Paths And Effects Of Mixed Ownership Reform Of State-owned Enterprises

Currently, there are still some problems in corporate governance of state-owned enterprises, which restricts its further reform and development. In the new round of SOE reform practice, the Third Plenary Session of 18th CCP made a resolution that further clarifies the status and role of mixed ownership economy, encourages the further development of mixed-ownership economy, and defines it as an important form of basic economic system implementation.Mixed ownership economy can achieve complementary advantages of a variety of capitals, achieve development jointly and can promote the state-owned economy and the private economy to get a win-win. Through introducing real individual shareholders and the implementation of equity diversification, state-owned enterprises can improve the corporate governance structure and internal operation mechanism. Mixed ownership reform of state-owned enterprises is an important part of economic reform, and is the flag of new era that the reform of state-owned enterprises is entering the deep reform.Based on the background of mixed ownership reform, firstly, I combed the basic theories include concepts of the mixed ownership, corporate governance, principal-agent theory, agency cost theory, and property right theory. Secondly, I proposed the mixed ownership reform path (based on the level of equity and corporate governance), at the level of equity, I described the various paths of mixed ownership reform which can achieve equity diversification, especially advocated introduction of real individual shareholders; at corporate governance level, we learnt from the comparative study of foreign corporate governance model, and then proposed corporate governance model of mixed ownership enterprises of our country. Besides, I studied the effects of mixed ownership reform. Based on above, I extracted the basis of comparative research and case studies.Thirdly, case study object is listed state-owned enterprise China National Building Material Co., Ltd. By researching reform paths of its subsidiaries (Southern Cement Co., Ltd.et al, China Jushi Co., Ltd., Nanjing Kisen International Engineering Co., Ltd.), demonstrated its paths, such as mergers and acquisitions, introduction of private enterprise investors, employee stock ownership and so on to provide a reference for mixed ownership reform of state-owned enterprises; its subsidiaries-China Jushi Co., Ltd. adjusted its ownership structure, improved corporate governance. By analyzing from the perspective of state-owned enterprises, private enterprises and employees, we found that China Building Materials Co., Ltd. got good results. Finally, the case studies showed there are still some problems with mixed ownership reform. In future, it will continue to promote the reform process, and I provided feasible proposals and prospects.