Research On The Effect Of Northeast Pharmaceutical Mixed Ownership Reform

The low operating efficiency caused by unclear property rights of state-owned enterprises and the absence of owners has seriously affected the development of China's national economy.As early as the 1990 s,China was exploring the reform of mixed ownership of state-owned enterprises,and was committed to the entry of private capital and foreign capital to improve the development power of state-owned enterprises.The convening of the Third Plenary Session of the 18 th CPC Central Committee strengthened the requirements of state-owned enterprises to actively develop mixed ownership.The report of the 19 th National Congress of the Party also stated that the goal of deepening the reform of state-owned enterprises and cultivating first-class enterprises with global competitiveness.The state advocates the development of a mixed-ownership economy that can integrate the advantages of non-public capital and public capital,establish market-oriented institutional mechanisms for state-owned enterprises,and encourage support for the entry of private capital,improve governance structures,increase market competitiveness,and ultimately improve the state-owned enterprise Operating efficiency.With the start of the pilot reform of mixed state-owned enterprises,a large number of large state-owned enterprises have begun to explore the reform path.Strategic investors,employee stock ownership plans,overall listings,and debt-for-equity swaps have frequently appeared in the mixed reform model.Efforts to explore the mixed reform method that suits his own situation.Among the various implementation methods of mixed reforms,the introduction of external capital solely for financing needs is a relatively less motivated mix of capital structures.By allocating the three rights of external capital management rights,income rights and ownership,an effective check and balance corporate governance structure is introduced.The introduction of a flexible and efficient market-oriented management mechanism is a mixed ownership reform and is a highly active reform.The introduction of strategic investors can integrate state-owned capital,adjust the company's equity structure,prevent the absence of owners,a dominant disadvantage,and improve the governance structure,management system and incentive mechanism through the improvement of the equity structure.Marketization,effectively improving the competitiveness of state-owned enterprises.Northeast Pharmaceutical Group Co.,Ltd.,as the first round of pilot units for the mixed reform of state-owned enterprises in Shenyang,actively responded to the national call for reform of mixed ownership.This article takes Shenyang's old state-owned Northeast Pharmaceutical Group as the research object,and adopts a single case analysis research method based on the perspective of strategic investors.First,review the literature on mixed ownership reform and strategic investors at home and abroad,and analyze the role of mixed reform on improving corporate performance in conjunction with related theoretical foundation;Secondly,it analyzes the problems existing in Northeast Pharmaceuticals at the current stage and the internal drive of introducing strategic investors to participate in mixed reforms;Thirdly,analyze the effect of the introduction of strategic investors by Northeast Pharmaceuticals,quantitative analysis of the use of daily stock returns to describe the impact on the stock market,and use of financial indicators to describe the changes to financial performance,and from the corporate governance structure,incentive mechanism and management Qualitative changes in governance efficiency in three aspects;Finally,the successful experience and deficiencies of the mixed reform are summarized.This article explores the specific details of the Northeast Pharmaceutical mixed reform,hoping to give some inspiration to other state-owned enterprises to deepen the mixed ownership reform.