Research On The Financial Performance Of Zhongjin Jewelry Mixed Ownership Reform

As the mainstay of the national economy,state-owned enterprises’ survival and development are related to the stable operation and sustainable development of China economy.However,state-owned enterprises have undertaken too many policy burdens,as well as agency problems caused by the absence of owners and the "dominance of one share",which have led to their "lag" in corporate governance and efficiency.Enterprise reform has always been the top priority of my country’s economic development.However,state-owned enterprises do not have complete case data for reference and reference in the process of mixed-ownership reform.In order to support and urge those state-owned enterprises who are interested but dare not take a step forward to participate in the mixed-ownership reform,the SASAC has successively launched four rounds of mixed-ownership reform pilots,and subsequently launched the "Double Hundred Action" to help state-owned enterprises gradually try more and more according to local conditions.A mixed ownership reform path and reform plan design.In the current period when mixed reform begins to move towards the deep water area,study excellent mixed reform cases in state-owned enterprises,study and analyze its model and effectiveness,draw lessons from experience and gain wisdom,let theory guide practice,and change mixed reform away more stable and farther.Therefore,on the basis of a large number of reading literature,this article adopts the case analysis method to expand the article,selects Zhongjin Jewelry as the case study object,and interprets the capital increase and share expansion,shareholding system reform,and IPO listing involved in its mixed ownership reform plan one by one.Mining and analysis of its measures in introducing non-public entities to adjust the equity structure,changing the governance structure of the board of directors and employee equity incentives in the process of mixed ownership reform.At the same time,the financial index analysis method is used to compare with the enterprises in the same industry and the EVA index analysis method is used to analyze its financial performance.In the analysis of financial indicators,not only the characteristics of China Gold Jewelry’s own operation and the nature of the industry,but also reasonable selection of indicators,from The average financial performance of the eight most representative companies in the industry is selected to compare with China Gold Jewelry;and when using the EVA indicator to analyze,it is also based on the company and industry characteristics of China Gold Jewelry.Reasonable selection of adjustment items,and did not use the average cost of capital specified by state-owned enterprises,but completely calculated the average cost of capital according to the calculation method of average cost of capital to calculate the actual average cost of capital of China Gold Jewelry under market competition,so as to eliminate the existence of other factors that affect financial performance.Factors interfere,and strive to comprehensively and objectively evaluate the achievements and shortcomings of the mixed ownership reform of Zhongjin Jewelry.Through research,it is found that in the process of mixed ownership reform,China Gold Jewelry does not pursue the diversification of one-sided equity forms,but actually selects partners in a targeted manner from the perspective of bringing maximum benefits to the enterprise.Join the enterprise,and fully give the main partners the right to make enterprise decisions;at the same time,promote the construction of an employee stock ownership platform in the mixed ownership reform,and fully mobilize the enthusiasm of employees;but there are also mixed ownership reforms.Although the financial performance of the enterprise itself has been improved objectively,but compared with other companies in the same industry,there is still huge room for improvement,and the potential of mixed reform needs to be further explored.The above research conclusions and enlightenments will provide guidance for other state-owned enterprises in my country to implement mixed ownership reform,and also provide reference experience for my country to promote the current supply-side reform.