Research On The Motivation And Performance Of Zhongjin Jewelry’s Mixed Ownership Reform

The Third Plenary Session of the 18 th Central Committee of the Communist Party of China put forward that the mixed ownership economy should be regarded as an important manifestation of China’s economic system,and the status of mixed ownership economy should be clarified.The state-owned enterprises carry out mixed ownership reform by introducing strategic investors,employee stock ownership,restructuring and going public,etc.At this stage,the capital amalgamation among companies of different natures pays more attention to the matching and coordination degree between investors and companies,to achieve multi-synergy effect,from “Mix”in-depth to “Change”.After combing the relevant literature on the motivation and performance of mixed ownership reform,this thesis introduces the current situation and relevant theories of mixed ownership reform of state-owned enterprises,and analyzes the mechanism of mixed ownership reform affecting corporate performance.Choose Zhongjin Jewelry as the case study object to deeply analyze its motivation,specific path and performance of mixed ownership reform.The study found that the motivation of Zhongjin Jewelry mixed ownership reform is mainly driven by national policies,industry market development requirements,corporate governance needs to be improved and products need to be innovated and upgraded.In the mechanism analysis of the impact of mixed ownership reform on corporate performance,it is shown that the choice of mixed ownership reform path directly affects governance performance,and on this basis further affects financial performance,market performance and innovation performance.Therefore,it also evaluates the impact of mixed ownership reform on the performance of Zhongjin Jewelry in these four aspects.The results of the case study show that the overall performance of Zhongjin Jewelry is good.In terms of governance performance,the ownership structure is diversified;The board of directors and the board of supervisors form checks and balances to create a common governance model;Streamline the organizational structure,strengthen party building,and make the employment system and incentive mechanism market-oriented.In terms of financial performance,the economic added value shows an upward trend,the solvency and operation ability are excellent,and the profitability and development ability are improved.In terms of market performance,although the scale of stores expanded,the market share decreased slightly.In terms of innovation performance,innovation input and output are insufficient.Therefore,to summarize the Enlightenment of the mixed ownership reform of state-owned enterprises from the case study of Zhongjin Jewelry,we should first clarify the motivation of the mixed ownership reform and choose the path of the mixed ownership reform,then use the mixed ownership reform to improve corporate governance and improve financial performance,and finally use the mixed ownership reform to strengthen the innovation ability of enterprises and improve market competitiveness.It is hoped that the case study of Zhongjin Jewelry will provide experience and reference for the follow-up state-owned enterprises to carry out mixed ownership reform.