Research On The Corporate Governance Effect Of China’s Gold Mixed Ownership Reform

The reform of state-owned enterprises in China has entered a period of deepening and accelerating,and has entered a mixed stage of "reform" mechanism from "mixed" capital and "mixed" property rights.The third Plenary Session of the 18 th CPC Central Committee further clarified the significance of the mixed ownership reform to the development of state-owned enterprises,and brought the mixed ownership economy into the category of China’s basic economic system.In the reform,more attention is paid to the introduction of external investors who are highly compatible with the development of enterprises,so as to deepen the reform of "introduction" and "introducing wisdom" on the basis of equity integration of state-owned enterprises and non-state-owned enterprises.The "mixing" of capital and property rights is only the form and means of reform,and "reform" is the fundamental and purpose of mixed ownership reform.The important goal of so reform is to establish a modern enterprise system,adjust the function and structure of the state-owned economy,and establish the state-owned assets management system adapted to the market economy.Therefore,it is of great significance to study the impact of the mixed ownership reform of state-owned enterprises on the improvement of the governance mechanism and how to respond to the financial performance.This thesis mainly uses the literature analysis method and the case analysis method to study the corporate governance effect of China gold mixed ownership reform.Firstly,the thesis introduces the background and significance of the case study,the research content and framework of this thesis,and summarizes the motivation and path of the mixed ownership reform and the impact on corporate governance.Secondly,the relevant concepts and theories of mixed ownership and corporate governance are expounded,and the mechanism of mixed ownership reform on corporate governance effect is clarified,laying a foundation for the research in the following article.Then,the general situation of China Gold and the path of the mixed reform are analyzed.Combined with the case of the mixed reform of China Gold,the governance effect of the mixed reform of China Gold is analyzed from three aspects of coordination,supervision and incentive,and the corporate governance effect of the mixed reform is supplemented through the analysis of financial performance.The final conclusion is:(1)China’s gold mixed ownership reform does not only stay at the level of capital and property rights,Instead,the internal governance structure of the company has made a substantial change;(2)China Gold,through capital introduction,transfer mechanism,IPO listing,Constructed a diversified shareholding structure,Improving the system of the board of directors and the board of supervisors,Reform of the incentive mechanism,Established a modern enterprise system;(3)China Gold promotes the improvement of corporate governance effect through the three action mechanisms of synergistic effect,supervision effect and incentive effect;(4)The mixed-ownership reform of China Gold,Achieved the improvement in financial performance,Reverse confirms the positive effect of the mixed ownership reform on the corporate governance effect.Through the above analysis,this thesis draws the following four inspirations:(1)select appropriate strategic investors to realize the coordinated development of business;(2)build a moderate shareholding structure and improve the situation of "one voice";(3)improve the multi-level corporate governance mechanism and improve the efficiency of corporate governance;(4)Establish a scientific and efficient incentive mechanism to mobilize the enthusiasm of human capital.