Study On The Performance Of Mixed Ownership Reform Of Laobaigan Liquor

Since the reform and opening up,the mixed ownership economy has developed rapidly in China.The reform of mixed ownership(hereinafter referred to as "mixed ownership reform")is conducive to promoting the reform of economic system,and also to the adjustment and optimization of state-owned enterprises.The Third Plenary Session of the 18 th CPC Central Committee and the 19 th CPC National Congress further clarified the need to actively develop the mixed ownership economy and take the mixed ownership reform as an important measure to comprehensively deepen the reform of state-owned enterprises.State-owned enterprises can realize the resource integration of different capital through the mixed reform,stimulate the internal vitality of enterprises,improve market competitiveness,and promote the preservation and appreciation of state-owned capital.At present,the mixed reform of state-owned enterprises in China is in the exploration stage,and the actual effect of the mixed reform is mainly reflected in the change of enterprise performance.By studying the performance of the mixed reform enterprises,we can draw corresponding conclusions and provide guidance for the mixed reform of state-owned enterprises.Baijiu industry is an important industry in China’s economic development,but in recent years,it has entered the adjustment period due to the impact of relevant policies,so some Baijiu enterprises try to seek new development through reform.This paper takes Hebei Hengshui Laobaigan Liquor Co.,Ltd.(hereinafter referred to as "Laobaigan Liquor"),the first company in the Baijiu industry to carry out mixed transformation,as the research object,to explore the path of mixed transformation on enterprise performance and its specific impact.Firstly,it combs the domestic and foreign literature on mixed reform,and takes the relevant theories as the research basis;Secondly,it briefly introduces the basic situation of Baijiu industry and Laobaigan Liquor,as well as the motivation and reform path of implementing the mixed reform,and explores the mechanism of mixed reform on enterprise performance from the three perspectives of fund introduction,corporate governance,and enterprise operation;Then we test the effect of mixed reform through the changes of market,financial and non-financial performance,and finally draw relevant conclusions and inspiration.The study found that Laobaigan Liquor,in combination with its own actual situation,actively responded to the national policy,introduced strategic investors to alleviate the financial pressure,reduce business risks and enhance the reputation of the enterprise through mixed reform.At the same time,the introduction of mixed reform funds improved the equity structure of Laobaigan Liquor and improved the efficiency of corporate governance;The implementation of the ESOP further optimized the incentive model and reduced the agency cost of the company.The mixed reform also provided a strong guarantee for enterprise mergers and acquisitions.Laobaigan Liquor continued to increase its efforts in product research and development,structural upgrading and marketing publicity,and actively promoted the market-oriented layout.In terms of market performance,the announcement of the mixed reform of Laobaigan liquor sent a positive signal to the market,and the short-term market value of the company was significantly improved;The overall financial performance has improved compared with that before the mixed reform,and the improvement of debt repayment ability is the most obvious;Mixed reform also has some effect on non-financial performance.The equity structure,R&D investment,market share,employee management,and social responsibility performance of enterprises are all developing.Based on the above research and conclusions,we can draw some inspirations about the mixed reform of state-owned enterprises:(1)Enterprises should actively and steadily promote mixed reform;(2)Mixed reform is not a "one mix solution",and enterprises need to stimulate vitality through reform;(3)Enterprises should pay attention to the integration of mixed transformation resources;(4)Timely create mixed reform atmosphere at the national level.