Research On Financial Performance Of Shanxi Fenjiu Based On Mixed Ownership Reform

Since the founding of the People's Republic of China,China's state-owned enterprises have made outstanding contributions to economic development and construction,especially in the 40 years of reform and opening up,the state-owned enterprises have made great achievements in scale,corporate governance and comprehensive competitiveness.However,due to long-term problems left over from history,imperfect corporate governance structure,policy burden and other multiple constraints,state-owned enterprises still have problems such as low operating efficiency,profitability to be enhanced,extensive management,etc.Further reforms are needed to improve efficiency and promote fairness.From 2018 to 2019,the state actively issued relevant policy documents on promoting the reform of state-owned enterprises,which provided a clear direction for deepening the reform of state-owned enterprises.The paper analyzed the effectiveness of the reform of mixed ownership of state-owned enterprises,verified it by changes in financial performance indicators before and after the reform of mixed ownership,pointed out the deficiencies in the reform process,and put forward reasonable suggestions,which has certain practical significance.This paper adopts the methods of literature study,case study and comparative analysis,with the theory of corporate governance,modern property rights theory,principal-agent theory and incentive theory as theoretical supports,on the basis of systematic research on the relevant research results of scholars at home and abroad,through the research on the motivation,path and evaluation of the mixed ownership reform of state-owned enterprises,taking Shanxi Fenjiu Company as an example,from the perspective of corporate governance before and after the mixed ownership reform,This paper compares and analyzes the existing problems and their causes based on the data of operation and financial performance,and puts forward some suggestions on establishing a balanced equity structure,perfecting the internal supervision system,building a diversified product structure,expanding online and out-of-province sales channels,controlling unreasonable expenses,and strengthening the management of accounts receivable.It also further proves that there is a positive correlation between the mixed ownership reform and financial performance.It is hoped that the problems existing in the mixed ownership reform of Shanxi Fenjiu and the improvementsuggestions discussed can also serve as a reference for the mixed ownership reform of other stateowned enterprises in the same industry.