Research On The Mixed Ownership Reformation Path And Effect Of State-Owned Enterprises

The report to the 19 th national congress of the communist party of China(CPC)clearly stressed the need to deepen the reform of state-owned enterprises,develop a mixed-ownership economy and foster world-class enterprises with global competitiveness.As an important part of the reform of state-owned enterprises,the reform of mixed ownership of state-owned enterprises has become the key to the transformation of state-owned enterprises in China.With the help of mixed ownership reform,private capital is added to state-owned enterprises.Through a series of "chemical" reactions between mixed capital,the governance mechanism of state-owned enterprises is improved,as well as the efficiency of state-owned capital operation.Since the policy of mixed ownership reform was put forward,state-owned enterprises throughout the country have steadily promoted the pilot reform of mixed ownership of state-owned enterprises,trying to carry out reform measures such as restructuring to go public and introducing strategic investors,which not only made a certain progress and achievements but also the obstacles and problems existing in early grope.At present,the reform of mixed ownership of state-owned enterprises will continue to advance in depth.While accelerating the speed and scale of the reform,more attention will be paid to enhancing the quality and efficiency of the reform through the mixed structure.For subsequent mixed ownership reform path is more clear and feasible in state-owned enterprises,learn from past mixed ownership reform experience and lesson is crucial in state-owned enterprises.Therefore,this paper chooses Greenland group,which has successfully completed the mixed ownership reform,to provide a reference for the new round of state-owned enterprise reform by analyzing and summarizing its experience and achievements in the mixed ownership reform.On the basis of literature review and relevant theoretical analysis of mixed ownership reform,this paper selected Greenland group as the object of case analysis,and studied the path and effect of its implementation of mixed ownership reform through case analysis method,event study method and other research methods.Firstly,this paper introduces the topic of mixed ownership reform of state-owned enterprises with the help of background introduction,collects and sorts domestic and foreign literatures around this topic,and elaborates the theories supporting the reform of mixed ownership of state-owned enterprises,paving the way for the case analysis in the following part.Secondly,this paper selects the mixed ownership reform of Greenland group as the case study object of this topic,introduces the basic situation of Greenland group,and expounds the motivation,path and characteristics of the reform of mixed ownership.Next,the paper analyzes the effect of the mixed ownership reform from four aspects: equity structure,corporate governance,financial performance and market effect.Second,the influence of the board of directors,the board of supervisors and the managers on the reform effect of corporate governance;Third,by comparing the profitability,debt paying ability,operation ability and development ability of Greenland group before and after the reform,the paper analyzes the reform effect of the financial situation.The fourth is to compare the market value changes before and after the listed companies and the financing effect after the mixed ownership reform,the stock price volatility and the daily stock return rate change analysis of the reform effect on the market effect.Furthermore,according to the previous analysis and summary,the effect mechanism of mixed ownership reform is to enhance the performance of enterprises by optimizing the internal governance mechanism,creating a competitive market environment and enhancing market benefits,and strengthening industrial cooperation.Finally,based on the above theoretical basis and case specific analysis concluded that:(1)The green group development strategy of mixed ownership reform path selection and matching;(2)The mixed ownership reform of Greenland group is what the government wants and the market needs;(3)Mixed ownership reform improved the efficiency of ownership structure and governance of the group;(4)Mixed ownership reform improved the Greenland group enterprise competitiveness.Finally,some Suggestions are put forward for other state-owned enterprises to carry out mixed ownership reform.