Research On The Path Of Mixed Ownership Reform And Value Creation Mechanism

Mixed ownership reform is a reform plan put forward in the 1990 s.The purpose is to introduce private capital to promote the development of productive forces.Since the Third Plenary Session of the 18 th CPC Central Committee proposed to vigorously deepen the ownership reform of state-owned enterprises,it has gone through more than eight years.However,the mixed reform of state-owned enterprises in China is still in the stage of exploration,and the effects of mixed reform are different,resulting in some enterprises still in a wait-and-see state.In 2015,the State Council issued "made in China 2025",as the action program for the first decade of China’s implementation of the manufacturing power strategy,which shows that China’s economic development environment has undergone significant changes.The upgrading of industrialization,informatization,urbanization and agricultural modernization has provided broad space for the development of China’s manufacturing industry.However,there is still a certain gap between China’s high-end manufacturing field and developed countries.As a major manufacturing country in the world,We should break through technical barriers and transform into a manufacturing power,and the reform of mixed ownership is a favorable weapon to achieve this goal.Under such a macro background,this paper studies the mixed reform process of Jianghuai Automobile,a key enterprise in Anhui Province.As an old automobile enterprise controlled by the state owned assets supervision and Administration Commission of Anhui Province,JAC has a long history of development,and has carried out mixed reform twice around 2014 and 2020 respectively,which provides valuable experience for other enterprises in the choice of mixed reform path and value creation mode of state-owned enterprises.This paper first introduces the era background of the mixed reform of state-owned enterprises and the relevant situation of JAC automobile,then introduces the motivation of the two mixed reform of JAC automobile,then analyzes in detail the methods and paths of the mixed reform of JAC automobile under this demand,as well as the effects of the mixed reform under different circumstances,and summarizes the value creation mechanism of the mixed ownership reform through comparison,so as to provide reference for the successful mixed reform of state-owned enterprises in other manufacturing industries.The final conclusion of this paper: the mixed reform of state-owned enterprises can be divided into three ways: employee stock ownership,overall listing and the introduction of strategic investors.ESOP can mobilize the enthusiasm of managers and improve the business effect and efficiency of enterprises;Overall listing can enhance industrial concentration,integrate enterprise resources and realize synergy;The introduction of strategic investors can enable shareholders to make improvements in business decisions,reduce the problem of "lack of owners" and be more performance-oriented.However,for the ownership reform that still maintains the control of state-owned enterprises,foreign capital does not have sufficient operation and management authority,enterprises will not be able to obtain the scientific and technological advantages of foreign capital.If foreign capital is controlled,it will greatly drive the business enthusiasm of shareholders and management,And it can fully integrate the advanced technology of foreign enterprises.This mixed reform mode has unique advantages for the new energy vehicle industry.Combined with the current situation of mixed reform in China,we hope to provide mixed reform experience for other enterprises through the mixed reform mode of Jianghuai Automobile.We hope that enterprises can recognize the shortcomings in their own development,combined with their own advantages,find strategic investors who can achieve synergy in the market,bring complementary resources to both sides through reasonable mixed reform mode,realize common growth and progress,and jointly promote the prosperity and development of China’s manufacturing industry.