Research On Performance Evaluation Of Mixed Ownership Reform In Central

On June 30,2020,the three-year action plan for the reform of state-owned enterprises was approved.The plan shows that the reform can accelerate the process of building a socialist modern country in an all-round way,and the reform will play a breakthrough role.To stimulate the innovation and vitality of state-owned enterprises,it is necessary to comprehensively deepen the reform of mixed ownership of state-owned enterprises.The mixed ownership reform of state-owned enterprises is a multi-dimensional,systematic and strategic project.The development of state-owned enterprises is the focus of national economic development,especially in the face of the development of enterprises under the epidemic situation,reform is imperative,which plays a vital role in China's economic recovery.Since 2020,the mixed ownership reform of state-owned enterprises has entered a new stage of rapid progress.More and more state-owned enterprises implement mixed ownership reform through the introduction of strategic investors,overall listing,employee stock ownership and merger and acquisition.Then,the reform effect through these paths is worthy of further discussion.Therefore,in this context,this paper chooses Tianjin Zhonghuan group as a case to achieve the comprehensive reform in 2020,which has a certain representativeness.By summarizing its mixed ownership reform path,and then analyzing its reform effect and mechanism,it is helpful to improve the enterprise performance level,is conducive to the development of market economy,and provides reference for the new round of state-owned enterprise reform.Taking the mixed ownership reform of Tianjin Zhonghuan group as the research object,this paper first combs the domestic and foreign literature on the mixed ownership reform,expounds the related theories and concepts of the mixed ownership reform,and lays a theoretical foundation for the later data analysis.This paper introduces the property rights theory,corporate governance theory,principal-agent theory and stakeholder theory,uses the literature analysis method,case study method,comparative study method and quantitative analysis method to conduct literature review and theoretical analysis on the path and effect,and then makes a quantitative analysis on the effect of the mixed ownership reform path of Zhonghuan group.Secondly,it introduces the enterprises involved in the mixed ownership reform of Zhonghuan group,analyzes the enterprise operation and development through the data of the annual report,and combs the process,motivation and characteristics of the mixed ownership reform of Zhonghuan group.Based on the analysis of ownership structure,corporate governance structure,industrial structure and market efficiency,this paper analyzes the impact of mixed ownership reform on financial performance of central group by comparing profitability,solvency,operation ability and development ability,Through asset capital pricing model,this paper evaluates the effect of mixed ownership reform in central group.The conclusions are as follows:(1)the mixed ownership reform of Zhonghuan group has successfully promoted the spiritual development of enterprises,realized the benign competition pattern,improved the competitiveness of enterprises,optimized the corporate governance,and promoted the market-oriented operation of enterprises.(2)In order to better promote the mixed ownership reform of state-owned enterprises,it is necessary to improve the efficiency of resource allocation,optimize the business environment,strengthen corporate governance and improve the market-oriented operation mechanism.This conclusion provides a reference for other state-owned enterprises to implement mixed ownership reform in the future.