The Logic And Influence Of Competitive Enterprise's Formation In Mixed-ownership Reform

The problem of equity arrangement in mixed ownership reform is one of the key issues that can not be ignored.The shareholding proportion of private enterprise has a direct and close relationship with the function of revitalizing the state-owned enterprise.As a kind of possible form in state-owned enterprises'mixed-ownership reform,Competitive enterprises means an enterprises dominated by non-public capitals.It hardly appeals in the history of the mixed-ownership reform in our country.Theoretically speaking,this phenomenon is not only tightly related to the nature of dominant stockholders,but also the special equity premium in state-owner.The incident of "Bao Wan" is a two-years,battle of takeover and anti-takeover between private capital "Bao Neng" and national enterprises Wan Ke,and came to a conclusion by the success of nation one in defending its status of state-owner,which did not lead to the formation of competitive enterprises.The incident of "Yun Xin" is the mixed-ownership reform between Yunnan Baiyao and Xin Huadu Industrial Group in the end of 2016,which leads to the result that private enterprise Xin successfully entered and host the national enterprise Yun,so that competitive enterprises established.By studying these two events,we found that there are many similarities between them.According to this,this paper introduce theses two events for comparation and analysis,mainly in the incident of "Yun Xin" and assisted by the incident of "Bao Wan",try hard to find the internal logic of the competitive enterprises behind these incidents.Meanwhile,this paper analyses the impact the formation of competitive enterprises give to participants in the reform.For state-owned enterprises,this paper mainly concentrates on the impact on company's management structure.Due to the key role the broad of directors play in management structure,the influence to it should be the largest.And for private enterprises,this paper uses the event study to look for evidence in various ways starting from the reaction of market inventors to this event,which might be helpful to clarify the impact of participating in the reform on private enterprise.Through the analysis above,this paper draw the conclusions below:Firstly,in the mixed-ownership reform,private enterprise gain the status of dominator and put forward the formation of competitive enterprises is in favor of the optimization of the management structure of state-owned enterprise.Secondly,this paper argues that private enterprise needs to participate in mixed-ownership reform step by step.Finally,this paper argues that taking part in the mixed ownership reform is not an absolutely good thing for private enterprise,it has to make a thorough analysis of their own strength before participation and do according to its ability.