Research On The Mechanism And Effect Of Mixed Reform Of State-owned Enterprises

With the economic and social development of China and the rapid advancement of marketoriented reform,the issue of low operating efficiency in some state-owned enterprises has aroused widespread concern.In order to address the above issues and expand the functions of state-owned capital,ownership reform has become a major breakthrough.Mixed ownership can stimulate the development vitality of the non-public economy and develop the public economy more effectively,thereby improving the efficiency of state-owned capital operation and achieving high-quality development of the socialist economy.The essence of mixed reform is to promote reform through mixing.On the one hand,it is necessary to ensure that the reform method is suitable for its own development,and on the other hand,it is necessary to ensure that the reform after the mixed ownership system is thorough and can truly bring into play the effectiveness of mixed reform.The machinery industry accounts for a relatively high proportion of the national economy.Choosing XCMG Machinery,the largest and most diversified enterprise in the industry,for research can provide a reference for other enterprises in the industry to a large extent.On the one hand,its scale and complexity of mixed transformation are relatively large,and it can provide some reference and suggestions for various mixed transformation enterprises in terms of mechanism selection and implementation of mixed transformation schemes;On the other hand,the company has a rich mix of reform methods.By introducing strategic investors and employee stock ownership to the market,the company has diversified its equity structure,further expanded its business,fully utilized its advantages,and maximized synergies.This article first studied the industry and company background of XCMG Machinery,and analyzed the "three step" strategy of mixed transformation,mainly studying its methods,content,and process of mixed transformation.Finally,the effect of mixed reform in this case was analyzed using financial performance and event research methods.The results showed that the main motivation for mixed reform was the long-term and multi-level management mechanism within the enterprise,which exacerbated the problem of low management efficiency.The disadvantage of low marketization was obvious,seriously impeding the development and progress of the company.Secondly,in terms of research on the performance of mixed ownership reform,this article finds that the profitability of enterprises has been improving,while the continuous mixed ownership reform has given enterprises mixed ownership reform,which can bring certain benefits to the company’s profitability,operating ability,development ability,and debt paying ability,which is conducive to expanding its overseas business.Introducing strategic investors can diversify the company’s equity structure,improve its governance structure,implement employee stock ownership plans,stimulate the enthusiasm and creativity of employees,optimize major financial indicators,and rapidly grow its business scale.Finally,this article explores the market response of XCMG’s hybrid reform with the event study method and EVA economic value added.The event study method found that the real excess return rate of the market was higher than the expected excess return rate,and the market responded well to its mixed reform actions.It also verified that the mixed reform achieved good market feedback in the short term,proving the effectiveness of the mixed reform.The economic growth value of enterprises has been in a growth trend,and the wealth of shareholders has been increasing.From the perspective of EVA rate of return,the overall EVA rate of return of enterprises is in an upward trend,and in response to the decline in EVA in 2018,the EVA rate of return of that year also declined,reflecting the lack of improvement in the ability to create value in that year,but still showing a positive role in promoting shareholder wealth in general.Therefore,the mixed reform can be said to effectively promote the shareholder wealth creation ability of enterprises.After studying the case of XCMG Machinery,this article finds that there are significant risks after its mixed reform.XCMG Machinery has chosen to introduce a strategic investor and implement a mixed reform model of employee stock ownership plan,which is based on the company’s strategic objectives for business expansion and improving employee motivation.The company’s various indicators have been improved,while also bearing significant financial risks.There are also a series of potential risks among strategic investors,including cultural integration,talent integration,property rights protection,and horizontal competition.The company needs to formulate corresponding policies to prevent these risks.