Study On Ownership Structure And Performance Of State-owned Enterprises Under The Mixed Ownership Reform

After the third plenary session of the eleventh central committee in 1978,China implemented the policy of internal reform and opening up to the outside world.China officially began to establish a socialist market economy system,and gradually realized the importance of non-state ownership economy.Since then,China has continuously deepened the reform of the economic system in an all-round way,vigorously developed the mixed ownership economy,and regarded mixed ownership as "an important realization form of the basic economic system",with "developing the mixed ownership economy" as the primary goal.Capital markets reacted angrily and academia,is generally believed that the mixed ownership reform in state-owned enterprises are the introduction of non-state capital at the same time,through equity structure optimization,to make the mechanism of the resource advantages of state-owned enterprises and nonstate-owned enterprises have complementary advantages,improve the efficiency of enterprise operation,protect the enterprise the rights and interests of all stakeholders.In fact,the motivation of state-owned enterprises to introduce non-state-owned capital is not only for the combination of state-owned resources and market mechanism,but also for economic effect,such as financing or releasing positive information to the market.Some for management effect,such as improve the internal governance structure;Some are to strengthen the supply chain,reduce costs and improve market competitiveness.Some are just political responses to the wave of reform.Different motivation of mixing and changing determines different ways of mixing and changing,and finally,the impact on corporate performance is also different.In practice,we have found that it is not "easy to get mixed up",and it is not an isolated case that the failure of reform makes the enterprise's revenue level retrograde."Mixing" is the first step,how to "change" is the focus,to the mixed change more comprehensive and in-depth research is still very necessary.Since 2013,the state has issued a number of documents to provide policy support and guidance for the mixed reform of state-owned enterprises,and has also paid attention to the practical operation.At present,tens of thousands of state-owned enterprises are or plan to mix and reform,and more than 70% of the central enterprises have mixed and reform.In June 2016,the state council decided to accelerate the mixedownership reform in seven areas directly related to people's livelihood and national defense,and selected a number of state-owned enterprises for pilot demonstration.In September,the national development and reform commission(NDRC)included China Unicom group,a company with long declining performance,as a pilot enterprise.Up to now,China Unicom has been mixed reform for more than two years,its mixed effect is also quite controversial.In this context,this paper studies the motivation,process and effect of China Unicom's mixed-ownership reform under the framework of environment-motivationpath-equity-operation-performance,and discusses the relationship between China Unicom's shareholding structure and enterprise performance after its mixed-ownership reform in 2017,and puts forward some Suggestions.The study found that the reform did optimize the corporate governance structure,but the current relationship between the shareholding structure and the performance of China Unicom was not focused by the academic mainstream on the improvement of corporate internal governance due to the reduction of shareholding concentration,so as to improve performance,but the supplement of new resources after shareholding diversification improved performance.Mix after China Unicom's short-term performance improved,mainly because of the ownership structure adjustment to realize the diversification of shares at the same time,introduced the product elements such as fund management,with the state-owned resources for the well-integrated,has played a synergistic effect and industry leading advantage,and the superiority of private enterprise system temporarily not reflected in the performance.At the same time,it was also found that the long-term performance of China Unicom did not improve significantly,and the development capacity and business expansion did not change significantly.The long-term effect of the mixed reform still needs to be observed.Chapter one and chapter two are introduction and literature review.This paper introduces the background and significance,objectives and contents,methods and framework of the research,and sorts out the relevant researches on mixed ownership reform,ownership structure and enterprise performance at home and abroad in each period.Finally,the author summarizes and evaluates the previous researches.Chapter three is the theoretical basis and institutional background.Firstly,it introduces and defines several important theoretical foundations and concepts,and then sorts out the evolution of key systems in the four decades from trial to vigorous promotion of mixed ownership reform in China.The fourth chapter is case analysis.In this chapter,China Unicom is selected as a case to briefly introduce the situation of the enterprise,and then describe and analyze the process of the company's mixed-ownership reform in recent years through the thinking of enterprise environment ? mixed motivation ? mixed reform approach ? shareholding structure ? operation level ? performance.Firstly,based on the study of enterprise environment,the motivation of China Unicom's mixed-ownership reform is introduced,and the reasons for the choice of the reform approach of enterprise mixed ownership are analyzed.Then it describes and analyzes the changes in the ownership structure of the enterprise after the reform of mixed ownership,and the changes in the operating level caused by the changes in the ownership structure.Finally,the performance of the company is analyzed and evaluated according to the classification of financial performance and non-financial performance.Chapter five is the conclusion and suggestion.This chapter summarizes the research and puts forward some Suggestions.