Research On The Performance Of China National Building Materials Group State-owned Enterprise Mixed Reform

The Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China passed the "Decision on Several Issues Concerning Comprehensively Deepening Reform." The "Decision" clearly pointed out the direction and tasks of further deepening the reform of state-owned enterprises,and gave new content and requirements for the reform of mixed ownership.Subsequently,in 2015,the State Council issued the "Guiding Opinions on Deepening the Reform of State-owned Enterprises",which proposed to promote cross-shareholding and mutual integration of state-owned capital,collective capital,and non-public capital,and actively develop a mixed-ownership economy.The reform of mixed-ownership should serve as the reform of state-owned enterprises.The main method of reform has once again become the top priority of the new round of state-owned enterprise reform.The 2020 government work report also proposes to improve the effectiveness of the reform of state-owned assets and state-owned enterprises and implement the three-year action for the reform of state-owned enterprises.It can be seen that the Party Central Committee and the State Council have been committed to advancing the reform of state-owned enterprises.The heat for reform of state-owned enterprises has not receded,and all sectors of society have been paying attention to the reform process of state-owned enterprises.The reform of mixed ownership has continued to deepen along with the entire reform process of state-owned enterprises.It plays an important role in improving the operating performance of state-owned enterprises,optimizing management models and governance mechanisms,and enhancing the vitality and competitiveness of enterprises.Real knowledge comes out of practice,then how to effectively implement mixed ownership reforms for state-owned enterprises,whether the performance improvement has been achieved through the mixed-ownership reforms of state-owned enterprises(hereinafter referred to as "state-owned enterprises mixed reform")measures,and how to achieve these issues have become the key.Based on this,in order to study the mixed reform of state-owned enterprises and its performance,this article first sorts out relevant domestic and foreign research literature,and combines principal-agent theory,corporate governance theory and property rights theory as the cornerstone of the research theory.Through the research on the specific content of the mixed reform of China Building Materials,the first is to analyze the reasons for the mixed reform;the second is to analyze the path of the mixed reform,including employee shareholding,mergers and acquisitions,joint reorganization and other ways to achieve equity diversification;the third is to achieve corporate performance in the mixed reform evaluation of.The performance evaluation compares the important financial indicators of China National Building Materials’ four major financial capabilities before and after the mixed reform with the industry average,and conducts a horizontal and vertical comparison and analysis.On this basis,the Wall score method is used to combine multiple financial ratios with a linear relationship to compare the China National Building Materials Finance Corporation.Comprehensive evaluation of the situation,the scoring results show that CNBM’s mixed ownership reform is conducive to improving corporate performance.Finally,the research conclusion is drawn: China National Building Materials Group has introduced different entities through the combination of employee stock ownership and joint restructuring models to achieve equity diversification and optimize corporate governance mechanisms to improve corporate operating performance;state-owned enterprises can achieve performance improvements through mixed ownership reforms This reform measure is effective,and the Chinese government should focus on promoting the mixed reform of stateowned enterprises.The main contribution of this paper is: to further expand the research content of state-owned enterprise mixed reform.The research on state-owned enterprise reform and the management efficiency and performance of state-owned enterprises is not a new field.However,from the perspective of the research content,most of the previous researches have focused on the mergers and acquisitions of state-owned enterprises and employees.Research on a single mixed reform path such as shareholding,board reform,or the introduction of professional managers,or an interpretive study of policy documents on the mixed reform of state-owned enterprises,the research content is generally simplistic,and the research on the financial capabilities and performance of state-owned enterprises after the reform is relatively small Obviously lacking,this article makes some supplements on the basis of existing research;enriches the corporate performance evaluation methods.From the perspective of research methods,most of the current financial performance evaluation analysis for the mixed reform of China Building Materials uses the economic incremental method,that is,EVA performance evaluation.In this regard,this article quotes the improved Wall scoring method,uses a more scientific analytic hierarchy process to give indicator weights,and then calculates the scores and compares the industry horizontally with its own vertical comparison to comprehensively evaluate the performance of China’s building materials mixed reform.