Study On The Motivation And Performance Of Mixed Ownership Reform In State-Owned Enterprises

For a long time,state-owned enterprises have supported the development of China’s national economy and made significant contributions to China’s economic and social construction and development.At the same time,the monopoly of state-owned enterprises on the industry,the government’s intervention in government and enterprises,the loss of state-owned assets,and the lack of vitality of enterprises have made the public’s call for reform of state-owned enterprises more and more eager.In more than 40 years since the reform of state-owned enterprises in the Third Session of the Eleventh Central Committee of the party in 1978,the reform of state-owned enterprise system in China has achieved rich theoretical and practical results.But the reform is still being explored in terms of scope,intensity and path.In the Third Session of the Eighteenth Central Committee of the party,it was proposed to establish a kind of mixed ownership of state-owned capital,collective capital,non-public ownership capital and other forms of capital integration and mutual penetration,which provided a new breakthrough for further deepening the reform of state-owned enterprise system.She De began to explore mixed ownership reforms since 2003,but finally realized in 2015.What is the motivation for this reform? What impact does this mixed ownership reform have on the performance of She De? What is the implementation of social responsibility after the reform? On the basis of summarizing the research on the reform of mixed ownership of state-owned enterprises at home and abroad,this paper sorts out the historical evolution of China’s mixed ownership reform and summarizes the experience of state-owned enterprise reform in Western countries.Then take She De as an example for case analysis.Firstly,this article analyzes the background of the liquor industry and briefly introduces the basic situation of the parties involved in the reform of mixed ownership.Then it analyzes the motivation for the reform of the mixed ownership system.Secondly,it analyzes the market reaction and financial performance changes before and after the reform of the mixed-ownership system.At the same time,it selects the industry leader Kweichow Moutai and a state-owned enterprise in the industry that has a similar asset size before She De’s reform of the mixed ownership system.Through the analysis,it is found that from the perspective of market performance,the market is optimistic about the reform of mixed ownership of She De,and this event can bring excess returns to shareholders.After the reform of the mixed ownership system,the cumulative yield of She De market performance has surpassed that of the SSE A and the same industry companies.From the perspective of financial performance,the company has significantly improved its profitability,growth ability and overall performance score,but there is still much room for improvement in terms of operational capability and solvency.The improvement in the performance of She De is due to the change of board members,the reshaping of marketing strategies,the reduction of product lines and the implementation of flexible incentives.After the reform,the company is still actively fulfilling its social responsibilities.Finally,based on the research results of this paper,suggestions are made for the reform of mixed ownership system of state-owned enterprises in China.