Research On The Equity Structure Adjustment And Performance Of China Jushi

In the new round of state-owned enterprise reform,the diversified reform of ownership structure in various places has become one of the key points,among which there are both supporters and doubters,and the state-owned enterprises of all walks of life have carried out stratified and classified mixed ownership reform in accordance with the State Council's opinions on mixed ownership reform.When measuring the success of corporate equity restructuring,it is often measured through corporate performance the quantity,the company performance can measure the enterprise management situation,also can reflect the enterprise,the more mature method is event analysis method;financial performance is more representative and comparable,the financial index system is widely used to measure the repayment,operation,profit and development ability of enterprises;non-financial performance can predict the long-term impact of equity structure on the future enterprise performance,mainly from the two aspects of business scale and strategic objectives.The ownership structure is the relationship between all shareholders,which determines the internal management structure of the company and affects the governance efficiency and operating performance of the company.The adjustment of the ownership structure has a direct and indirect effect on the performance of the enterprise by influencing the relationship between the shareholders and the executives,the management mode of the enterprise and the enthusiasm of the management.The ownership structure influences the operation of state-owned listed companies,so it is of great value for state-owned listed companies to study the ownership structure.The influence path of the division performance,and respectively from the decision-making mechanism,the supervision mechanism and the incentive mechanism three aspects respectively elaborated.Secondly,this paper introduces the relevant background of the case company from the case company,from the macro background,industry factors and the company's own needs to introduce the reasons for the case company's equity structure adjustment;from the case company's equity structure specific adjustment measures to sort out the path of equity structure adjustment;from the corporate decision-making mechanism,supervision mechanism,incentive mechanism three aspects to analyze the impact of equity structure adjustment on corporate governance mechanism and management.Finally,from the operating capacity,profitability,solvency four aspects of strength and development ability are analyzed in detail the impact of equity structure adjustment on the financial performance of Chinese boulder,and the comprehensive analysis of vertical change and horizontal comparison is carried out;the impact of equity structure adjustment on the market effect of Chinese boulder market is analyzed from two aspects of stock price fluctuation and stock daily yield change in the past years of Chinese boulder;and the impact of equity structure adjustment on non-financial performance of Chinese boulder market is analyzed from three aspects of governance structure,company size and change of company strategic goal.Finally,this paper draws the following conclusions and enlightenments:(1)perfecting the mechanism of equity balance is beneficial to the improvement of enterprise performance;(2)injecting private capitalcan stimulate the vitality of enterprise;(3)state-owned enterprises should choose the appropriate reform path based on strategy in the process of reform;(4)introducing strategic investors can perfect the governance mechanism of state-owned enterprises.In summary,the research in this paper can provide a useful reference for state-owned enterprises to improve their performance and optimize their ownership structure in the process of reform.