The Impact Of Mixed Ownership Reform On Enterprise Risk Taking

As the global economy grew rapidly in the 21 st century,state-owned enterprises(SOEs)became an important part of China’s economy.However,due to issues such as low productivity,complex government-enterprise relations,and insufficient innovation capabilities,SOEs have struggled to adapt to the new economic environment and market competition.The mixedownership reform has emerged as a solution to revitalize SOEs and promote high-quality development of the Chinese economy.For both SOEs and private enterprises,the mixedownership economy presents a mutually beneficial opportunity.SOEs can introduce more market-oriented mechanisms through mixed ownership,enhance competitiveness and innovation capabilities,and promote transformation and upgrading.Private enterprises can participate in SOEs through equity participation,gain more resources and market opportunities,increase their visibility and influence,and achieve better development.From the Third Plenary Session of the 18 th Central Committee of the Communist Party of China to the 20 th Party Congress,the mixed-ownership reform has been given unprecedented importance.With the implementation of the reform,SOEs across the country have achieved significant improvements,addressing many of the issues that have plagued them.This article explores the impact of mixed-ownership reform on the risk-taking level of enterprises through a study of Yunnan Baiyao,and analyzes its economic consequences.Provide an empirical basis for promoting mixed ownership reform in the current Chinese environment,and help the pharmaceutical manufacturing industry optimize resource allocation First,the changes in the risk-taking level of Yunnan Baiyao after mixed ownership were examined from two perspectives: profit volatility and investment expenditures.The research found that mixed ownership has a promoting effect on Yunnan Baiyao’s risk-taking level.Further analysis revealed that mixed ownership diversified Yunnan Baiyao’s equity structure,forming mutual checks and balances,and enhancing supervisory effects.At the same time,the market-oriented selection mechanism introduced by mixed ownership also has incentive effects on the management.The two effects work together to align the interests of the management and the enterprise,share risks,and increase the management’s willingness to bear uncertainty and risk for the long-term development of the company,thus enhancing the company’s risk-taking level.Finally,through a study of the economic consequences of Yunnan Baiyao’s mixed ownership,the article found that improving the risk-taking level of enterprises can enhance their value,improve financial performance,and strengthen innovation capabilities.However,there are also some issues in the mixed ownership of Yunnan Baiyao.Therefore,the article proposes three suggestions: first,conduct pre-evaluation and develop reasonable plans to prevent the loss of state-owned capital;second,focus on self-development,strengthen internal management,and enhance the competitiveness of the enterprise;third,fully integrate the resources of strategic investors to achieve coordinated development.