Study On The Performance Of CMOC Under The Background Of Mixed Reform Of State-owned Enterprises

As the pillar of economic development,state-owned enterprises play an important role in deepening economic development and strengthening social construction.With the policy of mixed ownership reform of state-owned enterprises(hereinafter referred to as "mixed ownership reform of state-owned enterprises"),China proposes "comprehensively deepening reform" of state-owned enterprises.In the Third Plenary Session of the 18 th CPC Central Committee,deepening the reform of state-owned enterprise mix is an important direction.In the 2020 government work report,improving the effectiveness of state-owned enterprises is listed as the focus of work,which puts forward higher requirements for the development of state-owned enterprises and new impetus for economic innovation.Luoyang Luanchuan Molybdenum Industry Group Co.,Ltd.(hereinafter referred to as "Luoyang molybdenum industry")took the lead in the mixed ownership reform(hereinafter referred to as "mixed reform")driven by multiple factors such as policy background,industry environment and enterprise self driving,and became one of the earlier enterprises to carry out the mixed reform of state-owned enterprises in China.Therefore,this paper selects the company as a case company for research.This paper combines theoretical analysis with case study,and overall analysis with specific analysis.Firstly,the background,relevant literature and theoretical basis of the mixed reform of state-owned enterprises are sorted out to have a macro understanding of the motivation and path of the mixed reform of state-owned enterprises.Then the enterprise performance of Luoyang molybdenum industry before and after the mixed reform is analyzed.The enterprise performance analysis of this paper is carried out from three aspects: market effect,financial performance and business performance.The market effect analysis adopts the event research method,and takes the mixed reform event window period of Luoyang molybdenum industry as the research period to study whether the mixed reform announcement has an impact on the enterprise market effect;Financial performance analysis adopts factor analysis method to analyze the financial indicators of peer companies,and explores the impact of mixed reform of state-owned enterprises on their financial performance through the analysis of the change of annual industry comprehensive financial performance score;The analysis of business performance is carried out from three aspects of industrial structure,investment scale and management level to compare the changes of business status after the mixed reform of stateowned enterprises.Through the study,it is concluded that in terms of market effect,the mixed reform of stateowned enterprises can deliver good news to the market and improve the short-term abnormal returns In the future,long-term governance mechanism can be established to achieve internal sustainable management.In terms of financial performance,the mixed reform of state-owned enterprises can improve their income status,enhance their ability to resist risks,promote financial performance,and design a balanced share structure,so as to better integrate stateowned and private capital.In terms of business performance,after the mixed reform of stateowned enterprises,the industrial structure is more diversified,the investment scale is expanded,the investment level is improved,the management level is improved,and the foreign investment strategy will be continuously increased in the future.Through the above research,it can provide reference for similar mixed reform enterprises and government management,and promote the healthy development of state-owned enterprises.