Research On The Impact Of Mixed Ownership Reform On Jin Jiang Hotel Group's Performance

Public ownership and non-public economy are the important foundation and component of the socialist capital market economy with Chinese characteristics,and the important power and foundation for the sustainable and healthy development of the innovative economic society.At the same time,the state actively encourages enterprises such as state-owned capital,collective owned capital and non-state-owned private capital to actively develop a new type of cross shareholding and integrated management mixed economy.Therefore,the core problem of the success or failure of the reform of state-owned enterprises is how to effectively promote the reform of mixed ownership and how to improve performance through the reform of mixed ownership.As one of the first pilot enterprises of mixed ownership reform,Jinjiang Hotel Group is in the leading position in the national mixed ownership reform.The reform of mixed ownership is an important means and form to establish and realize the basic market economy system in China.Through the establishment and implementation of the mixed ownership system of state-owned enterprises,it is conducive to the deepening of the reform of the state-owned enterprise system by the central and local people's governments,the enhancement of the innovation power of the state-owned economy and the influence of the economy and society,and the expansion of the influence and function on other state-owned capital.At the same time,it is conducive to all kinds of large-scale mixed ownership enterprises and other state-owned capital to use resources and production factors in the process of capital market operation equally and reasonably,to participate in the market competition of other state-owned capital fairly and directly,to promote each other,and to survive and develop together.Therefore,this paper chooses Jinjiang Hotel Group as a case study to study the impact of mixed ownership reform on the performance of Jinjiang hotel group.This paper first describes the concept and theoretical basis of mixed ownership reform.Secondly,it introduces the background information of the mixed ownership reform of Jinjiang Hotel Group,including the main participants of the mixed ownership,the analysis of the reasons for the mixed ownership reform and the implementation process.Then we use the event research method to evaluate and analyze the mixed reform of Jinjiang Hotel Group's market performance,and analyze the short-term market performance by calculating the excess return rate and the cumulative excess return rate,and then analyze the medium and long-term financial performance of Jinjiang hotel by analyzing the financial indicators in four fields,namely,profitability,solvency,operation and development ability.Finally,SPSS 24.0 is used to build a factor analysis model,calculate the main component comprehensive score,and make a comprehensive assessment of the overall financial situation in 2010-2018.The research shows that the assets combination of Jinjiang Hotel in the process of mixed ownership reform can improve its profitability.However,after the completion of mixed ownership,the enterprise expands rapidly,which affects the ability of the enterprise to repay debts,and the particularity of the industry makes the operation ability to be improved.The mixed ownership reform has greatly improved the profitability,debt paying ability,operation ability and development ability of Jinjiang Hotel Group in that year.However,in the following years after the completion of the mixed ownership reform,the profitability,debt paying ability and operation ability have not increased significantly.Jinjiang hotel still needs to strive to improve its capital structure,maintain prudent strategic formulation,implement asset light operation and improve its products Quality,release the dividend of mixed reform,and further improve the financial performance of enterprises.