Case Analysis Of The Impact Of Yunnan Baiyao Mixed Ownership Reform On Operating Performance

The convening of the Third Plenary Session of the 18 th Central Committee of the Communist Party of China in 2013 marked the official launch of a new round of mixedownership reform in China.Our country's basic economic system is public ownership as the main body and development with multi-ownership.How to fully explore the potential growth of state-owned enterprises at the stage of rapid economic growth to high-quality growth is one of the important issues that China is focusing on in the current situation.That will further boost the state-owned economy,and ensure that the state-owned capital becomes larger and stronger and further improve the people's living standards.The mixed ownership reform emerged at the historic moment under such a new situation.On the one hand,the integration of public and non-public capital solved problems such as the lack of vitality of state-owned enterprises and the decline in efficiency,and on the other hand it resolved the brand influence of private enterprises and insufficient financing capacity.At the same time,the integration of the two while maintaining and increasing the value of state-owned assets,has greatly promoted economic development,the rise in employment rates,and a series of additional effects.At the national level,the reform of mixed ownership is conducive to enlarging state capital,preserving and increasing the value of state capital,and consolidating the dominant position of public ownership.It can promote the development and complementarity of all types of ownership capital,and form a common interest community for capital owners and workers.It can also balance efficiency and fair.From the perspective of enterprises,the reform of mixed ownership can realize the synergy of governance and the complementary advantages of both parties.In this context,this article analyzes the process of mixed ownership reform of state-owned enterprises through the case of Yunnan Baiyao.At the same time,it empirically explores the impact of mixed ownership reform on the operating performance of state-owned enterprises and analyzes the causes and paths of Yunnan Baiyao's mixed ownership reform.It also puts forward countermeasures and suggestions for China's current stage of reform,and provides a " Baiyao model" for other state-owned enterprises undergoing mixed ownership reform in the future.Through empirical and theoretical analysis,this article draws the following conclusions: Yunnan Baiyao indirectly achieved mixed ownership reform by introducing two strategic private investors at the parent company level.The enterprise performance began to improve.It overall list by absorbing and merging the parent company in order to solve the problems such as the length of the principal-agent chain.The mixed ownership reform has achieved success by changing the ownership structure of the enterprise,forming an equity balance mechanism and introducing the corporate governance of marketization.Thereby improve the enterprise performance.Finally,for China's current mixed ownership reform,it puts forward countermeasures and suggestions for rationally selecting strategic investors and reducing the cost of entrusted agency to optimize the corporate governance structure.