Research On The Economic Consequences Of Mixed Ownership Reform In State-owned Enterprises

The reform of state-owned enterprise mixed ownership is one of the key contents of China's economic system reform.Since its introduction in the 1990 s,it has been the focus of academic circles.Its original intention was to promote the significant increase in the productivity of China's state-owned enterprises by introducing other ownership capital,especially private capital and foreign capital,in the reform of state-owned enterprises.However,there is some controversy in the theoretical circle about the economic consequences that mixed ownership reform may bring to enterprises.Therefore,it is of great theoretical and practical significance to study the impact of mixed ownership reform on corporate governance and financial performance.Xinhuadu spent nearly 28 billion yuan in the nine years to participate in the Yunnan Baiyao mixed reform is a legendary event in the process of state-owned mixed ownership reform.Xinhuadu participated in the Yunnan Baiyao mixed reform for the first time after being rejected by the Yunnan Provincial State-owned Assets Supervision and Administration Commission.It also participated in the second mixed reform of Yunnan Baiyao at a huge cost,and finally succeeded in the mixed modification of Yunnan Baiyao in June 2017.What kind of economic consequences the mixed reform has brought to Yunnan Baiyao is a topic worthy of further discussion.Therefore,this paper takes Yunnan Baiyao mixed ownership reform as the research object,and conducts in-depth analysis and discussion.Firstly,this paper analyzes the impact of the mixed ownership reform on the corporate governance and financial performance of Yunnan Baiyao from a theoretical perspective.Secondly,this paper uses methods such as literature analysis,case analysis,systematic research and inductive analysis to study the mixed reform.Yunnan Baiyao's performance in marketing,operations and corporate governance.Data analysis shows that in terms of market returns,Yunnan Baiyao's share price has increased significantly,while stock price volatility has decreased;in terms of operations and corporate governance,Yunnan Baiyao has also seen significant improvements.However,this paper also found that the research and development investment of YunnanBaiyao after the mixed reform is lower than the industry average,which may be detrimental to the future development of the company.Finally,this paper constructs a financial performance evaluation index system from four levels of solvency,profitability,operational capability and growth ability,and combines EVA to evaluate corporate financial performance,and uses EVA two-stage model to measure enterprise value and finds that enterprise value is mixed.After the change,there was a significant increase.Based on the above analysis,this paper finds that the mixed ownership reform has brought positive effects to the company in two aspects:(1)improving the corporate governance mechanism to a certain extent;and(2)significantly improving financial performance.However,due to the completion of the mixed change in June 2017,due to time constraints,we were unable to obtain sufficient data to analyze the economic consequences of the mixed reform.The detailed financial performance of the mixed reforms will need to be supported by subsequent financial data.