Research On The Impact Of Mixed Ownership Reform On Financial Performance Of JH Company

With the implementation of the Three-year Action Plan for the Reform of State-owned Enterprises(2020-2022)by Central Committee of the CPC and the State Council,deepening the mixed-ownership reform of State-owned enterprises has become an important breakthrough in the new round of State-owned enterprise reform,injected strong impetus into China’s high-quality economic and social development,and provided an inexhaustible source for building a new development pattern.In 2017,the National Development and Reform Commission selected seven sectors as key areas for the mixed-ownership reform,including telecommunications and railways,electricity,civil aviation,natural gas,oil and military.However,in the wave of market-oriented reform,JH Company’s advantages have weakened,performance has declined,capital shortage and debt operation.Therefore,it is urgent and necessary to carry out mixed-ownership reform.As one of the first pilot enterprises of mixed-ownership reform in military industry in China,JH Company creatively promoted reform and was successfully listed on the STAR Market,becoming a successful example of implementing the Opinions on State-owned Enterprises Developing Mixed Ownership Economy,which has a strong representative and guiding significance.The research on the financial performance of JH Company’s mixed-ownership reform is helpful to enrich the theory and practice of the financial performance of China’s State-owned enterprises,and also provides valuable experience and useful reference for other State-owned enterprises.This thesis takes the mixed-ownership reform of JH Company as the background.First of all,it systematically reviews the research trends at home and abroad,defines relevant concepts,and expounds the theoretical basis and mechanism of the impact of mixed-ownership reform on financial performance,which lays a theoretical foundation for the case analysis part of this thesis.Next,the thesis introduces the mixed-ownership reform of JH Company in detail from three aspects:the background,the motivation and the reform plan.Then,based on the perspective of finance and value,combined with the two aspects of short-term and long-term performance,the DuPont model is comprehensively used,and the classic four financial index systems are adopted to select representative indicators for horizontal and vertical comparative analysis.At the same time,JH Company is comprehensively rated according to the method of State-owned Capital Performance Evaluation,and the EVA analysis method is used to measure the ability of enterprises to create value,deeply explore the changes of financial performance of JH Company before and after the mixed-ownership reform.The research finds that the overall financial performance of JH Company has been significantly improved after the mixed-ownership reform.Finally,this thesis summarizes experience from the successful case of JH Company’s mixed-ownership reform,including clarifying strategic positioning and development path,stimulating reform vitality,forming effective governance structure and market-oriented operation system mechanism,and grasping the relationship between development and stability.At the same time,this thesis also puts forward countermeasures and suggestions for further optimizing financial performance based on the perspective of ownership structure and financial capability in view of the shortcomings of JH Company,which is conducive to consolidate the achievements of mixed-ownership reform of JH Company and enhance the ability of sustainable development.