| After the Third Plenary Session of the Eleventh Central Committee,China entered a period of economic transition from a planned economy to a market economy,which then led to the emergence of state-owned enterprise reform.The reform of mixed ownership of stateowned enterprises has been continuously promoted and deepened,which has made a significant contribution to the integration of state-owned enterprises with the market economy and has become an effective way to solve this problem.This paper studies the policies related to mixed ownership reform and summarizes the relevant academic literature,focusing on the paths of mixed ownership reform in state-owned enterprises and evaluating the effects of the reform,in order to enrich the existing theories and cases and provide some reference for stateowned enterprises to achieve good effects of reform.Case studies are beneficial for discovering and enriching theories and cases.This paper takes a typical representative of mixed ownership reform in central enterprises,Eastern Airlines Logistics as a research case.Through analyzing the path and effect of mixed ownership reform in the case company,the paper extracts the lessons and the governance experience of companies involved in mixed ownership reform.The paper first summarizes the background and significance of the study,clarifies relevant concepts,and explains the dynamics,paths and effects of previous mixed-ownership reforms.Then the paper further discusses the case by combining relevant theories,such as the principal-agent theory,the control arrangements and incentive compatibility mechanisms implemented by state-owned enterprises,the synergistic effects reached and the stakeholders involved in the process of mixed-ownership reform.The article selects the case of the mixed ownership reform of Eastern Airlines Logistics as a case study,elaborates on its background,typicality and the process of the mixed ownership reform,and analyses the path of the mixed reform from the perspective of corporate governance,with detailed analysis of its decision-making mechanism and incentive mechanism.Through the analysis of the mixed ownership reform path of Eastern Airlines Logistics,this paper concludes that the path places more emphasis on incentives than on absolute control.The effect evaluation section analyses the economic benefits of Eastern Airlines Logistics before and after the mixed ownership reform through relevant performance indicators and compares them with industry averages and comparable companies within the same industry.Through the analysis of the operational efficiency,operating capacity,profitability,EVA performance,market response and corporate social responsibility of Eastern Airlines Logistics,it is obvious that the mixed ownership reform is beneficial to the economic efficiency,value and CSR of the enterprise,but the operating capacity still needs further improvement.Overall,the mixed-ownership reform of Eastern Airlines Logistics is effective.Through the mixed-ownership reform,Eastern Airlines Logistics has improved the decisionmaking and governance mechanism of the company and improved corporate governance,thereby improving the economic efficiency of the enterprise and playing a better social function.Based on the analysis of the path and effect of the mixed ownership reform of Eastern Airlines Logistics,this paper also proposes corresponding insights from the perspectives of the government,state-owned enterprises,and non-state-owned capital investors.State-owned enterprises mixed ownership reform can take a variety of mixed ownership reform methods according to their own conditions.State-owned enterprises should actively establish marketbased mechanisms when carrying out mixed ownership reforms,clarify the boundaries between government and enterprises and make decisions that are truly based on market changes.The government and the state-owned enterprises participating in the mixed ownership reform should guarantee the voice and benefits due to non-state-owned capital in the enterprise,so as to achieve the mutual strategic objectives of both parties.Through the case study of Eastern Airlines Logistics,this paper hopes to provide some references and lessons for other state-owned enterprises seeking to participate in the mixed-ownership reform,so that they can learn from the experience and avoid the potential risk s,thus making state-owned enterprises better able to make use of advantages and bring new energy to China’s economic development. |
