Research On The Performance Of Company A’s Multidimensional Mixed Ownership Reform

Since the Third Plenary Session of the 18 th Central Committee in 2013,a new round of reform of state-owned enterprises has been gradually carried out,and China began to develop a mixed ownership economy,and after the 20 th National Congress was held,the transformation and upgrading of state-owned enterprises opened up a new path.In the context of high-quality growth and common wealth as the theme of the times,a large number of state-owned enterprises hope to be bigger,stronger and better through mixed ownership,and to fulfill more social responsibilities.However,in this wave of hybrid reform,some enterprises "mix capital" but not "change system",and have not achieved positive results.This paper selects Company A,which is listed as a demonstration project of hybrid reform of central enterprises in the new materials industry,as a case study to investigate the impact of the hybrid reform on the performance of enterprises and to identify the shortcomings in the program or implementation of the hybrid reform,so as to provide some reference for other enterprises.First,this paper compares the literature related to the motivation and path of mixed ownership reform,the impact of mixed reform on enterprise performance and the performance evaluation method of mixed reform at home and abroad,and selects property rights theory,principal-agent theory and corporate governance theory as the theoretical basis.Then the concepts of multi-path mixed ownership,market performance,financial performance and social performance are defined,the motives and paths of the multi-path mixed ownership reform of Company A are sorted out,and the changes in the equity structure and corporate governance of Company A after the mixed reform are summarized.Finally,based on the financial data from 2012-2021,this paper adopts the event study method and financial index method to study and evaluate the market performance and financial performance of Company A after the mixed ownership reform,in addition,the social performance changes are measured through two perspectives of tax contribution and employment contribution.The study found that the performance of Company A’s mixed ownership reform improved in fluctuation,but the following problems existed: first,the limited incentive effect of employee stock ownership plan;second,the simple setting of unlocking conditions of employee stock ownership plan;and third,the poor management synergy effect after the mixed reform.Finally,corresponding countermeasures are proposed based on the above three problems: first,Company A still needs to improve the employee stock ownership plan in light of its actual situation;second,the unlocking conditions are reasonably set;third,the company’s resources are reasonably allocated to improve the management synergy effect.Through the research and analysis of Company A,the following conclusions are finally drawn:(1)Company A’s mixed ownership reform is a successful experience,and the multi-path mixed reform has improved corporate performance and helped the company to get rid of losses,which has certain significance for other state-owned enterprises to carry out mixed reform;(2)in the long run,Company A’s mixed reform has a positive contribution to the value preservation and appreciation of state-owned assets.This paper discusses the impact of the hybrid reform on Company A in terms of market performance,financial performance and social performance.Since the impact of the hybrid reform on the enterprise is long-term and continuous,and the data obtained in this paper are mainly from the public disclosure report of Company A,which has certain limitations,more specific analysis and research is needed in future studies.