Research On COSCO Shipping Group Mixed Ownership Reform Model And Performance Evaluation

At present,China’s economy has entered a new stage of development,and China’s state-owned enterprises lack a check and balance mechanism due to the dominance of state-owned capital.Many problems such as the decline of enterprise productivity and the low efficiency of operation and management occur frequently.If state-owned enterprises want to achieve sustainable development,they must adapt to the new economic model through reform.How should the state-owned enterprises design the mixed reform scheme in line with their own development status according to their own business characteristics and industry background? This paper studies and discusses this problem.Based on the above background,this paper takes COSCO Shipping Group as the research object,selects two characteristic specialized subsidiaries of COSCO Shipping Group as the specific research object,adopts the case study method and takes the performance change of enterprises after the mixed reform as the starting point to study the two case enterprises respectively,and finally makes a comparative analysis of two cases.When studying each case: first,introduce the relevant background information of the case enterprise,analyze its mixed reform motivation,and review the mixed reform mode of the case enterprise.Secondly,the event study method is used to study the short-term market performance of enterprises after the mixed reform events.It is found that investors are optimistic about the overall mixed reform of the two enterprises.Thirdly,through the establishment of a comprehensive financial performance review system,this paper studies the performance of the mixed reform of case enterprises.Using the method of financial index analysis,this paper makes a longitudinal comparison of the indicators of the two case enterprises before and after the mixed reform,and finds that the mixed reform has a significant effect on the performance of the two case enterprises.The factor analysis method is used to calculate and rank the profitability,solvency,operating capacity and development capacity of two case enterprises and ten listed companies in the same industry.It is found that the mixed ownership reform has helped the development of the two enterprises in the industry.Then,this paper makes a comparative analysis of the two cases from four aspects: the mixed reform model,the introduction of non-public equity,the role of employee stock ownership and the performance of the mixed reform.Finally,this paper draws a conclusion through the above research.At the initial stage of the mixed reform,state-owned enterprises can break through their own development bottleneck and improve their solvency by introducing institutional investors or financial investors.In addition,shipping enterprises should be extra cautious when carrying out mixed reform,and pay attention to maintaining the dominant position of state-owned capital.At the same time,the reasonable selection of the cooperative objects of the mixed reform can realize the complementary advantages of both parties of the mixed reform enterprises and release the synergy to the greatest extent.The mixed ownership reform of state-owned enterprises is the key issue of enterprise reform.This paper puts forward some suggestions based on the impact of the mixed ownership reform of state-owned enterprises on enterprise performance.First,state-owned enterprises should consider the overall development strategy of the company and pay attention to the development orientation of each subsidiary when carrying out the classified mixed reform of subsidiaries.Second,enterprises should pay attention to debt cost control and avoid blind and rapid expansion when adopting overseas mergers and acquisitions,mergers and acquisitions and other forms of mixed reform.Third,in the later stage of the mixed reform,we should pay attention to the implementation of the employee stock ownership plan and closely combine the interests of employees with the company’s earnings.