| State owned enterprises are the backbone of China’s national economy and play a crucial role in the rapid growth of the economy.However,state-owned enterprises generally face problems such as unreasonable governance mechanisms,insufficient innovation capabilities,and low market competitiveness,which require continuous reform to adapt to the current economic environment.Therefore,the government actively promotes the reform of mixed ownership,encourages and supports private enterprises to fully utilize the market-oriented system and sound governance concepts,actively participates in the mixed ownership reform of state-owned enterprises,and improves the management efficiency and enterprise performance of state-owned enterprises.At present,the reform of mixed ownership is still the focus of China’s policy development.With the continuous promotion of mixed ownership reform,more and more enterprises are participating.It is worth our in-depth research whether the mixed ownership reform of state-owned enterprises can truly affect enterprise performance and contribute to the healthy development of enterprises.Based on the above background,this article selects Yunnan Baiyao,one of the first pilot enterprises in Yunnan Province to carry out mixed ownership reform,as the case object to explore the impact of mixed ownership reform on enterprise performance.Firstly,this article reviews the research achievements on mixed reform both domestically and internationally,defines relevant concepts,and lays a theoretical foundation for the subsequent analysis of this article;Secondly,a brief introduction was given to the participating enterprises in the mixed transformation of Yunnan Baiyao,and an in-depth analysis was conducted on the reasons for the mixed transformation of Yunnan Baiyao from the perspectives of national policies,industry competition,internal governance,and business development.The specific path for its implementation was outlined;Once again,starting from the three mixed ownership reform paths of Yunnan Baiyao,including introducing strategic investors,overall listing,and implementing incentive mechanisms,we will deeply analyze the internal mechanisms that Yunnan Baiyao’s mixed ownership reform affects enterprise performance;Then,analyze the impact of mixed reform on the performance of Yunnan Baiyao from two dimensions: financial performance and non-financial performance;Finally,draw conclusions based on the case analysis results and summarize the experience.After studying this article,the following conclusions can be drawn: firstly,Yunnan Baiyao has formed a diversified equity structure through mixed reform,allowing state-owned and non-state-owned capital to jointly participate in the company’s operation and management,supervise each other,and optimize the company’s governance mechanism;Secondly,due to the unreasonable use of funds by Yunnan Baiyao,resulting in financial investment losses,and the impact of external market factors such as the epidemic and national policies,the four major capabilities of the enterprise in this mixed reform have not been effectively improved,and the comprehensive financial performance of the enterprise has not been significantly improved;Thirdly,the mixed reform has a good impact on the non-financial performance of Yunnan Baiyao,and has had a strong promoting effect on enterprise market performance,innovation performance,and market competitiveness.Based on the mixed transformation experience of Yunnan Baiyao,this article summarizes the corresponding inspiration,hoping to provide reference and reference for other enterprises.Firstly,the selection of mixed transformation path should be based on the actual situation of the enterprise,comprehensively considering the future strategic layout of the enterprise,and selecting an appropriate mixed transformation path;Secondly,it is necessary to promote the integration of state-owned and private enterprises,achieve equity diversification and shareholder checks and balances,and fully leverage the advantages of non-state-owned capital,draw on its advanced management experience,establish diversified incentive mechanisms,mobilize the work enthusiasm of various stakeholders,in order to improve corporate governance and enhance the level of market-oriented operation of enterprises;Finally,after the mixed reform,enterprises should focus on integrating resources with strategic investors,achieving complementary resources and advantages,and utilizing idle funds reasonably to improve enterprise performance. |
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