Research On Mixed Ownership Reform Performance Of State-owned Enterprises In Industrial Machinery Industry

On the one hand,since the new round of State-owned enterprises(SOEs)reform began in 2013,a large number of SOEs have entered into the mixed reform practice.The policy hopes to improve corporate governance and operating efficiency through mixed-ownership reform.On the other hand,manufacturing industry is the foundation of our country,and industrial machinery industry is the foundation of manufacturing industry.So,in this context,how about the mixed reform effect of industrial machinery industry,whether it has been improved,whether there are problems? Sorting out these problems is conducive to the improvement of mixed reform performance in industrial machinery industry,the development of manufacturing industry and the accumulation and summary of practical experience in mixed reform,which has important practical significance.Therefore,this paper firstly sorts out the literature related to the performance of mixed-mix reform in order to understand the current research status and theoretical basis related to mixed-mix reform.Through literature review,this paper finds that the current mainstream view is that mixed reform is conducive to the improvement of enterprise performance.Some studies believe that mixed-ownership reform can improve enterprise performance,but only the change of ownership has a limited impact on enterprise performance,while the change of control rights has a more profound impact on enterprise performance.Moreover,in the long run,it is more important for an enterprise to form a governance structure and core competitiveness adapted to market competition.Therefore,the research of this paper focuses on the change of enterprise control rights,governance structure and management methods.On the basis of the above research,this paper investigates and sorts out the status quo of mixed reform in industrial machinery industry,including the motivation,path and performance of mixed reform enterprises.This paper finds that from 2013 to 2021,7 listed SOEs in the industrial machinery industry have completed mixed-ownership reform,and the performance of these enterprises has generally improved.This paper also found that the governance structure of SOEs in this industry has not been sufficiently optimized,and external investors have a small voice.This is related to the safety of state-owned capital.This is related to the safety of state-owned capital,but it is not conducive to the effective play of mixed reform effect.By sorting out the mixed-use reform situation in industrial machinery industry,this paper finds that Shang Gong Group’s mixed-use reform has a greater intensity and an earlier time,but its performance has not been improved after the mixed-use reform,which is different from that of the industry.Based on the particularity of the case and the adequacy of the data,this paper selected Shang Gong Group as a case study.This paper sorts out the causes and paths of mixed reform in this case,and analyzes the changes of control rights and governance structure after mixed reform.After sorting out,this paper finds that there is no substantial change in the control right of Shang Gong Group,which is still mainly controlled by Shanghai state-owned assets.At the same time,after the reform,the non-state-owned capital of the company has a small voice,and the governance structure has not been fundamentally improved.After that,this paper selected some non-financial data to judge the market attitude and the realization of the intention of the mixed reform.It found that after the mixed reform,the stock price trend of the company was worse than that of the industrial machinery industry index,but the implementation of the "going global" strategy made some progress.Then,this paper uses Du Pont analysis system and Z-value warning to analyze the financial performance of the case company,and finds that after the mixed-use reform,the profitability and operating capacity of Shang Gong Group have decreased,and the leverage level has been improved.In addition,the Z-value of Shang Gong Group is not performing well,and it continues to decline and has a warning.Therefore,this paper believes that the performance of Shang Gong Group mixed reform has not been improved.This paper believes that the main reason for the poor performance of the mixed-ownership reform is that there is no substantial change in the control right of Shanggong Group before and after the mixed-ownership reform,and the governance structure is not optimized enough.This paper believes that mixed-ownership reform is a means to improve the governance structure,optimize the governance mechanism and management methods,so as to enhance enterprise efficiency and shape the core competitiveness of enterprises.Therefore,this paper puts forward the following suggestions for improving the performance of mixed reform in industrial machinery industry: Enterprises should give sufficient voice to non-state-owned capital and pay attention to the continuous optimization of their own governance mechanism and management methods.It is hoped that the suggestions put forward in this paper can help improve the performance of mixed reform in industrial machinery industry.