Analysis Of The Influence Of Yunnan Baiyao Mixed-ownership Reform On Corporate Governance Effect

In 2013,the Third Plenary Session of the 18th CPC Central Committee clearly proposed to actively develop mixed ownership economy,encourage non-state-owned assets to participate in state-owned enterprises,and comprehensively deepen the reform of state-owned enterprises.The reform of mixed ownership has become an important direction and hot issue in the reform of state-owned enterprises.From the government policy level,we hope to strengthen the vitality,control,influence and risk resistance of the state-owned economy,enlarge the function of state-owned capital,maintain and increase the value of state-owned assets,and become a powerful state-owned enterprise through the reform of mixed ownership.Under the guidance of the policy,these years have been the practice years of mixed ownership reform in state-owned enterprises.A large number of mixed ownership enterprises have emerged and become an important part of China's economic system.Therefore,the study of mixed ownership reform is of great significance.On the basis of literature review,this paper first analyzes the mixed ownership reform and corporate governance from the perspective of corporate governance,and puts forward the analytical framework of this paper.Secondly,this paper chooses the representative mixed ownership reform of Yunnan Baiyao as the research object,combs out the implementation process and motivation of the mixed ownership reform,and expounds the influence of the mixed ownership reform on the governance of Yunnan Baiyao from the perspective of governance structure,employment system and incentive mechanism.This paper analyzes the conduction mechanism of corporate governance effect produced by mixed ownership reform,and verifies the effect of mixed ownership reform from four aspects of financial indicators:solvency,profitability,growth capacity and operating capacity.Finally,the following conclusions are drawn:(1)Yunnan Baiyao Mixed Ownership Reform has the effect of corporate governance,the Mixed Ownership Reform has realized the marketization of corporate governance,improved the governance structure and governance mechanism,so that the professional manager system truly landed;(2)the Mixed Ownership Reform on corporate governance efficiency and operation.The impact of performance is mainly achieved through three transmission mechanisms:supervision effect,incentive effect and resource endowment effect;(3)The mixed ownership reform initially showed positive effect on business performance.The reform of mixed ownership of state-owned enterprises should not be confined to the reform of ownership structure,but should also consider many levels such as corporate governance.This paper adopts the method of combining theory with case study,which can provide certain reference for the practice of mixed ownership reform of state-owned enterprises,and enriches the relevant research on mixed ownership reform.