Research On The Corporate Governance Effect Of Mixed Ownership Reform Of China's Building Materials Industr

The Third Plenary Session of the 18 th CPC Central Committee stressed the need to continue to deepen the reform of state-owned enterprises.The key point of the reform of state-owned enterprises in the development process is to promote mixed-ownership reform,while whether the reform can change the ownership structure of state-owned enterprises,optimize the governance structure and marketize the operation and management mechanism is the key point of mixed-ownership reform.Based on stakeholder theory,strategic alliance theory and principal-agent theory,this paper clarifies the relevant literature on mixed ownership reform and corporate governance,and selects China National Building Materials Co.,Ltd.as a case study enterprise.Under the background of national policy promotion,urgent upgrading of the industry and group restructuring,The reform has been completed through listing,merger and acquisition of private enterprises and issuing stock appreciation rights plan,which makes the ownership structure tend to be rationalized,the board of directors system is more perfect,the management system is more scientific,and the supervision effect has been generated.Then,under the joint efforts of the group and China Building Materials,the integration effect has been generated on the industry,and the employee stock ownership plan has the incentive effect.The analytic hierarchy process was used to evaluate the corporate governance indicators,and then the financial indicators of China’s building materials before and after the reform were compared according to the industry level,and the economic added value of enterprises was calculated to measure the ability of enterprises to create shareholder wealth.The short-term market performance was evaluated by the event study method,and the influence of mixed ownership reform on the corporate governance of China’s building materials was comprehensively evaluated.It is found that the short-term financial performance of China Building materials is better after the reform,the economic added value keeps rising,the market responds well,and the corporate governance effect improves significantly.Finally,this paper summarizes the key points and shortcomings of the case enterprises in the reform process,and puts forward relevant suggestions on mixed ownership reform of state-owned enterprises.