Research On The Performance Of Mixed Ownership Reform Of China National Gold Group Jewellery Company Limited

At the beginning of the reform and opening up,the government recognized the advantages of a mixed-ownership economy in terms of ownership structure,enterprise management and capital operation.As a result,the government has continued to make attempts regarding mixed ownership economy.Many state-owned enterprises have substantially reduced the proportion of state-owned capital and converted from wholly-owned enterprises to mixed-ownership enterprises.However,these enterprises still suffer from excessive government intervention,poor corporate governance and inefficient operations.After the 18 th National Congress of the Communist Party of China,our country officially put the development of a mixed-ownership economy on the agenda and took the implementation of mixed-ownership reform as an important way to realize the quality and efficiency of state-owned enterprises.In the new macro environment,when reforming companies,it is important to not just be satisfied with achieving a mix of shareholdings,but also to form a shareholding structure that allows shareholders to check each other and gives all types of shareholders the same rights to govern the company.In this way,the situation of excessive power of state-owned shares can be changed.More importantly,enterprises should use the opportunity of reform to break the shackles of the administrative management system,at the same time,establish a better corporate governance mechanism with modern characteristics to enhance the market-oriented operation of enterprises.China Gold has been implementing its mixed ownership reform programme since 2017 and formally completed the three main tasks of the exercise in early 2021.Following this,China Gold’s shareholding structure became diversified and its governance system became more effective.This is a typical and landmark event in the reform of state-owned enterprises.Therefore,the thesis takes Chinese gold as the subject of study.Firstly,the thesis reviews the relevant literature on mixed ownership reform and corporate performance;and discusses the theoretical basis of mixed ownership reform and performance evaluation.Secondly,the thesis analyses in detail the background and motivation of China Gold’s implementation of the hybrid reform,as well as the three elements include attracting new capital,changing governance,and IPO.Thirdly,based on the mechanism of the impact of mixed ownership reform on enterprises,the thesis uses a number of financial indicators to compare the financial performance of the companies after its reform;and uses factor analysis to evaluate the financial performance of China Gold among similar companies.This section also analyses the non-financial performance of the company in terms of market share,R&D and innovation capabilities,and business development strategies.Finally,the research results indicate that the overall performance of China Gold’s mixed ownership reform is improving,and the long-term effects of the reform still need to be explored.Based on the concrete implementation process of China Gold’s mixed ownership reform,the following lessons can be learns: establishing a reasonable and diversified shareholding structure;improving the corporate governance structure;implementing various incentive mechanisms;refining the implementation path of the mixed reform.At the same time,this section also reflects on this reform from both enterprise and national perspectives.It is hoped that the above will provide a reference for the new batch of enterprises in China to carry out mixed ownership reform.