Case Analysis Of China Unicom's Mixed Ownership Reform

With the development of the reform and opening policy,the state started to focus on the development of state-owned enterprises.In recent years,the government has called for soes to "comprehensively deepen reform." The essence of the mixed ownership reform in state-owned enterprises is to introduce more capital other than state-owned capital in state-owned enterprises.In the process of mixed ownership reform,state-owned enterprises can form a good ownership structure,form an incentive mechanism linked to enterprise performance,and improve the corporate governance structure.There are many details in the concrete implementation of mixed reform,such as the unlocking condition in incentive mechanism,the design of shareholding structure and how to protect the interests of non-state-owned shareholders.Therefore,this article choose China unicom as the object of case analysis,analysis of China unicom's mixing way and mixing the impact of change,hope for other similar subsequent unicom mix change way to mix of state-owned enterprises to provide reference suggestion and solve their problems in the process of mixed change may,hope these companies can successfully complete mixed ownership reform.This passage uses case analysis,literature research and event research methods to analyze.First,this paper analyze the China unicom mix change agent,China unicom,mix changes is an active response to the country's economic development policy,to increase the competitiveness of the enterprises in the market,in turn,change enterprise business performance,hope that through the introduction of strategic investors play a synergistic effect,in the hope that in the mixed optimize the governance structure of the company.Secondly,this paper analyzes the influence of mixed reform of China Unicom on the non-financial performance of the company from three perspectives: organizational structure,equity structure and market price.In terms of organizational structure,China Unicom headquarters' departments,staffing,local and provincial managers,and prefecture-level city organizations have been greatly reduced,and the problems of internal redundancy and low efficiency have been solved.In terms of the shareholding structure,China Unicom has formed a shareholding structure dominated by state-owned shareholders and highlydecentralized.In terms of the impact of the market price,the announcement of the mixed reform plan of China Unicom influenced the market performance in the short term and improved the stock price yield,but this positive effect disappeared in the long term.Then,this paper analyzes the influence of mixed reform of China Unicom on the company's business performance,and finds that the company's business performance has been improved after mixed reform,which is reflected in slightly higher operating income and significantly higher operating profit than before mixed reform.Revenue and operating profit increase,is the cause of mixed after the change,China unicom cooperation with Internet companies like tencent and ali,the use of big data precision investment,speed up the development of Internet domain,deepening transformation of Internet innovation business actively,developing new sources of revenue,increase,and operating profit increased substantially.Finally,this article will change China unicom mixed and mix with batch of pilot enterprises instead of China Eastern group and China built nuclear mix to compare,analysis found that China unicom's mix change more deeply,this is because China unicom group is mix to chose the subsidiary,China unicom,China Eastern group and China nuclear capital is to choose a secondary or tertiary subsidiary company to mix.Based on the analysis of mixed reform of China Unicom,this paper summarizes the successful experience and shortcomings of mixed reform of China Unicom.The successful experience of Mixed reform of China Unicom lies in the design of mixed shareholding structure of "one leading share + highly dispersed share + incentive share",reasonable incentive plan for core employees,determination of strategic investors and optimization of governance structure according to business and industrial layout.Disadvantages of the mixed reform of China Unicom: the restricted stock ownership incentive plan also has some problems,such as low overall shareholding ratio and insufficient funds for employees to buy shares;There is some conflict between shareholder structure and corporate governance.The number of independent directors increased but the independence was not strengthened enough;The change of the board of supervisors is limited.Therefore,this paper suggests that state-owned enterprises undergoing mixed ownership reform in the future should support the policies and guidelines of mixed ownership reform introduced by the state,and actively and deeply carry out mixed ownership reform.Formulate effective strategic investor introduction plan to form a good ownership structure within the enterprise;At the same time,the control right of state-owned shareholders and the right of discourse of non-state-owned shareholders should be guaranteed.Under the condition that state-owned assets are not lost,the resources of strategic investors should be integrated to maximize synergies.By setting appropriate and reasonable unlocking conditions and unlocking period,the market incentive and constraint mechanism can be perfected to achieve a win-win situation for employees and enterprises.