Research On The Financial Performance Of JME(Hunan)Automation Equipment Corp Under The Background Of Mixed Ownership Reform

Since the 18 th National Congress of the Communist Party of China,SASAC has been vigorously promoting the reform of mixed ownership of state-owned enterprises,promoting the mutual promotion,mutual complementarity and common development of different ownership economies.The report of the 19 th National Congress proposed that we should improve the management system of various state-owned assets,optimize the structure and layout of state-owned enterprises,and carry out strategic adjustment and reorganization.In2022,the National Development and Reform Commission clearly proposed that we should "continue to promote the reform of state-owned enterprises,optimize the development environment of private economy,and build a symbiotic development ecology of large stateowned enterprises and small,medium and micro state-owned enterprises".At the 24 th meeting of the Standing Committee of the National People’s Congress,it was proposed to further improve the innovation system of state-owned enterprises,enhance their innovation capabilities and stimulate innovation vitality.With the deepening of state-owned enterprise reform,state-owned enterprises have been fully developed in capital,technology,talents and other innovative elements.However,with the deepening of China’s economic system reform,the loss of state-owned assets,unreasonable ownership structure and other issues have had a negative impact on the long-term development of China’s state-owned enterprises.As a small and medium-sized technology-based enterprise in the water conservancy and power industry,JME(Hunan)Automation Equipment Corp was listed on the New Third Board in 2017,and its mixed transformation path is representative among similar enterprises.Based on the principal-agent theory,property right theory,equity structure theory and corporate governance theory,this paper takes JME(Hunan)Automation Equipment Corp as a case,and analyzes the causes and paths of the mixed transformation of JME(Hunan)Automation Equipment Corp,and evaluates the performance of the mixed transformation of JME(Hunan)Automation Equipment Corp.First of all,using the relevant financial indicators of enterprises from 2015 to 2020,we selected Hnac Technology,an enterprise in the same industry,as the comparison object,to evaluate the corporate profitability,asset operation capacity,corporate solvency and corporate growth capacity of JME(Hunan)Automation Equipment Corp.In terms of corporate profitability,JME(Hunan)Automation Equipment Corp maintained a good level of gross profit margin after the mixed transformation,but the enterprise’s research and development costs were too high,which formed a heavy burden on the enterprise;In terms of asset operation,the turnover rate of the main operating indicators of the enterprise has decreased after the mixed transformation;In terms of debt paying ability,the short-term debt paying ability of the enterprise after the mixed reform has declined,and the long-term debt paying ability is strong;In terms of growth capacity,the enterprises are in a downward trend of fluctuation after the mixed reform listing.Secondly,EVA economic added value is used to comprehensively evaluate the financial performance of JME(Hunan)Automation Equipment Corp before and after the mixed ownership reform.From the perspective of EVA economic added value on the assessment of enterprise financial performance,after the mixed ownership reform and listing of JME(Hunan)Automation Equipment Corp,the EVA value of the enterprise has greatly increased,which shows that the investment of shareholders has gained opportunity cost benefits through enterprise operation,maximizing the value of shareholders,and the mixed ownership reform has brought vitality to the enterprise.Finally,the conclusion of this paper is drawn from the above analysis process.Through a series of mixed transformation measures,JME(Hunan)Automation Equipment Corp has a positive impact on the financial performance of the enterprise,the capital structure of the enterprise has been improved to a certain extent,and the asset scale of the enterprise has expanded rapidly.However,there are still some problems such as cash flow cutoff and excessive R&D expenditure.Put forward countermeasures and suggestions to enhance enterprises’ financing channels and expand business scope.It has a certain reference significance for the mixed ownership reform of state-owned enterprises of similar water conservancy and electric power,scientific and technological information technology enterprises of JME(Hunan)Automation Equipment Corp Corporation.