Research On The Impact Of Large-scale Mixed Ownership Reforms On The Vitality Of Enterprises In The Property Sector

Since the Third Plenary Session of the 18th CPC Central Committee proposed the development of a mixed-ownership economy with diversified capital and mutual integration,the reform of state-owned enterprises has become the top priority of China's economic system reform,and it is also a hot topic of discussion in the theoretical and practical circles.General Secretary Xi pointed out the direction for the reform of state-owned enterprises.He believed that it is necessary to deepen the reform of state-owned enterprises,we must pay attention to the innovation of systems and mechanisms,establish a modern enterprise system,and give full play to the enthusiasm and creativity of talents in state-owned enterprises,and then stimulate the vitality of various elements.The purpose of state-owned enterprise reform is to stimulate the inherent vitality of enterprises during development.However,there are few studies on whether mixed ownership reform can improve the inherent vitality of enterprises.The analysis of the effects of mixed reforms on existing enterprises' literature does not involve the level of corporate vitality.Therefore,this dissertation takes WZ GROUP as an example,and combines theory with case analysis to study the impact of mixed ownership reform on the vitality of enterprises.Based on the existing theories,this dissertation reviews the reform of mixed ownership of WZ GROUP;Then,it builds an enterprise vitality evaluation index system,and uses the entropy weight-TOPSIS method to analyze WZ Group's corporate vitality indicators and select indicators with a large proportion of weight,determine which indicators of reform have a large and positive impact,and then provide a way of thinking for the subsequent study of the impact mechanism;finally,this dissertation explores the internal mechanism of the impact of mixed ownership reforms on the vitality of WZ Group from the four aspects of corporate governance structure and the viability,growth and regeneration of corporate vitality.The research conclusions of this paper are:(1)The reform of mixed ownership has improved the corporate vitality of WZ Group.From the perspective of survivability indicators,the mixed reforms have improved the rate of value maintaining and increasing;from the growth indicators,the mixed reforms have improved R&D expense ratio;from the perspective of regenerative indicators,the mixed reforms have increased other business income growth rate.(2)The internal mechanism of the reform of mixed ownership to enhance the corporate vitality of WZ Group is: the reform of the mixed ownership of WZ Group improves the corporate governance structure,which is the key prerequisite to ensure the corporate vitality of WZ Group after the reform of the mixed ownership;After the reform,WZ Group completed overall listing,the capital increase will help promote industrial integration,realize the preservation and appreciation of state-owned capital,and improve the viability of the product.After the reform,WZ Group acquired more resources through the introduction of strategic investors,improved employee motivation through employee shareholdings,jointly promoted the company's R&D investment,and enhance the growth of WZ Group;WZ GROUP has undergone secondary mixed reforms to improve the development status of member companies,thereby enhancing the development capabilities of other businesses,and enhancing the regeneration of the enterprise.Based on this,WZ GROUP effectively improved the corporate vitality after the reform of mixed ownership.