| State owned enterprises are the leading force of China’s national economy and the economic pillar of the country.They play an important role in maintaining national security,ensuring people’s well-being and building a harmonious society.With the development of economy,the problems of unclear property rights,absence of owners and low efficiency of state-owned enterprises have seriously weakened the functions of state-owned capital and the competitiveness of state-owned enterprises.With the unremitting efforts of the Party and the government,the reform of state-owned enterprises has progressed smoothly.However,with the deepening of the reform,some deep-seated problems gradually exposed.For example,problems such as low operating efficiency of state-owned enterprises and "one share is the largest" of state-owned assets seriously restrict the development of enterprises,which requires further deepening the reform of state-owned enterprises.Since 2013,the reform of state-owned enterprises has entered a comprehensive deepening stage,and mixed ownership has become the main feature of this round of reform.With the gradual promotion of the mixed transformation of state-owned enterprises from the upper level of the group to the subordinate enterprises,the mixed transformation of state-owned enterprises needs a substantial breakthrough.The results of the mixed reform of state-owned subsidiaries and small enterprises are directly related to the overall effect of the reform of state-owned enterprises in China.This paper chooses the specific case of mixed ownership of TX Engineering Bureau,a provincial secondary enterprise of China Unicom,to conduct research.Through combing the relevant theories of mixed reform and studying the relevant literature,the background,motivation and process of the reform of TX Engineering Bureau were clarified,including the macro and industrial background of enterprise reform,the problems faced by enterprises,the resistance to promoting reform,and the design and implementation of mixed reform schemes.Through the analysis of property right theory,equity structure theory,principal-agent theory and stakeholder theory,it is believed that TX Engineering Bureau has effectively solved the problems such as the absence of owners,the dominance of state-owned assets and low management efficiency by introducing employee stock ownership,retaining large state-owned shareholders,strengthening management stock ownership,and improving the interest representative mechanism.The mixed transformation of TX Engineering Bureau has effectively overcome the resistance to reform and dispelled the doubts about the loss of state-owned assets,and has achieved some results,mainly in the improvement of corporate governance,the continuous enhancement of comprehensive strength,the increase of shareholders’ equity year by year,the increase of employees’ shareholders’ equity on the basis of ensuring the appreciation of state-owned assets,and the balanced development of the interests of all parties.The case study in this paper has carried out some research and exploration on the motivation,path and effect of the mixed ownership reform of TX Engineering Bureau from the theoretical aspect,effectively solved the problems of low efficiency of state-owned enterprises,imperfect governance structure,and weak competitiveness of enterprises,which can provide reference for other similar small state-owned enterprises at the end of the state-owned enterprise system.However,there is still room for further exploration in the issues of shareholder withdrawal and land ownership change. |
