The Wealth Creation Effect Of State-owned Enterprise By Mixed Ownership Reform

The reform of mixed ownership of state-owned enterprises is an important measure for the reform of state-owned enterprises.On August 20,2017,China Unicom Group issued a special announcement on the situation of mixed ownership reform,officially disclosing the basic ideas and overall plan for the pilot of mixed ownership reform,and China Unicom's mixed ownership reform plan finally landed.China Unicom is the first state-owned enterprise to implement mixed ownership reform at the group level,its reform effect has aroused the continuous attention of the market.Based on this,this article selects China Unicom as a typical case to study the impact and mechanism of mixed ownership reform on its corporate value.First,based on a comparative analysis of the literature,combined with China Unicom's "thin bodybuilding,optimized management,and benefit-sharing" hybrid reform program,this article has extracted three mechanisms that affect the value of the state-owned enterprise's mixed ownership reform: the incentive mechanism Channels,equity structure channels and internal governance channels.Then,using the data of listed companies,this paper uses synthetic control method to quantitatively evaluate the impact and mechanism of China Unicom's mixed ownership reform on its return on net assets.Specifically,China Unicom has implemented mixed ownership reform as a processing group,taking 2017 as the policy implementation year,and identifying the causal relationship between China Unicom's mixed ownership reform and corporate value under the counterfactual analysis framework.The empirical results show that China Unicom's implementation of mixed ownership reform significantly increased its return on net assets and increased corporate value,that is,China Unicom's implementation of mixed ownership reform produced wealth creation effects.Further,this paper examines the formation mechanism of the wealth creation effect with the help of mediating effect analysis method.The results show that the corporate internal governance mechanism and equity structure mechanism play a mediating role in the process of China Unicom's mixed ownership reform affecting corporate value,that is,China Unicom's mixed ownership reform significantly improved corporate value by improving internal governance and optimizing equity structure.Finally,based on the above research conclusions and the actual situation of China Unicom's implementation of mixed ownership reform,this article proposes the following four policy recommendations for further deepening China Unicom's mixed ownership reform: First,explore new kinetic energy and create a new 5G ecosystem;second,channels and content Combined to achieve business transformation;the third is to improve the level of governance and optimize the shareholding structure;the fourth is to accelerate the construction of talents and improve the professional manager system.