Research On The Motivation,path And Economic Consequences Of The Mixed Reform Of State-owned Enterprises

State-owned enterprises have always been numerous and involved in a wide range.Most of them are important industries of the state.At the same time,they have the characteristics of public welfare and commercial,and have became the mainstay of our economic system.Since the state-owned enterprises suffered large losses,the pilot work of state-owned enterprise reform began to be gradually promoted.In 2015,the continuous introduction of the guidance and follow-up policy documents formed the "1+N" top-level design system.The pilot work carried out by many state-owned enterprises and the implementation of the "Double Hundred activities" encouraged the bold innovation of state-owned enterprises in the process of mixed reform.The three-year action plan for 2020 has also pointed out the direction and targets for the reform.Although several rounds of reform have achieved certain stage results,there are still some problems that cannot be ignored in the mixed reform of state-owned enterprises.This paper takes China Gold as the case object,based on the perspective of the mixed ownership reform of state-owned enterprises,and based on a comprehensive review of domestic and foreign scholars on the motives,ways,and the impact of the performance of the mixed ownership reform of state-owned enterprises,combined with the principal-agent theory,strategic alliance theory and comprehensive incentive theory for analysis.As one of the typical examples of mixed ownership reform of state-owned enterprises in China,because of the national policy promotion and fierce industry competition,as well as the urgent need to improve its own governance mechanism and capital needs,China Gold finally successfully went public by introducing strategic investors,improving enterprise governance mechanism,optimizing enterprise incentive policies and other mixed reform measures.With excellent performance in strategic choice,governance,control reform,and other aspects,it ranks among the best in mixed-reform enterprises.Through the action path analysis of China gold after mixed reform,the directness has an impact on the ownership structure and governance mechanism of the enterprise,and at the same time,it affects the enthusiasm and satisfaction of the employees through the incentive policies and constantly improves the enterprise development plan in combination with the strategic layout of the company.It has a direct effect on the enterprise R&D investment,brand building,channel expansion,industrial chain closed-loop,and other aspects,and finally reflects in the enterprise financial data.Therefore,in the end,this paper makes a comparative analysis between the financial indicators and the same industry and combines factor analysis with the introduction of EVA to analyze the economic consequences and enterprise value before and after the mixed reform in a comprehensive way.Finally,based on the above analysis,this paper draws a conclusion based on the overall idea of "motivation--path--economic consequences ",and draws the following enlightenment:(1)Select mixed reform measures according to their conditions;(2)Select strategic investors according to strategic planning;(3)Improve the governance structure of scientific decision-making;(4)Improve incentive policies to support long-term development.