| In the context of high quality development of socialist market economy,state enterprises have been the backbone of the national economy and have always played a significant part in the process of China’s economic and social development.in the 1990 s,a new economic form-mixed ownership-emerged in China’s capital market.However,due to the lack of practical experience and policy relevance,China’s mixed ownership reform did not achieve significant results in the initial implementation.Since the 18 th Party Congress,the policies and reform directions related to mixed ownership reform have become clearer and clearer,and the vitality of state enterprises to participate in mixed ownership reform has become higher and higher.At the same time,the construction machinery industry,after a five-year low period,ushered in the east wind of the rising industry in 2017 to 2018.In order to ensure the benign and orderly progression of the construction machinery industry in the fierce market competition,Guangxi State-owned Assets Supervision and Administration Commission also put forward the requirement of promoting mixed ownership for the province’s construction machinery industry.One of the important subsidiaries of Liu Gong Group,Liu Gong Co.is the first listed company in the construction machinery industry.Liu Gong Group adopted the plan of mixed ownership reform at the group level in 2019,and proceeded to integrate assets,introduce strategic investors at the parent company level,and successfully listed the whole company in 2021.The successful promotion of Liu Gong Group’s mixed ownership reform is worthy of our deep investigation.This paper takes the case of Liu Gong Group’s mixed ownership reform as the research object,and composes the relevant literature and conceptual theories on the mixed reform of state-owned enterprises,corporate performance and the role of introducing strategic investors based on the perspective of introducing strategic investors,and gives a detailed introduction to the background and scheme of Liu Gong Group’s mixed reform.The performance of Liu Gong Group before and after the hybrid reform is analyzed through two strands: financial performance and non-financial performance.The financial performance evaluation uses the financial index method,EVA performance evaluation method and efficacy coefficient method to comprehensively evaluate the financial performance of Liu Gong Group’s hybrid reform,while the non-financial performance is analyzed mainly from two aspects: market effect and governance structure.The paper concludes that,in terms of financial performance,the hybrid reform has improved Liugong’s short-term solvency,profitability and development capacity,but has less effect on long-term solvency and operating capacity.The EVA value and the overall financial performance score also indicate that the hybrid reform has improved Liugong’s financial performance.In terms of non-financial performance,the hybrid reform has improved the corporate governance structure of Liu Gong,and the market effect has also verified investors’ optimism on the future development of Liu Gong.The reverse absorption and merger of Liu Gong Co.,Ltd.and the successful overall listing of Liu Gong provide experience for other state-owned construction machinery companies to promote the mixed reform,and the following insights are obtained from the mixed reform practice of Liu Gong Group: the crucial to the mixed ownership reform of state-owned enterprises is "reformation",not "mix".The crucial to the mixed ownership reform of state-owned enterprises is "reform",not "mix",and choosing a mixed reform method that is in line with the development of the enterprise;introducing a financial sharing center to improve the internal control mechanism of the enterprise and improve its own management level. |
