Study On The Practice Of Diversified Equity In The Mixed Reform Of State-owned Enterprises

Since 2013,under the arrangement of relevant national policies,a large number of state-owned enterprises have carried out mixed ownership reforms,which has revitalized state-owned resources and made state-owned enterprises become competitors in the market economy instead of privileged ones.State-owned enterprises have developed to an entity,with a large economic foundation and more complex development issues.How to carry out state-owned enterprise reforms is not only related to the state-owned enterprises themselves,but also profoundly affects the stable development of the national economy.Therefore,it is necessary to strengthen the ownership structure of state-owned enterprises Research on diversification and mixed ownership reform.This article first reviews the relevant literature to understand the relationship between the ownership structure of state-owned enterprises and corporate performance,and finds that it is not that the higher the proportion of state-owned shares,the better the performance.Because state-owned enterprises have certain policy burdens at the beginning of their establishment and need to perform some social functions.If the development of state-owned enterprises is not adjusted in time,it will not be able to keep up with the development of the industry,resulting in low state-owned assets Efficient operation.In order to improve the operating efficiency of state-owned enterprises,the reform of state-owned enterprises initiated early.The logic of the early reforms was: do not change state-owned property rights,and release innovation through the separation of ownership and management rights,so as to solve the problems of high concentration of government power in the management system of state-owned enterprises and lack of economic autonomy of enterprises.However,there was still a lack of a suitable market environment and short-term opportunism in the reform.Therefore,after 1992,the main focus was on the reform of the property rights system and the improvement of the macro-market economic environment.After 2013,state-owned enterprises are facing the dilemma of severe overcapacity and declining efficiency.Many zombie enterprises have appeared.The country has begun to carry out supply-side structural reforms.At this stage,state-owned enterprises have begun a new round of mixed ownership as a typical feature.reform.A case study found that China Eastern Airlines Logistics significantly improved corporate governance capabilities after the mixed reform,improved the governance structure and governance mechanism,and effectively implemented the professional manager system;the introduction of strategic investors in the mixed reform also promoted the integration of corporate resources.Business synergy provides companies with the conditions to build more competitive businesses;the employee stock ownership model can effectively stimulate the creativity of employees and provide talent support for the development of the company.Generally speaking,the mixed reform has initially shown positive effects in corporate governance,business model innovation and financial performance,but it has no significant impact on corporate technological innovation,and there are still relatively serious connected transactions.Therefore,the subsequent reforms of state-owned enterprises need to focus on cultivating the innovative capabilities of enterprises and reducing their dependence on group companies or intimacy.