The Impact Of Private Enterprises’ Introduction Of State-owned Strategic Investors’ Mixed Reform Impact Analysis

After the reform and opening up,the mixed ownership reform,as an important reform measure to optimize the property rights structure of Chinese enterprises and enhance the vitality and competitiveness of enterprises,has experienced a development stage from "mixed form" to "mixed system mechanism" in China.In the early stage of mixed ownership reform,it was mainly at the stage of diversified and mixed equity in which state-owned enterprises introduced non-state-owned capital,and the internal system and mechanism reform was insufficient.With the continuous call of national policies,the "mixed ownership economy" has entered a period of rapid development and transition.Since the Third Plenary Session of the 18 th CPC Central Committee,mixed ownership reform has been given the new mission of establishing a modern enterprise system with Chinese characteristics.Enterprises should not only introduce private capital and external capital,but also actively explore the entry of state-owned capital into private enterprises and external capital,and carry out "reverse mixed-ownership reform".The current mixed reform has developed to a new stage,from the initial mixed reform in form to the mixed reform at the system and mechanism level.In such an era,mixed-ownership reform has also become an important research direction in the field of corporate governance.However,most of the current research focuses on state-owned enterprises,and there are relatively few studies on mixed-ownership reform of private enterprises.The impact of private enterprises introducing strategic investors from state-owned enterprises for mixed-ownership reform with a view to improving existing research.This paper summarizes the effects of mixed-ownership reform into governance effect and resource effect,and sorts out the mechanism of the two effects according to existing theories.Motivation,conditions and effects,and select the control group to compare and analyze the financial performance of the Oriental Landsacpe after the mixed reform.Through the analysis,it is concluded that after the mixed reform of the Oriental Landsacpe,a good governance effect and resource effect have been produced,and the stock price changes tend to be stable,but From the perspective of financial performance,the performance of Oriental Landsacpe after the mixed-ownership reform is not so outstanding,and some indicators even show signs of decline.On the one hand,it is affected by the industry environment and the epidemic.Longer windows to observe and more data to test.Finally,based on the case study,this paper puts forward suggestions on how to better realize the mixed reform and how to give full play to the effect of the mixed reform after the mixed reform: first,private enterprises should focus on strengthening their own strength;second,the mixed reform should go deep into the system and mechanism level Only then can the mixed reform effect be brought into full play;third,the mixed reform should fully activate the vitality of both parties involved and realize resource sharing;fourth,state-owned strategic investors should focus on the selection of mixed reform objects and Actively participate in the mixed ownership reform of the private enterprises in high-quality industries.