Study On The Impact Of Mixed Reform Of State-owned Enterprises On Enterprise Performance

Since its establishment,state-owned enterprises have made great contributions to the development of China’s national economy.However,with the continuous transformation and upgrading of China’s economic development,the defects of state-owned enterprises,such as vague property rights,insufficient incentive and internal control,seriously restrict the high quality development of state-owned enterprises.From the third plenary session of the 18 in 2013 proposed to develop the mixed-ownership economy to the government work report in 2021 again continue to further promote the reform of the mixed ownership,the full implementation of reform for three years,the mixed reform of state-owned enterprises has become one of the important tasks of China’s current economic development.However,the results show that the performance of state-owned enterprises can not be improved fundamentally and practically only through the"mixing" at the equity level,the transformation of enterprise management mechanism is the real connotation of mixed reform.Therefore,this paper selects Advanced Technology&Materials as the case company,which is listed as a demonstration project of the mixed reform,aiming to study the concrete measures to improve enterprise performance from the adjustment of ownership structure to the transformation of operation mechanism in the process of mixed reform.Based on this,this paper firstly summarizes and sorts out the relevant literature on mixed ownership reform and enterprise performance,Understanding the motivation and mode of mixed reform and the impact of mixed reform on enterprise performance,further revealing the relationship between the two;Secondly,the basic theoretical framework of mixed reform to improve performance is preliminarily constructed based on Principal-agent Theory,Property Ownership Theory and Stakeholder Theory;Thirdly,through sorting out the development history,current situation and characteristics of the mixed reform,we can further understand the focus and difficulties of the mixed reform;Finally,combined with case analysis,the specific impact of mixed reform on corporate performance is studied from the short-term market level,long term market level,financial indicators and non-financial indicators.Further explore the concrete measures to improve the performance of mixed reform,point out the shortcomings,and accordingly put forward relevant suggestions,to provide reference for the subsequent mixed reform of state-owned enterprises.After the study of this paper,it was found that:(1)Mixed reform has different degrees of positive effects on the short-term,long term market level,financial indicators and non-financial indicators of enterprise performance.(2)From top to bottom,the measures to improve the performance of mixed reform can be classified as:improving the ownership structure,optimizing corporate governance,innovation of operation mechanism and collaborating with stakeholders.The diversification of shareholding structure and the strengthening of shareholding balance provide the basic conditions for corporate governance.In the corporate governance structure,the entry of representatives of directors and supervisors with different property rights optimizes the decision-making process of the enterprise,strengthens the supervision motivation,thus promotes the innovation of the enterprise operation mechanism,and finally affects the performance of the enterprise.The expected contribution of this paper:(1)to reveal the internal relationship between the mixed reform and enterprise performance through in-depth exploration of the specific arrangements of the mixed reform to improve enterprise performance,and to provide a new way of thinking for deepening the connotation of the mixed reform of state-owned enterprises and improving the effect of the mixed reform of state-owned enterprises in the future.(2)In addition,the case company’s mixed reform experience also provides reference for subsequent state-owned enterprises in the mixed reform way,system design and other aspects.