Paths And Effects Of Mixed Ownership Reform Of State-owned Enterprises

After the reform of "decentralization of state-owned assets","restructuring of state-owned enterprises" and "supervision of state-owned enterprises",state-owned enterprises began to gradually get rid of the role of state appendage.Since 2013,the Third Plenary Session of the 18 th CPC Central Committee and other national conferences have proposed to deepen the reform of state-owned enterprises and vigorously develop the mixed ownership economy,so the mixed ownership economy has become a major goal of the reform of state-owned enterprises at the present stage.In the process,reform has developed steadily,and has obtained the good achievement,but in the process of the reform of state-owned enterprises still exist some problems,such as some state-owned enterprises worry about equity was dispersed,only a small amount of non-public capital is introduced in form,it doesn’t play a role of checks and balances of state-owned shareholders,also is unable to improve corporate governance.Moreover,based on the particularity of state-owned enterprises,it is worth studying what kind of mode to carry out mixed reform and what proportion of ownership structure to choose.This paper selects Jia Jia Kang in COFCO,a company in the competitive field.This paper study the path and effect of its mixed reform.First of all,summary the concept of mixed ownership reform,corporate governance and performance and other related literatures.Secondly,explain the theories related to mixed ownership reform.Then,summary the goals,tasks and problems of the four-stage reform of state-owned enterprises.Then,analyze the motivation of reform and the path of reform,reform motivations are divided into internal factors and external thrusts.The reform path of this case is also very special.It adopts the multiple combination of "strategic investor、employee shareholding and listing" to accelerate the process of its marketization.Finally,analyze the economic consequences of this reform.Based on the analysis of the restructuring process of state-owned enterprises,the following conclusions are drawn: First,there are differences in the industry and background of state-owned enterprises,in order to achieve phased growth,we should choose the restructuring mode suitable for our own development.Second,through the case study,it is found that the mixed reform has improved the level of corporate governance and solved the main stubborn problems of state-owned enterprises.Third,the mixed reform of state-owned enterprises improves the performance of the company as a whole and the corporate social responsibility.Through the active participation of strategic investors in operation and management,and the play of their own advantages and technical resources,the production efficiency and operation efficiency of stateowned enterprises are improved,so as to improve the business performance.Improvement of performance is most obvious in the mixed-ownership reform,after mixed reform,because of the pig cycle and African swine fever,breeding industry affected by comprehensively,also has brought performance decline to Jia Jia Kang in2017-2018,when the external environment factors disappeared,the performance significantly enhanced in 2019-2020 middle term,after exclusion of systemic risk,mixed reform in a certain extent has made Jia Jia Kang’s performance better.