Research On The Problems Of Investment Efficiency With Mixed Operation Of Enterprises

The "decision" of the Third Plenary Session of the 18 th CPC Central Committee pointed out: "The mixed ownership economy with cross-holding of state-owned capital,collective capital,and non-public capital,and mutual integration is an important form of realization of the basic economic system.This meeting has laid a foundation for The important position of the ownership system is to mix all of them into the direction of reform of state-owned enterprises,and investment directly affects free cash flow,which is an important activity of the company's financial management and the key to its growth.Investment efficiency determines the future value of the company.Theoretically speaking,The implementation of mixed ownership reforms in state-owned enterprises and the introduction of non-public capital,such as institutional investors,strategic investors,and employee shareholdings,will help improve problems such as internal control and the failure of the check-and-balance mechanism that have resulted from “one dominance,” thereby increasing The investment efficiency of state-owned enterprises enhances the value of the company,but in the actual operation,mixed reforms often fail to achieve the expected results due to a variety of external and internal factors.In this context,this article first introduces the status quo of the mixed reform of state-owned enterprises in China,the overview of Yunnan Baiyao,and the investment status of Yunnan Baiyao before and after the mixed reform,summarizes the theoretical basis of the study and domestic and foreign literature views,and then analyzes Yunnan Baiyao as a case study.Changes in equity,board of directors,and management levels before and after the Yunnan Baiyao mixture change,and a comprehensive analysis of the investment efficiency before and after the mixed reform of Yunnan Baiyao with the investment efficiency index,to obtain the investment efficiency of Yunnan Baiyao after the mixed ownership reform It has not been effectively improved.Through in-depth analysis of Yunnan Baiyao,it has explored why the investment efficiency has not reached the expected increase.It has been found that Yunnan Baiyao has not been well integrated with the introduction of investor resources,and has not provided effective incentives to management.Heterogeneity is not conducive to investment efficiency and there is a certain irrationality in the capital structure.Based on these four reasons,this paper puts forward corresponding suggestions on the incomplete effect of Yunnan Baiyao mixed reform,and believes that Yunnan Baiyao can increase its integration efforts.Implementing effective incentives and monitoring for management System configuration and optimization of capital improvements four aspects,also provides a reference for the corresponding mixed for another SOE change.