Value Of Listed Companies Under The Background Of Group Level Mixed Reform Value Added Research

The promulgation of the Three-year Action Plan for the Reform of State-owned enterprises will push forward the process of the mixed ownership reform of state-owned enterprises in an all-round way and make a major breakthrough in the mixed ownership reform of state-owned enterprises.Nowadays,China’s state-owned enterprises have entered the fast track of reform,and the ways of reform are increasingly diversified,such as introducing strategic investors,spin-off listing and employee stock ownership plans.By analyzing the path of the mixed ownership reform of state-owned enterprises,and then studying the effect after the mixed ownership reform,it is particularly important to reflect the effect of the mixed ownership reform obtained by state-owned enterprises.In order to follow the national development trend and keep up with the national development policies,various local governments are also taking active actions and issuing a series of policies related to the mixed-ownership reform of state-owned enterprises.Based on this background,this paper chooses a very representative mixed-ownership reform case of Tianjin Zhonghuan Group for in-depth study.Based on the background of the mixed ownership reform at the group level,this paper takes the case of the mixed ownership reform at the group level of listed company TCL Zhonghuan to explore the effect of the mixed ownership reform of state-owned enterprises,and study its influence on the preservation and increase of state-owned assets and the increase of enterprises’ own value.First of all,through the collation and analysis of the relevant literature and theories of the mixed ownership reform of state-owned enterprises,the theoretical foundation has been laid for the writing and research of this paper.Secondly,the paper makes a detailed analysis of the reasons and paths of multi-mix alteration at the group level in TCL Central.From the perspective of mixed capital,the control right of enterprises changed after the reform.Tianjin Zhonghuan Group changed from 100% holding by Tianjin State-owned Assets Supervision and Administration Commission to 100% holding by TCL Technology,and then indirectly held 25.3% shares of listed company TCL Zhonghuan.From the perspective of reform mechanism,on the one hand,after the reform,TCL Central promulgated stock option plan and implemented employee stock ownership plan,improving its own governance mechanism.On the other hand,Tianjin Zhonghuan Group was controlled by a private enterprise after the mixed reform.The former Dong Jiangao with the background of state-owned status changed his state-owned status and was de-administrated,which further released the vitality of the enterprise.Finally,in view of the effect of the mixed reform,this paper studies the impact of the mixed reform on the preservation and appreciation of state-owned capital and the appreciation of enterprise value,and studies the external resources,industrial chain,capital market and the improvement of external shareholders’ wealth from the aspects of enterprise profitability,operation ability and debt paying ability.Based on the case study and analysis of the group-level mixed-ownership reform in TCL Zhonghuan,the following conclusions can be drawn:(1)As the first large-scale mixed-ownership reform in Tianjin in 2020,it is guided by the government and initiated by Tianjin State-owned Assets Supervision and Administration Commission,which has innovated the path of mixed-ownership reform.After the reform,Tianjin Zhonghuan Group was 100% controlled by TCL Technology,a private enterprise.The reform broke the traditional partial hybrid capital model,no longer restricted enterprises in equity,effectively loosened the constraints on enterprises,and promoted the healthy and healthy market-oriented development of enterprises.It can be used for reference by other enterprises.(2)This mixed reform is a practical measure to further optimize regional industries.For Tianjin,after introducing the governance mechanism of private enterprises,TCL Zhonghuan strengthens the industrial coordination and resource integration of the photovoltaic new energy industry,further strengthens the chain,extends the chain and supplements the chain,and drives and boosts the optimization and strengthening of the layout and development of relevant industries in Tianjin.From the perspective of enterprises,the introduction of all kinds of resources into mixed enterprises improves the core competitiveness of enterprises,improves the cash flow of the company,greatly strengthens the financing strength,optimizes the capital structure of enterprises,reduces the financial risks of enterprises,and lays a solid foundation for improving the industrial chain of enterprises.(3)This mixed reform achieves enterprise value increment.First,for the state-owned investor,the listed transfer base price of CMC Group after asset evaluation was 10.974 billion yuan,and the final transaction price was 12.5 billion yuan,realizing the appreciation of state-owned assets.Second,for the enterprise,after the reform,through further scientific and in-depth analysis and judgment of various data,TCL Central has improved its profitability,operating capacity and debt paying capacity,and its development is more stable.Third,the company’s share price rises.The stock price is the external expression of the intrinsic value of the enterprise,and the premise of the rise of the stock price is that the value of the company itself should increase.After the reform,TCL Zhonghuan adopted a series of reform and development measures to enhance the value of the company.The external capital market has a better expectation of the company,which is reflected in the increase of the stock price,the increase of the wealth of state-owned shareholders and other shareholders,and the realization of the preservation and increase of state-owned assets and the increase of corporate value.