| The report of the CPC Central Committee at the 19 th National Congress clearly pointed out that state-owned enterprises,as a key component of the market economy,have an important historical mission of ensuring economic development and promoting the modernization of the country.However,in recent years,state-owned enterprises are faced with many difficulties,such as poor operating performance and imperfect governance mechanism.Therefore,the government has issued various policy documents to promote the state-owned enterprises to explore mixed ownership reform.At the same time,various industries are facing transformation and upgrading due to the development of digital technology and the impact of the COVID-19 outbreak.To promote the integration of the digital economy and the real economy,the country has made it clear that digital development should be accelerated.In this context,how to achieve the improvement of governance structure and business performance through reform,while carrying out digital transformation,has become an important problem faced by state-owned enterprises.As a large traditional state-owned retail enterprise in Southwest China,Chongqing Department Store CO.LTD(hereinafter referred to as "Chongqing Department Store")is the key object of the mixed-ownership reform of state-owned enterprises in Chongqing.It implements the mixed-ownership reform by increasing capital and shares at the group level.It has introduced private enterprises with digital resources,Beijing Wumart Commercial Group Co.LTD(hereinafter referred to as "Wumart Group")and Better Life Commercial Chain Co.LTD(hereinafter referred to as "Better Life Group"),to facilitate its own digital transformation.Based on the above background and the review of relevant literature,based on property rights theory,synergy theory and principal-agent theory,this paper takes Chongqing Department Store as an example to explore the motivation,path and implementation effect of mixed ownership reform of state-owned enterprises under the background of digitization.In response to the strategic layout of mixed-ownership reform and digitalization of Chongqing State-owned Assets Supervision and Administration Commission,Chongqing Department Store implements mixed-ownership reform in order to improve the governance structure and improve performance in the fierce market competition.Secondly,it elaborated the concrete path of mixed reform such as the core employee stock ownership plan implemented by Chongqing Department Store after introducing strategic investors with digital resources.Finally,the effect of the mixed reform is measured comprehensively from three aspects: digital transformation effect,corporate governance effect and financial effect.Among them,this study analyzed the changes of Chongqing Department Store before and after the implementation of mixed reform under the digital background from the perspective of short-term stock price volatility,financial index and economic added value(EVA),and observed the effect of mixed reform.Firstly,the introduction of strategic investors with digital resources provides important support for accelerating the digital transformation of state-owned enterprises.Second,after the mixed ownership reform,the ownership structure of state-owned enterprises is diversified,and the governance and operation mechanism has been improved and optimized.Third,mixed-ownership reform has improved the financial performance of soes.The innovation of this paper lies in analyzing the typical case of mixed-ownership reform of Chongqing Department Store based on the digital background,combining the mixed-ownership reform with the digital background to provide another way of thinking for the mixed-ownership reform of state-owned enterprises.This study provides reference for local SASAC to promote the mixed ownership reform of local state-owned assets and state-owned enterprises,and also brings three enlightenments:(1)Traditional state-owned enterprises can be activated through mixed ownership reform.(2)State-owned enterprises should choose appropriate strategic investors based on their own development needs.(3)Using the digital resources of strategic investment can help the digital transformation of state-owned enterprises. |
