A Study On The Path And Effect Of The Reform Of Mixed Ownership Of State-Owned Enterprises

Since the Third Plenary Session of the 18th CPC Central Committee proposed’actively developing the mixed-ownership economy’,the mixed-ownership reform has become an important measure for the reform of China’s state-owned enterprises,and has gradually formed a comprehensive development situation of ’from point to are’ and ’from central to local’.From 2018 to 2020,China launched the ’Double Hundred Actions for State-Owned Enterprise Reform’,with the aim of further promoting various tasks in the reform of state-owned enterprises.In the 2019 government work report,it is clearly proposed to speed up the reform of state-owned enterprises,which shows that the reform of state-owned enterprises has received considerable attention.However,there are big issues that need to be carefully considered that what path should the mixed ownership reform of state-owned enterprises take,how to operate in the process,what risks will there be,etc.The paper analyzes the relevant aspects of mixed ownership reform of state-owned enterprises in both theoretical and practical cases.Theoretically,this paper analyzes the motives that lead to the mixed ownership reform of state-owned enterprises.There are three main reasons:the inevitable requirements of economic development,excessive government interference,and low efficiency of state-owned enterprises.The paper also explores the paths that mixed ownership reform can take.At the macro level,we must first clear the thinking framework,and think carefully in combination with the nature of the enterprise itself.At the micro level,there are four main paths,namely,non-state-owned enterprise equity participation,overall listing,employee stock ownership,and mergers and acquisitions.The following article summarizes the situations in which these four paths are applicable.The paper also studies the effects of mixed ownership reform of state-owned enterprises.In terms of financial performance,scholars have different opinions.Most scholars believe that the mixed-ownership reform of state-owned enterprises can have a positive effect on financial performance,but some scholars have found that there is no obvious impact.From the perspective of non-financial performance,the mixed ownership reform of state-owned enterprises can often promote the innovation ability of enterprises,change the investment and financing behavior of enterprises,and improve the corporate governance structure.These changes will also affect stakeholders,which in turn affect the enterprise itself.The paper selects five stakeholders for research,including shareholders,company executives,employees,creditors,and customers,in order to understand how the impact of the mixed-ownership reform of state-owned enterprises on them will in turn affect the state-owned enterprises themselves.According to the research,the mixed ownership reform of state-owned enterprises generally increases the number of shareholders of state-owned enterprises,making shareholders more diversified and balanced,which can improve corporate governance and increase corporate value.The mixed ownership reform of state-owned enterprises has improved the salaries of executives and strengthened their supervision,which can alleviate agency conflicts,stimulate the enthusiasm of executives to manage the company,and ensure the company’s interests.The mixed ownership reform of state-owned enterprises allows employees to hold shares.These incentive policies can stimulate employees’ enthusiasm,improve corporate productivity,and help optimize the performance of state-owned enterprises.The mixed ownership reform of state-owned enterprises also makes state-owned enterprises pay more attention to customer resources and provide customers with better services and products,thereby winning market reputation and enhancing their competitiveness in the market.However,the mixed ownership reform of state-owned enterprises will also make state-owned enterprises lose the government’s invisible guarantee,which will make creditors lose confidence and increase the financing constraints of enterprises.Finally,the paper analyzes the possible risks of mixed ownership reform of state-owned enterprises,including the risk of loss of state-owned assets,management conflict risk and legal risk.The pharmaceutical industry is one of the pillar industries in China.Its development is related to the national economy and the health of the people.Therefore,the reform of the pharmaceutical industry is very important and deserves our attention.As one of the leaders in the pharmaceutical industry,Yunnan Baiyao has actively implemented the mixed ownership reform and achieved remarkable results,and the reform process also has certain innovations.It can be regarded as one of the classic cases of the mixed ownership reform of state-owned enterprises in China.Therefore,the paper selects the mixed ownership reform of Yunnan Baiyao as a case.The paper studies the motivation of Yunnan Baiyao’s implementation of the mixed ownership reform,the reform path adopted,the economic effects that the impact on stakeholders will have on Yunnan Baiyao,the possible risks in the mixed ownership reform,and provides relevant suggestions.Finally,the paper analyzes the effect of Yunnan Baiyao’s mixed ownership reform from six aspects:financial statements,business performance,market response,dividend return,business strategy,and market competitiveness.Through the analysis,we know that,on the whole,Yunnan Baiyao’s mixed ownership reform is successful and positive,and it is worthy of other state-owned enterprises to learn from its experience.The case of Yunnan Baiyao’s mixed-ownership reform provides experience and inspiration for state-owned enterprises that are considering implementing mixed-ownership reform.Firstly,state-owned enterprises should not only do superficial efforts when implementing mixed ownership reform,but must combine "mixing" and "reform" to fundamentally change the governance mechanism of the enterprise.Secondly,which path to choose should be related to the actual situation and interest demands of the enterprise itself,and cannot blindly imitate others.Thirdly,the mixed-ownership reform needs to be carried out gradually and steadily.This will be a long process,and we should not be too impatient.Of course,this paper also has shortcomings.The persuasiveness of the conclusions may be affected,due to the short completion time of Yunnan Baiyao’s mixed ownership reform,limited access to materials,and delayed financial data.Moreover,there is no horizontal comparison of other state-owned enterprises in the same industry that have also undergone mixed ownership reform.The analysis and research on the mixed ownership reform of Yunnan Baiyao are not perfect in the paper.