Research On The Financial Performance Of Mixed Ownership Reform In State-Owned Enterprises

On November 20,2017,the State Council Reform Leading Group of the State Council reviewed and approved the list of the pilot projects for the third batch of 31 state-owned enterprises' mixed ownership reforms.Together with the first two batches,a total of 50 state-owned enterprises participated in the mixed ownership reform.This paper takes the reform of state-owned enterprises' mixed ownership system as the background,uses Zoomlion and Shanxi Construction Machinery Co.as the case study objects,and conducts research on the impact of mixed ownership reforms on corporate financial performance.The difference between this paper and the existing research is to use the horizontal and vertical comparison of the financial performance of the two mixed ownership reform enterprises to study the impact of the mixed ownership reform on the financial performance of the company and the role each factor plays in it.Most of the existing research focuses on theoretical exploration,macro data analysis,and single case study.Few people have studied the performance of several companies.Firstly,this paper introduces the literature review and theoretical background of mixed ownership and financial performance evaluation,and according to the needs of case comparison,according to the characteristics of the machinery industry of state-owned enterprises,adjusts the existing financial performance evaluation system of state-owned enterprises by referring to the Standard Value of Enterprise Financial Performance Evaluation issued by SASAC.After that,the background,motivation and reform process of the two enterprises are introduced.Then,according to the new evaluation system,it evaluates the performance before and after the reform of mixed ownership of Zoomlion Co.and Construction Machinery Co.,and analyses the influence of the path choice of mixed ownership reform,enterprise operating conditions,corporate governance conditions and other factors on the financial performance of enterprises after the reform of mixed ownership.Finally,the above research is summarized and the conclusion of this paper is drawn.This study found the following conclusions: 1.Mixed ownership reforms have a clear positive effect on corporate financial performance.2.The choice of the path o f mixed ownership reforms is closely related to the state of business operations,both of which have an impact on the financial performance of the mixed ownership system.3.The core of mixed ownership reform lies in the reform of corporate governance,simple change of corporate ownership without corporate governance,and poor corporate financial performance feedback.The implications of this study are as follows: 1.When choosing the path of mixed ownership reforms,enterprises should use the ownership str ucture changes brought about by ownership reforms and focus on corporate governance reforms.2.State-owned enterprises should be encouraged and supported to carry out mixed ownership reforms when conditions permit.3.When non-state-owned capital selects investment objects for mixed-ownership reforms,it needs to take into consideration factors such as the business status of the invested,the corporate governance status,and the path and motivation of mixed ownership reforms.