Performance Research On Mixed Ownership Reform Of China Unicom

In September 2016,the National Development and Reform Commission held a special meeting on SOE mixed ownership reform,and China Unicom was listed as one of the first pilot units to deepen SOE reform.In August 2017,China Unicom launched its mixed ownership reform,introducing Baidu,Alibaba,Tencent,Jingdong and many other strategic investors to carry out "mixed capital",and realizing the "reform mechanism" by means of reelection of the board of directors and equity incentive.This reform has helped China Unicom get rid of the development dilemma and enhanced its market competitiveness.This paper takes China Unicom mixed reform as the research object.Firstly,it sorts out the motivation,path,corporate governance,corporate performance and other related literatures of mixed reform,and then sorts out the theoretical basis,which is agency theory,stakeholder theory and resource dependence theory.Secondly,this paper analyzed the development history of China Unicom and found that it was small in scale when it was founded and had insufficient development in the later stage.Then,SWOT and business canvas were used to analyze its strategic model and business model and found that China Unicom had already realized its weak competitiveness before mixed-ownership reform.And adopt the "focus + innovation +cooperation" way to seek transformation and upgrading,this strategy also laid a foundation for the subsequent mixed reform;Then it introduces the mixed reform plan of China Unicom.The research finds that China Unicom achieves "mixed" equity through capital and share increase and employee stock ownership incentive plan,and then achieves over assignment through board reorganization,and the state-owned and private enterprises achieve coordinated development.Then,through the introduction of China Unicom above,the internal and external motivations of the mixed-ownership reform of China Unicom are studied.In the long-term market competition,its innovation level is low,and its profitability and market grabbing capacity are weak.In order to improve the problem of insufficient development capacity,it responds to the policy of deepening the reform of state-owned enterprises and actively participates in the mixed-ownership reform.In view of the motivation of mixed-ownership reform,the next part mainly uses index analysis method to analyze the performance of China Unicom after mixedownership reform,and finds that its market scale has expanded,its core competitiveness has been enhanced,its governance structure has been improved,and it has retained and attracted excellent talents.Finally,the experience of China Unicom’s mixed-ownership reform is summarized,and it is found that its "win-win" mixed-ownership reform model achieves synergistic development,employees and enterprises grow together,and forms an incentive mechanism for sharing benefits.These will bring inspiration to the mixed-ownership reform of state-owned enterprises.