Study On The Impact Of Mixed Ownership Reform On Financial Risks Of State-owned Enterprises

In 2013,the Third Plenary Session of the 18 th Central Committee of China put forward the opening of the reform of mixed ownership system of state-owned enterprises,which has attracted great attention from all walks of life.And,the importance of mixed ownership reform was further emphasized in the Guidance Opinions of the CPC Central Committee and the State Council on Deepening the Reform of State-owned Enterprises issued by the central government in 2015.More and more state-owned enterprises are involved in the mixed ownership reform,however,the phenomenon of private capital "riding on the coattails" and state-owned shareholders giving up supervision in the process of reform frequently appears,so how to reasonably and effectively carry out mixed ownership reform has become a hot topic.A large number of studies have been conducted in the existing literature on the effects of mixed ownership reform,and most of them focus on how mixed ownership reform affects corporate governance mechanisms,innovation capacity,and corporate performance,but there is a lack of research from the perspective of financial risk.In fact,the prevention and management of financial risks are crucial to the sound operation of enterprises.Therefore,it is of great practical and theoretical significance to study the impact of mixed ownership reform on the financial risk of state-owned enterprises to enrich the existing literature,promote mixed ownership reform,and reduce the financial risk of state-owned enterprises.Yunnan Baiyao is one of the first state-owned enterprises to carry out mixed ownership reform in China,and has pioneered the "Baiyao model" of mixed reform,which has become a model of mixed ownership reform in state-owned enterprises with outstanding reform effects.Based on this,this paper uses Yunnan Baiyao as a case study and combines theoretical analysis of principal-agent theory,incentive theory,and synergy theory to investigate the effects and mechanisms of hybrid reform on Yunnan Baiyao’s financial risk.The content of this paper is divided into six chapters: Chapter 1 provides a brief overview of the research background and significance,research content and methodology,and possible innovation points of this paper.Chapter 2 compares and summarizes the literature on mixed ownership reform.Chapter 3 clarifies the connotation of the concepts used in this paper and analyzes the theories applied in this paper.Chapter 4 provides an introduction to Yunnan Baiyao and describes the process and methods of mixed ownership reform.Chapter 5 analyzes the motivation and effects of the hybrid reform of Yunnan Baiyao,and provides an in-depth analysis of the paths through which the hybrid reform affected Yunnan Baiyao’s financial risk.Finally,Chapter 6 provides a systematic summary based on the case studies and offers insights and suggestions.Through a combination of qualitative and quantitative analysis,this paper finds that Yunnan Baiyao’s hybrid reform through the introduction of strategic investors,the overall listing,and the employee stock ownership plan has led to improved operating capacity,enhanced sales capacity,improved debt servicing capacity,and improved incentive mechanisms,thus reducing corporate financial risk.However,the research of this paper still has the following shortcomings: First,the data sources taken in this paper are mainly the public data of enterprises,and the internal data of enterprises are not obtained,so the analysis of the financial risk of enterprises through the existing data may have some deviation from the actual financial risk changes of enterprises.Secondly,due to the limitation of my professional knowledge and personal ability,the research analysis may be one-sided or inadequate.