Research On The Motivation And Performance Of Foreign Capital Controlled Mixed Reform

In the rapid development period of economic globalization,we vigorously introduce foreign capital to promote the development of local enterprises.In 2013,the Third Plenary Session of the 18 th CPC Central Committee proposed to actively develop mixed-ownership economy and encourage enterprises to participate in mixed-ownership reform,marking the beginning of mixed-ownership reform.In 2017,it was pointed out in the report of the 19 th National Congress to further promote the development of mixed-use reform and cultivate first-class enterprises;A three-year action plan for state-owned enterprise reform will be promulgated in 2020 to further promote the process of mixed-use reform.However,due to the introduction of foreign capital,technology,personnel,etc.,the foreign-controlled mixed reform may face some challenges.Some enterprises fail to develop as expected or even go backward after the introduction of foreign capital,such as Johnson & Johnson’s acquisition of Dabao Cosmetics in 2008,and Dutch Hershey’s holding of golden Monkey Milk Candy in 2014.The liquor industry,as the traditional industry of our country,has a unique cultural deposits and traditional connotations.After introducing foreign capital to carry out the mixed reform,liquor company can make better use of capital and introduce talents,also contribute to the expansion of the international market and the promotion of product innovation,etc.However,the late integration of such enterprises may be affected by the differences between both sides.Therefore,after the introduction of foreign capital by state-owned enterprises under the wave of mixed reform,how to make full use of foreign capital,retain the original advantages and characteristics,and promote the long-term development of the company with foreign capital is a problem worthy of in-depth study.This paper selects Shui Jing Fang,the first listed company in the liquor industry to introduce foreign capital and eventually be controlled by foreign capital,as the research object.Firstly,it combing the related concepts and theoretical basis of the mixed reform,introduces the general situation of both companies,the process of the mixed reform and the reasons for the mixed changes.Among them,the motivation for Diageo to participate in the mixed reform is to expand the international market,improve core competitiveness and achieve synergies,while the motivation for Swellfun to introduce foreign capital is to achieve capital accumulation,introduce excellent management talents and concepts and promote product upgrading.Then,it studied the changes in the financial non-financial performance of Swellfun after the mixed reform.The analysis of financial performance firstly started from the financial efficiency,and compared the changes in the relevant indicators of Swellfun after the mixed reform with the industrial level.Secondly,it analyzed the changes in the EVA,growth rate and total asset EVA rate after the mixed reform from the perspective of economic added value.Non-financial performance analysis explores management team and concept changes,corporate culture integration and product structure changes.Finally,conclusion and enlightenment are drawn.The research shows that,in terms of financial performance,relevant indicators of financial efficiency after the mixed reform of Swellfun are generally improved and show a good development trend.With the deepening of the mixed reform,its economic added value and EVA ratio of total assets are also greatly improved.In terms of non-financial performance,the management team and philosophy are more professional and advanced.While retaining its own cultural advantages,Diageo consolidated its positive image with the help of the "rational drinking" culture,and constantly improved and optimized the product structure,which led to the increase of corporate revenue.Finally,it is suggested that multiple cooperation should be sought and positive coordination should be realized.To retain enterprise characteristics,absorb advanced ideas;To clear the market demand,adjust the positioning in time;We should base on long-term development and attach importance to late integration.It is hoped that the research of this paper can provide reference for the development direction of similar enterprises.