The Impact Of Strategic Financial Investors On Mixed Ownership Reform Of State-owned Enterprises

In recent years,the orderly advancement and continuous deepening of the reform of mixed ownership has had a positive impact on China's overall economic development and economic layout.Since the party 's 19 th National Congress explicitly issued instructions on “deepening the reform of state-owned enterprises and developing a mixed-ownership economy”,China 's state-owned enterprises from central stateowned enterprises to local state-owned enterprises have issued plans and measures related to state-owned enterprise reforms in response to local conditions.The beginning of a new round of state-owned enterprise reform.At the end of 2019,the State-owned Assets Supervision and Administration Commission of the State Council convened a meeting of heads of central enterprises,which clearly stated that in the future reform of mixed ownership of state-owned enterprises,more attention should be paid to the rational design and adjustment of equity structure and the introduction of institutional investors with high matching,high recognition and synergy.Explore the establishment of a scientific and efficient differential management model.Introducing institutional investors into the mixed state-owned enterprise reform can on the one hand activate the vitality of state-owned enterprises and enable them to better face market-based competition and strive for bigger and stronger companies;on the other hand,this can improve the state-owned enterprise equity structure and standardize the corporate governance structure 2.Improve the company's performance and lay the foundation for the establishment and improvement of a modern enterprise system.Based on relevant literature,this article takes Chongqing Iron and Steel as the research object,and focuses on the impact of state-owned enterprises on the governance structure and operating mechanism after the introduction of strategic financial investors,in order to enrich relevant research results and provide some references for the reform of state-owned enterprises.The thesis is divided into five chapters: the first chapter is an introduction,which mainly explains the research background,research content,research significance and innovation,and clarifies the research method;the second chapter is a literature review and theoretical research,trying to summarize and summarize the current academic research in Research results on the relationship between financial investors and corporate performance in the reform of state-owned enterprises' mixed ownership;Chapter III is a case introduction,divided into two parts: the background of the steel industry and the overall situation of Chongqing's mixed steel reform.Introduction to Chongqing Iron and Steel,motivations for the reform of mixed ownership,introduction of strategic financial investors,and introduction of specific plans for mixed ownership reform;Chapter 4 will analyze this time in detail from four aspects: corporate governance,operating mechanism,market effects,and financial performance.The impact of the introduction of mixed-ownership reform on strategic financial investors on corporate performance;Chapter 6 provides conclusions and revelations,and will provide several suggestions for state-owned enterprises' mixed-ownership reform based on the previous case analysis.Through case analysis,this paper finds that Chongqing Steel can better improve its performance by implementing a mixed reform model of "market-oriented funds + state-owned enterprises + private enterprises",which can be used as a reference for reform of other state-owned enterprises.The reasons are as follows: First,through the introduction of strategic financial investors,the company realizes the diversification of equity,depoliticization of management decisions,and improves the corporate governance structure.Second,the practical operation plan improves the company's sustainable operation ability and compatibility.The incentive mechanism of the company fully stimulates the enthusiasm of the employees;third,the short-term market effect of the mixed-reformation event of the fund holding state-owned enterprises is positive,indicating that the market has a positive attitude towards the fact that the fund becomes the actual controller of the state-owned enterprises and can have a positive effect on corporate performance;Fourth,corporate financial performance has improved,profitability,operating capacity and growth capacity have improved,and debt pressure has been significantly released.Based on case analysis,this article recommends that state-owned enterprises prioritize the selection of strategic financial investors who have a high degree of correlation with the company's main business,are highly complementary,and have advanced business management concepts when implementing mixed reforms.In addition,the government can adopt the establishment of state-owned enterprise reform funds and The method of leading the establishment of an industry structural adjustment fund promotes the reform of mixed ownership;secondly,the reasonable setting of shareholding ratios and the establishment of a diversified equity structure;companies with high capital-liability ratios can alleviate debt burdens through bank-holding;finally,companies cannot rely on strategic Financial investors should solve all problems,but should strengthen the communication between the two parties,actively learn their advanced management experience,the ability to adapt to the fierce competition in the market,the ability to optimize resources and other advantages.