Research On The Stratified Mixed Ownership Reform Model Of State-owned Enterprise Groups

The new round of mixed ownership reform of state-owned enterprises,as an important breakthrough in the reform of state-owned enterprises,is a current social and economic hotspot.The government pointed that the important task of state-owned enterprise reform is to hierarchically classify and actively promote mixed ownership reform,and actively explore the feasibility of carrying out mixed ownership reform at the state-owned enterprise group level path.As the main organizational form of state-owned enterprises,Most of China's state-owned groups are restructured from administrative agencies,with strong administrative colors,multi-level organizational structure,multi-industry sector layout,and multi-business module distribution.At present,the mixed reform of state-owned groups also has an unbalanced situation.This article believes that the state-owned enterprise group's implementation of layered mixed reform,that is,not only the implementation of the mixed reform at the parent company level,but also the member company's joint mixed reform model,will deepen the state-owned enterprise mixed reform.Therefore,it is of certain research significance to study how state-owned groups promote the mixed reform in different layers.The case study object is the WZ Group.On the surface,Real Estate Group has completed mixed reforms at the level of the group's parent company and subsidiaries,implemented the deepening reform requirements of the hierarchical reform of state-owned enterprise groups,and should have achieved pleasing results of mixed reforms.However,in recent years,the growth rate of revenue has decreased,and many financial indicators are below the industry average.So this article analyzes the causes and paths of the layered mixed reform model of the WZ group,and analyzes the effects of the layered mixed reform on the WZ group from four aspects of governance efficiency,management,financial performance and state-owned assets preservation.It is found that the layered mixed change model of the WZ group is only a Empty shelves,there are three major problems: the optimization of the heavy equity structure and the improvement of the light governance mechanism;the introduction of virtual and non-public capital,and the real internal asset reorganization;In the end,it is concluded that the layered mixed reform is not only implemented in the group parent company level and the member company level.The essence is to play the linkage between the mother and the child mixed reform,and implement the mixed change at each level.I hope to provide some inspiration and reference for the practice of layered and mixed reform of other state-owned enterprise groups in China.