Study On The Economic Consequences Of The Reform Of China Eastern Airlines’ Mixed Ownership System

Since the state owned assets supervision and Administration Commission of the State Council began to carry out the "double hundred action" and other mixed reform pilot actions in 2018,more and more state-owned enterprises have participated in them,which marks the firm determination and strong support of the state for the implementation of a new round of mixed reform of state-owned enterprises,and then the mixed ownership reform of state-owned enterprises has once again become a hot topic in China’s social and economic fields.To promote the reform of mixed ownership of state-owned enterprises is not only to improve the equity structure and asset structure of enterprises,but also to introduce advanced enterprise management system to improve the efficiency of corporate governance of state-owned enterprises;to strengthen the operation and management ability of enterprises,optimize the allocation of talents and resources of state-owned enterprises;to enhance the market competitiveness of state-owned enterprises,Enhance the sustainable profitability of enterprises.In the practice of mixed reform of state-owned enterprises in recent years,many state-owned enterprises have chosen to speed up the process of mixed reform by introducing strategic investors,carrying out ESOP and promoting the listing of companies,so as to improve the ownership structure and management system of enterprises.By reaching strategic agreements with the introduced strategic investors,we can expand the business scope of the enterprise,promote the optimization and upgrading of the industrial structure of the enterprise,and enhance the enterprise’s operation and management ability;carry out the company’s employee stock ownership plan to stimulate the enthusiasm of the company’s employees to the maximum extent,and improve the ability of the company’s employees to achieve income generation;strive for listing,expand the company’s financing channels,and promote the company’s better and faster development.In this paper,China Eastern Airlines Group Co.,Ltd.,the first pilot enterprise in China’s civil aviation industry,is selected as the main research case,and its subsidiary China Eastern Airlines introduces strategic investors and its subsidiary China Eastern Airlines logistics implements the "three-step" plan as the main research object.Based on the analysis of the causes and process of mixed ownership reform of China Eastern Airlines,this paper evaluates the economic consequences of mixed ownership reform of China Eastern Airlines from two aspects of short-term market reaction and long-term financial performance,and further analyzes the impact of mixed ownership reform on China Eastern Airlines from three aspects of corporate governance,capital structure and corporate management method.Through the above research,this paper draws the following conclusions:(1)the mixed ownership reform of China Eastern Airlines can improve the company’s equity structure,improve the efficiency of corporate governance,optimize the company’s asset structure and realize the cooperation of company management;(2)The mixed ownership reform of China Eastern Airlines has produced a positive market response and improved the market value of the enterprise;(3)the mixed ownership reform of China Eastern Airlines has effectively improved the four main abilities of the enterprise,namely,solvency,profitability,operation ability and development ability,and greatly improved the performance level of the company.Based on the above analysis and research,the corresponding enlightenment is obtained,hoping to provide experience and reference for the mixed ownership reform of state-owned enterprises in China.The specific suggestions are as follows:(1)China should continue to actively promote the mixed ownership reform of state-owned enterprises,which is conducive to the realization of high-quality development of China’s economy;(2)China’s mixed ownership reform needs to explore a multi-path and multi-mode mixed reform scheme according to its own actual situation.(3)One of the key points of this round of mixed ownership reform in China is to implement the ESOP,innovate and improve the core ESOP system,which is conducive to enhancing the core cohesion of enterprises and realizing the development of enterprises with improved efficiency and quality.