Study On The Effect Of Mixed Ownership Reform In Wuchan Zhongda Group

For a long time,China’s state-owned enterprises have been "dominant","insider control" and other problems,which not only produce serious principal-agent problems,but also lead to the low efficiency of enterprise operation.In this situation,the reform of mixed ownership has become the focus of China’s economic system reform and an important breakthrough for comprehensively deepening the reform of state-owned enterprises in the new era.In 2013,the third Plenary Session of the 18 th CPC Central Committee put forward a clear strategic deployment for the reform of state-owned enterprises in the new period,and issued a number of guiding documents successively to boost the implementation of mixed ownership reform.The adoption of the three-year Action Plan for SOE Reform in 2020 marks the further deepening of major measures for SOE reform since the 18 th National Congress of the CPC.The reform of mixed ownership will introduce non-state-owned capital to form a diversified equity structure,improve the governance structure,optimize resource allocation,stimulate the vitality and creativity of enterprises,and achieve long-term development.This paper takes Wuchan Zhongda Group as the research object,based on the property of carding literature,property rights theory,principal-agent theory,stakeholder theory,synergy theory as the breakthrough point,elaborated its mix change process,analyze the mix changes cause,analysis the impact of mix reform on enterprise development strategy,business structure,financial performance and non-financial performance,drawing the conclusion,and puts forward relevant policy implications.The research findings are as follows:(1)Mixed-ownership reform of Wuchan Zhongda Group has enriched the ownership structure of enterprises and improved corporate governance.Mixed ownership reform by introducing non-state-owned capital,formed the reasonable layout of diversified ownership structure,improve the enterprise management,supervision,incentive mechanism,to form the rational and stable corporate governance environment,enhance the level of corporate governance,and enhance the decision-making,operation and management level of the enterprise,laid the foundation to improve enterprise performance.(2)The mixed-ownership reform of Wuchan Zhongda Group has optimized the resource layout of the enterprise and improved the competitiveness of the company.By introducing appropriate strategic investors,Wuchan Zhongda Group will realize the complemention of resources and technology,optimize the business structure and profit mix of the enterprise.At the same time,after the mixed reform,not only the scale and asset quality of the company have been greatly improved,but also its internal and external resources have been well integrated and allocated,laying a solid foundation for the transformation and upgrading of its business,constantly improving its operating efficiency and consolidating its operating results.