| As a legal person organization that takes both profit-making and public interest into consideration,state-owned enterprises occupy an important position in the process of economic development.However,under the operation of the market economy,the shortcomings and disadvantages of state-owned enterprises are gradually exposed,such as low operating efficiency and serious administrative intervention.A series of measures and policies for problems in the development of state-owned enterprises are emerging one after another,aiming to make state-owned enterprises adapt to the market-oriented operating environment,to stimulate the vitality of the enterprise and improve the comprehensive strength.Since the “13th Five-Year Plan”,the reform of state-owned enterprises has been deepened,and pilot measures have been continuously implemented.Shandong Province has also proposed important measures to speed up the reform of mixed ownership of state-owned enterprises,calling on state-owned enterprises to participate in the mixed-ownership enterprise reform actively.At present,with the continuous development of state-owned enterprise reform,mixed ownership enterprise reform has also entered a critical stage.It has achieved a series of reform results,while some problems also followed,such as unreasonable equity allocation and the lack of guarantee of non-state capital’s right to voice,etc.The existence of these problems hinders the development of mixed ownership enterprise reform of state-owned enterprises.Therefor,how to effectively solve the problems brought about by mixed-ownership enterprise reform,clarify the impact and mechanism of mixed-ownership reform on state-owned enterprises,and continue to deepen reforms have become issues of general concern to the society.Most of the existing literature shows the reasons and paths of mixed ownership reform of state-owned enterprises,and uses empirical research to explore the theoretical level.There are relatively few documents that analyze specific cases.In addition,there is not much research on the effect analysis of the implementation of mixed reform,especially the impact on financial performance and the mechanism of action.Based on this,this thesis selects XX Road and Bridge Co.,Ltd.（hereinafter referred to as XX Road and Bridge）as the research object.The company belongs to a large state-owned construction enterprise in Shandong Province.It started mixed-ownership reform in 2012 to achieve overall listing,and later introduced strategic investors.At the same time,mergers and acquisitions of related companies will make up for the shortcomings of qualifications and realize equity diversification.In addition,XX Road and Bridge launched the option incentive plan earlier,successfully implemented the employee stock ownership plan,and continuously deepened the reform.Therefore,XX Road and Bridge with exemplary significance and was selected as the research object to explore the impact of mixed ownership reform on financial performance.Taking the mixed ownership reform of XX Road and Bridge as an example,on the basis of integrating and analyzing the relevant research results of the previous scholars.This thesis adopts the methods of literature research,case study and comparative analysis.Firstly,the author introduces the current situation and achievements of mixed-ownership reform,and explore the reasons for the mixed-ownership reform of XX Road and Bridge from the three aspects of realizing equity diversification,broadening financing channels,and improving their own competitiveness,and then introducing the history of mixed-ownership reform of XX Road and Bridge in recent years,focusing on the introduction of strategic investment.On this basis,the mechanism of mixed ownership reform affecting financial performance is further analyzed.Secondly,four financial indicators and three non-financial indicators are selected to compare and analyze the changes in financial performance before and after the mixed-ownership reform from the vertical and horizontal dimensions.Third,the paper summarize the problems encountered in the mixed ownership reform.Finally,it comes to the conclusion that the mixed ownership reform improves the company’s financial performance.At the same time,it is also found that the mixed ownership reform promotes the effectiveness of capital operation,realizes the strategic objectives of the enterprise,and truly realizes the great leap forward development.On this basis,this paper puts forward some suggestions to realize the mixed reform and improve financial performance,focusing on dealing with the relationship between “mixed” and “reform”,improving the control at the group level and implementing the employee incentive plan,hoping to provide ideas for the mixed reform of other state-owned enterprises. |
