Study On The Effect Of Mixed-ownership Reform Of China Eastern Airlines

In recent years,although China’s state-owned enterprises have experienced the reform of the company system of shareholding system,there is still a phenomenon of high concentration of shares,and the state-owned shares "one dominant share" will affect the management and operation efficiency of the company,which is not conducive to the high-quality development of enterprises.Therefore,we must perfect the state-owned assets management system and establish a sound modern property right system with property right clarity as the core.In 2013,the Third Plenary Session of the 18 th CPC Central Committee proposed to "actively develop mixed ownership economy",and the mixed reform of state-owned enterprises has become the direction of a new round of state-owned enterprise reform.The Three-year Action Plan for State-owned Enterprise Reform(2020-2022)adopted at the 14 th meeting of the Central Deep Reform Commission in 2020 clearly states that "mixed-ownership reform should be actively and steadily promoted,and enterprises of all types of ownership should learn from each other and develop together." Through the mixed reform,on the one hand,the ownership structure of state-owned enterprises is gradually diversified,and on the other hand,sufficient funds are provided for enterprises to achieve business integration and learn from each other,so as to promote better and faster development of enterprises.As one of the first pilots of mixed system reform in China,China Eastern Airlines was also the only pilot among civil aviation enterprises at that time.Its mission of mixed reform was to explore the path of mixed reform in state-owned enterprises,form replicable successful experience,and provide reference for further expanding mixed reform.Therefore,based on the background of mixed ownership reform in China,this paper selects China Eastern Airlines Group Co.,LTD.,the first pilot enterprise of mixed ownership reform in China’s civil aviation industry,for a case study,and summarizes relevant experiences suitable for the mixed ownership reform of other state-owned enterprises.This paper takes the motivation and reform process of mixed ownership reform of China Eastern Airlines as the main line,and analyzes the effect of the reform from four perspectives: financial performance,economic added value,corporate governance structure and market performance.Through the research,the following conclusions are drawn:(1)In the long run,the mixed reform can effectively improve the financial performance of enterprises;(2)The mixed reform diversified the equity structure of China Eastern Airlines,improved the corporate governance structure,enhanced the efficiency of corporate governance,and ensured the ratio of the overall capital resources of the enterprise;(3)The mixed reform improves the efficiency of capital use of enterprises,optimizes resource allocation,expands business scope of enterprises,and promotes industrial transformation and upgrading of enterprises.The study of the mixed reform of China Eastern Airlines in this paper is helpful for the enterprises that have carried out the mixed reform or will carry out the mixed reform in the future to reflect on the defects of their own reform plan,find the path of the mixed reform that matches the development needs of the enterprises,and obtain relevant enlightenment through the experience of the mixed reform of China Eastern Airlines.