Impact Of Mixed Ownership Reform Of State-owned Enterprises On Enterprise Performance

Under the socialist economic system with Chinese characteristics,the reform of mixed ownership has been paid more and more attention.With the deepening of the reform,the problems emerging in the process have become increasingly prominent.Meanwhile,the mixed reform of state-owned enterprises has continued to consolidate their core competitiveness,making more suitable developments come on schedule.In this process,the original equity structure,financial institutions and governance structure designed by the enterprise will inevitably change,which will cause a series of opportunities and problems in the reform process.In November 2013,"actively developing the mixed ownership economy of state-owned enterprises" was first pointed out in the report "Decisions on Several Major Issues Concerning Comprehensively Deepening Reform" made at the Third Plenary Session of the 18 th Central Committee of the Communist Party of China.After this meeting,China set off a new wave of mixed ownership reform of state-owned enterprises.General Secretary Xi Jinping further stated in the income report of the 19 th National Congress of the Communist Party of China that the relevant management systems of various types of state-owned assets need to be improved,and various authorization management systems of state-owned capital need to be reformed.The infrastructure construction of various authorized management systems of state-owned assets needs to be accelerated;the state-owned economy is optimized and implemented,its structure is adjusted,and strategic adjustments are made to promote the preservation and appreciation of state-owned assets and spur state-owned capital to achieve its strength and strength.We will work hard to avoid the loss of state-owned assets with a view to achieving the goal of "mixing capital and reforming the system." The reform of mixed ownership of state-owned enterprises has aroused widespread concern of the government and society to a certain extent,and it is directly related to the performance of the country’s future economic development.This article selects China United Network Communications Co.,Ltd.(hereinafter referred to as "China Unicom")as one of China’s three basic communicationscompanies to conduct effective investigations.In 2017,it carried out its mixed ownership reform and analyzed its The behavior and changes in the mixed reform,to see how it affects its performance.This article uses the basic literature analysis,case studies,and research on various financial indicators to study the three research methods;a brief review of the basic concepts and related theories of mixed ownership reform,including: mixed ownership is What,the stakeholder concept and corporate governance theory,principal-agent theory,property rights theory,and incentive theory;analyzes how China Unicom has experienced the strengthening of its core competitiveness,the further improvement of its equity structure,and the improvement of its corporate governance mechanism And the long-term effective equity incentive scheme to implement its mixed reform;on this basis,explore the performance changes of the mixed reform,including its performance changes in the market and financial performance changes.Based on the analysis of the actual situation,the generalization summarizes China Unicom’s favorable conditions in the selection of mixed reform models and the enlightenment brought by its positive effects on its performance.Research on the understanding of the reform model and performance of state-owned enterprises’ mixed ownership and the role of "forward incentives,reverse constraints" on equity incentives may wish to speed up China’s current supply-side reforms at the current stage.It seems that state-owned enterprises of the same type provide effective experience in mixed ownership reform.