Research On The Corporate Governance Effect Of CICC Jewelry Mixed Ownership Reform

State owned enterprises are an important force in promoting the development of the national economy.However,the dominance of one company,the rigidity of corporate governance system,and poor management have greatly restricted the development of state-owned enterprises.The reform of mixed ownership has become an urgent need to solve this problem.With the convening of the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,the policy of comprehensively deepening reform has been fully implemented,ushering in a new era of development for state-owned enterprises.With the continuous promotion of mixed ownership reform,more and more state-owned enterprises are realizing that improving corporate governance mechanisms through mixed ownership reform is beneficial for improving the operational efficiency of enterprises and further enhancing their competitiveness in the market.Therefore,it is of great significance to conduct in-depth research on the necessity of mixed ownership reform in state-owned enterprises,as well as its positive role in optimizing corporate governance structure and achieving enterprise development goals.This article aims to explore in depth how mixed ownership reform affects the operation of state-owned enterprises.Therefore,we will study this issue from the perspective of corporate governance,and combine relevant literature and theories at home and abroad to better reveal the correlation between mixed ownership reform and corporate governance and corporate governance effects.This article takes China Yellow Group Gold Jewelry Co.,Ltd.(hereinafter referred to as CICC jewelry),a subsidiary of "China Gold Group",as the research object.Firstly,we understand the process of implementing mixed ownership reform and the reasons behind it,providing important evidence for further in-depth research;Secondly,research will be conducted on the four core factors of CICC jewelry mixed ownership reform: equity structure,board organization,regulatory system,and incentive measures,in order to better understand the impact of mixed ownership reform on corporate governance structure;Furthermore,it reveals how this reform affects the development of enterprises,analyzes the impact of mixed reform on corporate governance effects,and because corporate governance effects will ultimately be reflected in the daily performance of enterprises,finally,through horizontal and vertical analysis of agency costs,operational and non operational performance before and after CICC jewelry reform,further verifies the impact of reform on corporate governance effects.Finally,the following conclusions are drawn:(1)CICC jewelry has significantly optimized its equity structure through mixed reform,ensuring the rights of small and medium-sized shareholders;(2)After this mixed ownership reform,the corporate governance structure and operational mechanism have undergone significant changes,greatly improving the effectiveness of corporate governance;(3)This mixed ownership reform has achieved an improvement in corporate governance effect,mainly through three transmission mechanisms: supervision effect,incentive effect,and synergy effect.This result further proves that the mixed ownership reform has an important positive role in the development of enterprises.Through case studies,this article finds that after in-depth mixed ownership reform,state-owned enterprises have achieved significant results,from short-term economic growth to long-term sustainable development,all of which are thanks to their sound governance structure and mechanisms,making enterprise management more orderly and effective.This article conducts in-depth research on the case of CICC jewelry industry to explore the impact of mixed ownership reform on corporate governance and its impact mechanism.These findings not only enrich our research on mixed ownership reform,but also provide insights for state-owned enterprises that are currently undergoing mixed ownership reform,and aim to advance through mixed ownership reform.