| In the process of reform,China’s state-owned enterprises gradually exposed problems such as imperfect market-oriented operating mechanism,property rights structure and unreasonable supervision by the State-owned Assets Supervision and Administration Commission.The low efficiency of China’s state-owned enterprises and the dual responsibility pressure of economy and public benefit are part of the reasons that largely restrict one of the development of enterprise.Actually,more factors are based on the single property right structure,the incomplete of talents marketization mechanism and the contractual mechanism,and the SASAC’s “talent management,transaction management and asset management”.How to improve the vitality state-owned enterprises and improve their macrostrategic optimization for China’s economy has become an important part of reform in the new era.The reform of mixed ownership system came into being.Nowadays,under the background of the state-owned enterprise’s mixed ownership reform showing a comprehensive speed-up state,the reform results of state-owned enterprises have been widely recognized by the society.Therefore,this paper takes the first state-owned listed company China Unicom as the research object to carry out mixed ownership reform from the group level.The object is to analyze the impact of property rights distribution and non-state-owned shareholder governance on corporate performance after the reform of mixed ownership.Firstly,through the combination of balanced scorecard and analytic hierarchy process,this paper sets up five dimensions of finance,customer,internal management,learning growth and social responsibility.Then,based on the results above,the writer assigned scales and calculate weights for each dimension and each indicator.Combining the interpolation method and the efficiency coefficient method to quantify the same dimension data of each index data;finally,based on the actual calculation results,this paper also comprehensively evaluate the results obtained by the mixed ownership reform.The final result shows that the entry of strategic investors has promoted the development of China Unicom,and the reform of mixed ownership has shown a clear positive effect on China Unicom as a whole.In terms of specific conclusions,the financial dimension and the customer dimension score first declined and then rebounded.As the learning growth dimension declined in the first year of reform,and in the second year it rebounded and scored higher than before the reform.Different from the above three dimensions,the score of internal management and management dimension has been showing an upward trend.After the entry of strategic investors,the contribution to specific indicators has changed significantly;the social responsibility dimension has a downward trend compared with that before the reform.The comprehensive score reached the highest value in the past four years and entered the excellent level.This shows that the mixed ownership reform has positively improved China Unicom,especially the financial performance.However,due to the decline in employee satisfaction during the streamlining and market-oriented exploration of department and personnel,the scores in the learning growth dimension have declined.By summarizing the post-reform scores,the writer believes that China Unicom needs to improve the performance that are related to learning growth,such as raising the emphasis on industry standards and fully understand and analyze the reason for leaving employees.Besides,China Unicom also needs to stabilize the relevant performance of customer dimension and social dimension,not only to pay attention to the improvement of user satisfaction and market share,but also to pay attention to the improvement of social responsibility,and increase the contribution to society while improving the efficiency of enterprises.The research results in this paper verify the value of the reform of mixed ownership and provide some reference for how to reform the mixed ownership reform. |
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