| Mixed ownership reform emerged as a reform program in the 1990 s,aiming to introduce private capital and promote productivity development.Since the reform and opening up to date,China’s mixed ownership reform path has undergone more than 40 years of exploration and practice.The Third Plenary Session of the 18 th CPC Central Committee proposed that the mixed ownership economy with state-owned capital,collective capital,non-public capital and other cross-shareholdings and intermingling is one of the most important forms of realization of the basic economic system,which is conducive to the amplification of the functions of state-owned capital,preserving its value and increasing its competitiveness.The vigorous development of mixed ownership economy is a major measure to deepen the reform of state-owned enterprises and an effective enterprise form to achieve national common progress,which not only can give greater play to the role of state-owned capital and improve the competitive advantage of state-owned enterprises in the market,but also can help realize the reasonable and effective allocation of capital.The market economy system continues to develop and improve,state-owned enterprises are facing more and more fierce market competition,state-owned enterprise reform has gradually transitioned from the "mixed capital" to "change the mechanism" stage,only to continuously deepen their own reform,to achieve mixed ownership development,in order to better cope with market competition.Only by deepening their own reform and realizing the development of mixed ownership system can they better cope with the competition in the market.This paper firstly compares the literature on the impact of mixed ownership reform on corporate governance and corporate performance,outlines the relevant theoretical foundations such as modern property rights theory,principal-agent theory,synergy theory and corporate governance theory,and summarizes the motives and paths of mixed reform of state-owned enterprises based on these theoretical foundations.On this basis,taking the mixed ownership reform of Zhengzhou Coal Machinery as an example,we outline the path and process of the company’s mixed reform and analyze the motives of its mixed reform;we analyze in depth the changes of corporate governance effects before and after the mixed reform at the level of shareholder structure,board of directors,supervisory board and incentive mechanism.Finally,at the level of economic effect analysis,four financial analysis indexes of operating capacity,profitability,solvency and growth capacity are selected,and the relevant indexes of Zhengzhou Coal Machinery are compared with industry averages using comparative analysis,and Tobin’s Q value is selected to analyze the change of company value before and after the hybrid reform;at the same time,innovation capacity and state-owned capital preservation and appreciation ratio are selected to determine the impact of the hybrid reform on the non-financial performance of the company.Based on the above case studies,the following conclusions are drawn from the study:(1)From the perspective of equity structure,the introduction of diversified capital by the hybrid reform has optimized the equity structure of Zhengzhou Coal Machinery.(2)From the perspective of corporate governance structure,the mixed ownership system has improved the governance structure of Zhengzhou Coal Machinery(3)From the perspective of performance,the mixed ownership reform has revealed a positive impact on the short-term financial performance and innovation capability of the company to a certain extent,but it is also important to pay attention to the impact on the value of the company and avoid the loss of state-owned capital. |
