Study On The Performance Of Yunnan Baiyao Group Mixed Ownership Reform

In recent years,the reform of mixed ownership has become the focus of China's economic system reform.With the introduction of a series of policies,government departments have started the pace of mixed ownership reform.The feasibility study on the implementation of mixed ownership reform is of great practical significance.After the 18 th National People's Congress of the Communist Party of China,The mixed reform of state-owned enterprises have embarked on a new journey.The pace of mixed ownership reform has been accelerating,and the scope of pilot projects has been expanding,which has summarized a series of valuable experience that can be imitated and popularized for the enterprises about to reform the mixed ownership system in China.Yunnan Baiyao Group Co.,Ltd.,a wholly-owned enterprise owned by the state-owned assets supervision and administration commission of Yunnan province before the mixed ownership reform,is one of the first pilot enterprises to carry out mixed ownership reform in Yunnan province.By introducing two strategic investors,New Huadu and Jiangsu Yuyue,the company has increased its capital and established a modern enterprise system based on equity.Through the reform of mixed ownership,Yunnan Baiyao Group Co.,Ltd.(Yunnan Baiyao Group)has improved the management mechanism of the enterprise,broken the dominant state assets and stimulated the vitality of the whole enterprise.Its mixed reform cases are of certain research value.This paper takes Yunnan Baiyao Group as a case company,uses the related theories as the research foundation,combines the internal operation data of Yunnan Baiyao Group,carries on the simple comb to Yunnan Baiyao Group's mixed ownership reform process.The performance impact path and comprehensive performance of its mixed ownership reform are analyzed by using case analysis method.The article is divided into six parts.The first part is the introduction,which introduces the reasons for selecting the topic and the significance of the case study.It also sorts out and summarizes the research status at home and abroad,and points out the innovation and shortcomings of this paper.The second part is the relevant theoretical knowledge,including performance impact path theory of mixed ownership reform and performance evaluation theory.The third part introduces the concrete development course of the mixed ownership reform of Yunnan Baiyao Group,including the development experience of Yunnan Baiyao Group,the background and motivation of the mixed ownership reform and the implementation process of its mixed ownershipreform plan.The fourth part analyzes the influence path of Yunnan Baiyao Group's mixed ownership reform performance from three aspects:ownership structure,incentive effect and market competition environment.The fifth part uses the factor analysis method to establish the comprehensive financial index to analyze the performance changes of Yunnan Baiyao Group before and after the mixed ownership reform,and uses the event analysis method to explore the stock price changes in the secondary market before and after the mixed ownership reform of Yunnan Baiyao Group.At the end of the article,it summarizes the whole paper and puts forward some suggestions for the reform of state-owned enterprises in the future.At last,the paper draws the following conclusions:First,the changes of Yunnan Baiyao Group's performance through the reform of mixed ownership is mainly realized through three ways:organizational structure,incentive effect and market competition environment.Secondly,through the comprehensive evaluation of the financial performance of Yunnan Baiyao group,we found that the company's profitability,debt paying ability,operating ability and growth ability have improved after the mixed ownership reform.From the perspective of market performance,after the mixed ownership reform,the secondary market of Yunnan Baiyao Group fluctuated greatly,the number of concerned investors increased,and the market responded well.Taking Yunnan Baiyao Group as an example,this paper enriches the data sample of successful mixed ownership reform of state-owned enterprises,and provides valuable experience for the state-owned enterprises about to be reformed.Of course,the article also found that there are still many problems in the mixed ownership reform of state-owned enterprises,which need further detailed study.