A Case Study On Baiyao Holding Corporate Governance In The Background Of Mixed-ownership Reform

Since the beginning of 2017,after the Central Economic Work Conference set the mixed ownership reform as a breakthrough for state-owned enterprise reform,from central enterprises to local state-owned enterprises,new measures and developments abou mixed reforms have been continuously launched.The mixed ownership reform will introduce the flexible market response mechanism and innovative management system of private enterprises into state-owned enterprises to enhance the market awareness of state-owned enterprises and increase their own competitiveness,vitality and innovation so as to create a system that meets the requirements of modern corporate governance.,can deal with changes in the market more calmly.Based on the times series,this paper describes the whole process of the mixed ownership reform of the Baiyao Holdings,analyzed the optimization effect of the mixed system reform on corporate governance,and analyzed the impact of mixed ownership reforms on corporate governance performance,this case study has both realistic and theoretical significance under the background of a fully competition market in the pharmaceutical industry.First of all,on the basis of elaborating the relevant research on the reform path and its significance,this paper describes the whole process of the introduction of strategic investors by Baiyao Holdings,especially the reform of the company's property rights system and the management governance mechanism.In the end,the company's equity structure was finally balanced and the company's manager system improved.Secondly,the paper analyzes the main motivation of reform and comparative selection of reform paths,and then determines the best way of reform is introduction of strategic investors on parent company;This paper also analyses the impact of mixed-ownership reform on corporate governance,and use the performance analysis as supplementary evidence.Finally,through the research on the case of the mixed reform of the Baiyao Holdings,it is found that in the process of introducing strategic investors,form a diversified and balanced equity structure,optimize the system of board directors and board of supervisors,and finally the market recruitment mechanism has been shaped,the incentive degree for management also improve,which has contributed to the improvement of the operating efficiency and operating performance of the company.At the same time this paper also put forward that Baiyao Holdings should do more in management incentive and constraints,in order to maximize the effect of the mixed system reform on the corporate governance.In summary,the study of this case shows that Baiyao Holdings improve governance management through the mixed-ownership reform,which is of important significance for the future development of Baiyao Holdings,and its experience provided valuable practical experience for the reform of state-owned enterprises in a fully competitive industry.