| State enterprise are a crucial part of Chinese economy and occupy a prevalent status in the socialist market economy.The 2019 Annual Report on the Reform and Development of China’s State-owned Enterprises points out that from the central to the local level,we should actively encourage the development of mixed ownership reform,accelerate the all-round extension of the scope of reform,deepen development to the extent of reform,and make breakthroughs in the focus of reform to the short board,with a new round of focus in favor of the "reform mechanism".In 2015,China Jushi Co.,Ltd.was identified as pilot unit of mixed reform.Now it has developed into an invisible champion in the global glass fiber industry and a sample enterprise of mixed reform of "central enterprises & private enterprises",which is worthy of in-depth research and exploration.On the basis of the existing research results and the concrete reform of China Jushi Co.,Ltd.,this thesis studies the impact of reform on China Jushi Co.,Ltd.from the perspective of investment efficiency,and mainly researches and answers the following questions:(1)Does the mixed ownership reform have an impact on the investment efficiency of China Jushi Co.,Ltd.;(2)In what ways does the mixed-ownership reform affect the investment efficiency of China Jushi Co.,Ltd.;(3)Summarize China Jushi’s reform experience and suggestions for consolidating the results of the reform based on the conclusions of the study.This article first sorts out the mixed ownership reform and investment situation of China Jushi,then uses the model to measure the investment efficiency of China Jushi,and analyzes the impact of the mixed ownership reform from both horizontal and vertical perspectives.On the one hand,in the horizontal comparison,the DEA-BCC model and the super-efficiency DEA model are used to calculate the relative efficiency and ranking of China’s Jushi and companies in the same industry.The selected sample companies are “state-owned enterprises that have not undergone mixed reform”.Use their average values as the industry level for comparison,and analyze and judge the impact on the investment efficiency of China’s Jushi from the horizontal comparison;on the other hand,in the vertical comparison,use the Richardson model to calculate the regression residuals,and observe whether the changes in the residual values are consistent with the reforms.The key points are the same.The initial judgment is that the mixed reform has had an impact on investment efficiency.In addition,in order to highlight the factors of mixed reform,we learn from previous studies and improve the Richardson model,add reform factors,and return the improved model to residuals.Compared with the original model,it is used as a secondary judgment of the investment efficiency of mixed reform.Secondly,after judging the impact of the mixed reform on the investment efficiency of China Jushi Corporation,we will further explore in which aspects the reform will affect the investment efficiency of the company.Based on the theoretical analysis and summary previous studies,combined with the substantial changes brought to the company after the mixed reform,From the perspective of reforms affecting the company’s Investment decisions,capital allocation,and investment scale,to study its ultimate impact on corporate investment efficiency.In order to highlight the role of reform,comparative analysis is used to select companies in the same industry that have not undergone mixed reforms as of 2018 as a comparison.Finally,based on the mixed ownership reform,the successful reform experience of China Jushi and suggestions for consolidating the reform results are summarized.Based on the research,this article mainly draws the following conclusions:(1)The mixed ownership reform has improved the overall overall efficiency of China Jushi,but for manufacturing industries such as China Jushi with a long input-output cycle,the long-term reform effect is better;(2)China Jushi Company introduced a suitable proportion of non-state shareholders to influence the pure technical efficiency of the company in terms of investment decision-making and management by improving corporate governance;(3)Based on the theory of property rights,reforms prompted China Jushi Co.,Ltd.,to implement different capital allocations and increase the scale of corporate investment.Thereby affecting the scale and efficiency of enterprises.At the same time,according to the performance of the efficiency value of the company,the following suggestions are made to consolidate the results of the reform:beware of overcapacity leading to excessive investment in the later stage,speed up the integration of different financial management systems,and timely adjust the product structure according to the needs of downstream companies.The application cost of this essay lies in: it can provide reference for path selection,business operation and consolidation of reform results for subsequent reform enterprises,and secondly,it can enhance the reform confidence of other nationalized business and help the government reform work. |
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