Research On The Performance Of China’s Gold Mixed Ownership Reform

State-owned enterprises are the main force of Chinese economic development,but many problems such as "the dominant role of state-owned enterprises,governance defects,and excessive policy burdens" have led to the weak development of state-owned enterprises.It is urgent for state-owned enterprises to solve their own development difficulties through reform.Since the mixed ownership reform of state-owned enterprises,many state-owned enterprises have achieved good reform effects,but a considerable number of state-owned enterprises in the process of mixed ownership reform also exposed a lot of problems.For example,when solving the problem of "who to introduce",some state-owned enterprises in the mixed reform failed to select suitable introduction objects,resulting in the resource complementarity effect between private capital and state-owned capital is not obvious;Most enterprises "remain unchanged",and non-public capital cannot participate in corporate governance decisions due to the lack of space for discourse.China Gold has successfully completed the task of mixed ownership reform through the reform trilogy of "capital introduction-reform mechanism-IPO listing".China Gold is the most typical and sufficient development of mixed ownership economy.Based on this,this paper chooses China Gold as the object of case study.First of all,this paper reviews the literature and background of mixed ownership reform,and analyzes the influence mechanism of mixed ownership reform on enterprise performance from the perspective of shareholder resources and corporate governance,that is,the mixed ownership reform of state-owned enterprises will produce "resource endowment effect" and "power balance effect",which lays a foundation for the case analysis in the following paper.Secondly,this paper introduces the general situation,motivation and concrete mixed-reform plan of China Gold,and explores the specific action path of "resource endowment effect" and "power balance effect" on the performance of China Gold from the dual perspectives of shareholder resources and corporate governance.Based on the perspective of shareholder resources,this paper analyzes how the multi-investor introduced by China Gold exerts the "resource endowment effect" to improve the competitiveness of enterprises.Based on the perspective of corporate governance,this paper analyzes how the introduced multi-party investors exert the "power balance effect" in the "three meetings and one layer" of corporate ownership structure and corporate governance structure,so as to improve the level of corporate governance and the efficiency of business decision-making.Finally,this paper conducts a comparative analysis of the performance changes before and after China Gold mixed ownership reform from three aspects: market performance,financial performance and non-financial performance,in order to verify the influence of the "resource endowment effect" and "power balance effect" generated by the state-owned enterprise mixed ownership reform on China Gold performance.The research conclusions of this paper are as follows: First,from the perspective of shareholder resources,it emphasizes that the essence of capital cooperation is the resource cooperation behind shareholder capital,and the complementary and matching of shareholder resources can effectively exert the "resource endowment effect" of shareholders to improve the competitiveness of state-owned enterprises.Second,from the perspective of corporate governance,it emphasizes that stakeholders of all parties should establish an automatic error correction mechanism of decentralization and checks and balances at the level of equity structure and governance structure,so as to give play to the "power balance effect" of stakeholders of all parties and improve the level of corporate governance and efficiency of business decision-making.Thirdly,perfect and reasonable corporate governance structure is crucial for integrating and internalizing heterogeneous shareholder resources.Fourthly,after the mixed gold reform in China,the effective play of "resource endowment effect" and "power balance effect" has improved the competitiveness of enterprises and the efficiency of business decision-making,thus having a positive impact on the performance of enterprises.The research of this paper has the following innovations and contributions: first,it enriches the theoretical research perspective of the mixed ownership reform of state-owned enterprises.Previous scholars paid high attention to the property rights and financial resources of shareholders,but ignored the importance of shareholder resources in the mixed-ownership reform.Few literatures studied the mixed-ownership reform of state-owned enterprises from the perspective of shareholder resources.This paper studies from the dual perspectives of shareholder resources and corporate governance,expands the theoretical perspective of state-owned enterprise mixed reform,and enricfies the characteristic dimensions of shareholders that affect the allocation of corporate control rights.Second,compared with previous cases,China Gold mixed-ownership reform has made obvious innovations and breakthroughs in the design of mixed-ownership reform schemes.The research in this paper can provide theoretical guidance for the design of mixed-ownership reform schemes of state-owned enterprises.