons,the effect of mixed reform is more obvious.Through the case study of Shede Spirits Co.,Ltd,it is hoped that it can provide reference for other state-owned enterprises to carry out mixed reforms,and provide a basis for solving the problems of private equity participation in state-owned enterprises.