| Since the reform and opening-up,with the continuous changes in the economic situation and national policies,the reform of state-owned enterprises has never stopped.At the Third Plenary Session of the 18 th CPC Central Committee in 2013,the general plan for comprehensively deepening the reform was put forward.Therefore,the mixed ownership reform based on shareholding reform has been given a new historical mission,and the relevant work has been comprehensively accelerated.At the superficial level,by introducing high-quality social capital and diversified ownership structure,we can improve the defects of SOEs,introduce advanced operation and management methods,enlarge the function of state-owned capital,and promote the reform of mechanism by equity "mixing",so as to realize the substantial improvement of market competitiveness and economic benefits of SOEs.At present,the main ways of mixed-ownership reform are introducing strategic investors,listing as a whole and employee stock ownership plan.Among them,strategic investors have a large number of high-quality financial resources,advanced management experience and strong willingness to participate in corporate governance and become the path of many state-owned enterprises to implement mixed-ownership reform.In addition,the arrangement of control is very important in the process.If the proportion of state-owned shares is too large,it will be difficult to improve the problems of "insider control" and "owner vacancy" originally accumulated in SOEs,resulting in that private shareholders have no voice and can not actually participate in the operation and management of the enterprises,and ultimately the mixed-ownership reform will become a mere formality rather than a solution;while the excessive reduction of state-owned shares may result in the occupation of state-owned enterprises by non-state-owned capital due to the excessive strength of private shareholders and the weakening of state-owned assets supervision,resulting in the loss of state-owned assets.Based on this,this paper first combs the existing literature on the motivation,model,economic consequences,strategic investors and control rights of mixed ownership reform,and then uses case analysis method to select Yunnan Baiyao as a typical case of mixed ownership reform,review its mixing process,and construct the path of "strategic investors-control rights arrangement-mixing effect".Finally,after analyzing the effect of the mixed reform of Yunnan Baiyao by means of financial index method and event study method,the author finds that the business performance of Yunnan Baiyao has not been obviously improved after the mixed reform was introduced into the strategic investors,and the profitability and operating capacity have continued to decline.By analyzing the causes of the problem,it is found that New Huadu,the strategic investor selected by Yunnan Baiyao in the mixed reform,together with other non-state-owned shareholders,has formed a complete suppression on state-owned shareholders among the number of board of directors,resulting in the adoption of many resolutions inconsistent with the government’s strategic orientation and the company’s development strategy under the circumstance of objections of state-owned assets directors.In addition,Yunnan Baiyao and strategic investors failed to effectively play a synergistic effect in the operation of enterprises.Instead of upgrading the main business of Yunnan Baiyao,they adopted many short-sighted investment behaviors such as increasing investment in the securities market and a large number of inefficient mergers and acquisitions,which made the enterprise distracted from its intended purpose,and increased the risk of loss of state-owned assets.Finally,the paper puts forward some suggestions on the selection of strategic investors,the arrangement of control structure and the supervision of state-owned assets. |
