Case Analysis Of China Unicom's Mixed Ownership Reform

As an important part of the national economic system,state-owned enterprises play an important role in promoting social stability and economic developme nt.However,compared with the non-public economy,there are still many problems in the state-owned enterprises,such as insufficient marketization,imperfect incentive mechanism,insufficient industry competition,imperfect corporate governance system and low creativity.Now,China's economy is in a special stage of transformation and upgrading,adjustment and optimization of industrial structure,from the stage of high-speed growth to the stage of high-quality growth.Therefore,it is of great practical significance to increase the pace of research on state-owned enterprises.Since the 14 th National Congress of the Communist Party of China put forward the goal of establishing a market economy system,although the middle process has been tortuous and there has been a voice of doubt about "the progress of the country and the retreat of the people",the pace of reform has not stopped.Marked by the adoption of the decision of the CPC Central Committee on several major issues of comprehensively deepening reform at the Third Plenary Session of the 18 th CPC Central Committee in 2013,the reform of state-owned enterprises entered a new stage of comprehensively deepening and tackling key problems.The meeting pointed out that the mixed ownership economy is an important part of the socialist economic system,and the pilot work should be accelerated.The reform of mixed ownership has been given a new strategic height and has become the main breakthrough direction of the reform of state-owned enterprises.China Unicom's mixed ownership reform is the benchmark of state-owned enterprise reform after the Third Plenary Session of the 11 th CPC Central Committee and the biggest exploration action of mixed reform.It is also the first pilot for monopoly state-owned enterprises to carry out mixed reform at the group level,involving huge funds.It has taken various measures,including "directional additional issuance + transfer of old shares + equity incentive".At the same time,it has good highlights in the design of equity structure and the improvement of corporate governance structure.Based on this,this paper selects China Unicom's mixedownership reform as a research case,and analyzes the economic consequences of the mixed ownership reform to China Unicom,hoping to provide some reference for other state-owned enterprises to carry out the mixed ownership reform.In this paper,case study method,traditional financial index analysis method and factor analysis method are used to analyze the case of China Unicom's mixed reform from many aspects.Firstly,it introduces the basic situation of China Unicom's mixed ownership reform.Secondly,the motivation of China Unicom's mixed ownership reform is studied,including the following four aspects: the first is to promote policies and respond to the call of the state to deepen the reform of state-owned enterprises;the second is to improve the plight of enterprises and obtain development funds;the third is to establish a diversified equity structure and standardize corporate governance;the fourth is to play a synergistic effect with the help of strategic investor resources.Then through the comparative analysis method and factor analysis method,the performance of China Unicom hybrid reform is studied,and the following conclusions are drawn: the first is that the mixed reform of China Unicom has a promoting effect on the comprehensive financial performance of enterprises,but it still needs to deepen the reform and tap the potential of strategic investors to improve the sustainability;the second is that the mixed reform of China Unicom has improved the corporate governance;the third is that the mixed reform of China Unicom has introduced different types of strategic investors to achieve synergy.subsequently,this paper summarizes the highlights of China Unicom's mixed ownership reform,and puts forward three references: The first is that the design mode of "one leading +moderately dispersed+ incentive shares" mixed ownership structure has certain reference significance;The second is that when state-owned enterprises carry out the mixed ownership reform and introduce strategic investors,they should follow the company's strategy and business layout.The third is that a reasonable equity incentive plan can effectively improve the living ability of enterprises.Finally,three suggestions are put forward for China Unicom to further deepen its reform.