Study On Motivations,Paths And Effects Of State-Owned Enterprises’ Mixed Ownership Reform

Since the start of mixed ownership reform in 2014,more and more state-owned enterprises have been involved in the mixed ownership reform.The scope of enterprises participating in mixed-ownership reform gradually expanding from central enterprises to local state-owned enterprises.Although the relevant departments have published the top-level design scheme,however,there is no complete case information for reference.China’s mixed ownership reform are still at the exploratory stage.Therefore,it is necessary to research on the case of mixed ownership reform.After studying theory of property rights,theory of principal-agent,theory of equity structure,theory of new public management and theory of strategic alliance,it comes to the conclusion that there are problems in the original system of state-owned enterprises and it is urgent to change.On the basis of the existing research at home and abroad,the paper applied case analysis method to research.Firstly,this paper analyzes the current situation of State-owned Enterprises’ Mixed Ownership Reform.In order to analysis on overall effects of State-owned Enterprises’ Mixed Ownership Reform,this paper use factor analysis to analyze the effect of financial performance.Then the paper introduce background,motivations and process of mixed ownership reform of YUNNAN BAIYAO.After that,the paper analysis onl effects of mixed ownership reform of YUNNAN BAIYAO.This paper use Dupont analysis method to study financial performance,and use excess return rate to study market performance.At the same time,the paper study about governance efficiency of YUNNAN BAIYAO from changes of governance structure,incentive mechanism and employment system.Then it concludes the enlightenment brought by yunnan baiyao mixed reform case.Finally,this paper give some enlightenments and policy suggestions from the mixed ownership reform case of YUNNAN BAIYAO,in order to provide some reference and guidance for other mixed reform enterprises and relevant departments.