| The mixed transformation of state-owned enterprises is an important way to improve the quality of enterprise decision-making,stimulate the vitality of state-owned enterprises,enlarge the market value of state-owned assets and improve the market competitiveness of state-owned enterprises.By the beginning of 2022,97.3% of central enterprises have achieved varying degrees of mixed reform,and local state-owned enterprises have also diversified their board structure through this.The mixed reform not only determines the future and destiny of state-owned enterprises,but also determines the development of the national economy.Although the mixed reform of state-owned enterprises has brought more social capital and vitality,the different governance concepts of different shareholders have also brought about multiple tasks for the board of directors.This has had a certain impact on the dual tasks of social responsibility and economic development of state-owned enterprises.Previous studies have shown that after the reform of state-owned enterprises,the political burden on enterprises has been reduced.Especially in terms of social responsibility,state-owned enterprises not only have to bear social responsibility in the overall dimension of market entities,but also in the dimension of socialist economic entities and macroeconomic regulation,which will inevitably have a certain impact on the profits of relative shareholders.At this point,it is particularly important to pay attention to whether the balance of non-state-owned capital participation and the combination of diversified equity management structures caused by mixed reform will also affect the social responsibility of state-owned enterprises.On this basis,this article believes that different companies have different motivations for fulfilling their social responsibilities and the ways in which they affect the value of the company are also different.State owned enterprises that introduce non-state-owned capital may pay more attention to the overall situation,attach importance to corporate profits,and scientifically fulfill social responsibilities,thereby affecting the value of the enterprise.This article is based on stakeholder theory,property rights theory,principal-agent theory,etc.,and takes the mixed ownership reform of Yunnan Baiyao as a case study to analyze how the mixed ownership reform of state-owned enterprises affects the fulfillment of corporate social responsibility,and thus how to change corporate value.Firstly,through theoretical analysis,explore the changes in the social responsibility of state-owned enterprises undergoing mixed reform,and how it affects the value of the enterprise.Firstly,by analyzing the motivation and value of state-owned enterprises fulfilling their social responsibilities,we study the impact of mixed reform on the way enterprises fulfill their social responsibilities.Then,we explore how social responsibility affects the value of enterprises from different perspectives of responsibility.Secondly,introduce the mixed transformation plan of Yunnan Baiyao,mainly including the enterprise status of Yunnan Baiyao,the motivation and plan for implementing the mixed transformation,as well as a brief description of the implementation results.Then,by constructing a social responsibility evaluation index system for Yunnan Baiyao,we compare and analyze the changes in its social responsibility fulfillment methods before and after the mixed reform,and further explore how this change affects the company’s value.Finally,based on the above theoretical and case analysis,suggestions are proposed for enterprises to better implement mixed ownership reform and more reasonably fulfill their social responsibilities from two perspectives: the formulation of mixed ownership reform plans and the implementation of subsequent social responsibility assessments.The innovation of this article specifically includes: firstly,the innovation of research methods.Domestic and foreign scholars’ research on the relationship between mixed reform,social responsibility,and corporate value mostly starts from an empirical perspective.This article takes Yunnan Baiyao mixed reform as the research object,attempting to reveal the relationship between the three through case analysis.Secondly,research perspectiveThere is still a gap in previous research on the relationship between mixed reform of state-owned enterprises,social responsibility,and corporate value.This article focuses on the relationship between mixed reform of state-owned enterprises and social responsibility,studying the relationship between the two and exploring how it affects corporate value. |
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