Research On Mixed Ownership Reform Performance Of Eastern Shenghong From The Perspective Of Industrial Chain Integration

Since the Third Plenary Session of the 18 th CPC Central Committee proposed mixed-ownership reform,the reform has to some extent solved the problems of low operating efficiency of state-owned enterprises,imperfect legal person structure and loss of state-owned assets,and the direction of mixed-ownership reform has also been shifting to important industries and key areas,some state-owned enterprisehave integrated their industrial chains through mixed ownership reform.Eastern Shenghong realizes the integration of industrial chain through the mixed ownership reform,improves the management level of enterprises internally and externally,and promotes the steady development of the subsequent mixed ownership reform of enterprises,which has important reference significance.Then how to achieve industrial chain integration through mixed ownership reform,and what impact will industrial chain integration through mixed ownership reform have on enterprise performance? This is the focus of this paper’s research and discussion.Based on the above research background,this paper selects Dongfang Shenghong as the research object,first defines the key concepts of mixed ownership,mixed ownership reform,industrial chain and industrial chain integration,and then summarizes the relevant theories and influencing paths of mixed ownership reform on enterprise performance based on literature reading.Secondly,on the basis of theory and literature support,the main body of this mixed ownership reform is introduced,and the whole process of introducing private capital,adjusting governance structure and integrating industrial chain is sorted out.Based on the above situation,the internal and external motivations of mixed ownership reform are analyzed.At the same time,based on the perspective of industrial integration,this paper analyzes the influence mechanism of Eastern Shenghong’s industrial chain integration on the performance of enterprises with mixed ownership reform through three dimensions of horizontal integration and vertical integration and mixed integration.Finally,the paper evaluates the performance of industrial chain integration after the mixed ownership reform of Eastern Shenghong,uses EVA method to evaluate the change of Eastern Shenghong’s financial performance after the mixed ownership reform,uses event study method and long-term stock price to study and analyze the market performance of Eastern Shenghong’s mixed ownership reform,and conducts qualitative and quantitative research on the non-financial performance of Eastern Shenghong’s mixed ownership reform.Based on the above analysis and research,this paper draws the following conclusions:(1)By promoting the integration of the industrial chain,the mixed ownership reform has improved the financial performance of Oriental Shenghong,increased the after-tax operating profit of the enterprise,enhanced the debt operation ability,optimized the capital structure,and increased the enterprise value.The mixed ownership reform has a positive effect on the performance of the enterprise.(2)At the same time,the mixed ownership reform of Oriental Shenghong has also improved the non-financial performance,which is mainly manifested in the optimization of the governance structure,the enhancement of the collaborative innovation ability of the industrial chain,and the realization of chain extension,chain reinforcement and strong chain in the chemical fiber industry.