| In recent years,China’s economy has entered the development transformation from high-speed growth to high-quality growth.At the same time,the reform of state-owned enterprises has also entered the stage of deepening reform.In order to solve the downward pressure of the economy,the release of the potential of state-owned enterprises is particularly important.It can not only realize the high-quality development of state-owned enterprises,but also maintain and increase the value of state-owned assets,so as to drive the transformation and upgrading of various industries and economic development,which also makes the reform of state-owned enterprises become the hot spot and main direction again.Even in 2020,when the global economy was unstable and COVID-19 broke out,China’s mixed reform has been steadily advancing and has been actively subscribed by many strategic investors.China Eastern Airlines Logistics Co.,Ltd.(hereinafter referred to as China Eastern Airlines logistics)is the "first sample" of China’s civil aviation mixed reform and the first batch of state-owned enterprise pilot projects for mixed ownership reform in China.It dares to be the first person to eat crabs.In the process of reform,it actively explored the reform mechanism and formulated its own reform strategy,which not only completed the equity diversification,but also introduced suitable private capital and promoted the equity incentive mechanism of employees.Finally,it was listed in the A-share market in 2021,becoming the first central enterprise to complete the mixed reform in a sense.This paper selects China Eastern Airlines logistics as a case study to improve the research on the mixed reform of state-owned enterprises in practice from the perspective of micro individual cases.One belt,one road,the other is Internet plus logistics.First,it introduces the development,motivation analysis and influencing factors of the mixed transformation in China.Then it briefly describes the development opportunities of "one belt and one road" and the development of the domestic logistics industry under the background of "Internet +" logistics integration.It also analyzes the reasons for the mixed transformation of China Eastern Airlines and the three step strategy of "equity transfer,capital increase and stock expansion,restructuring and listing" in five years.Describe the operation status of the company and its development in recent years.According to the motivation and reform situation,select appropriate financial data for index analysis,analyze from the aspects of debt repayment,operation,profitability and development ability,and then establish EVA model to calculate the economic added value of enterprises.Through more intuitive comparison,we can see the actual financial impact of mixed reform.Through the analysis of this case,it can be seen that the mixed reform of China Eastern Airlines logistics plays a positive role in the development of enterprise financial performance.After introducing strategic investors with complementary advantages,China Eastern Airlines logistics integrates various high-quality resources,greatly improves its solvency,operating income and profitability,and improves its costs and expenses to a certain extent.Therefore,when introducing strategic investors into the mixed reform of state-owned enterprises,we should carefully select suitable and mutual aid investors according to our own needs,so as to achieve a win-win situation.After the overall analysis,it summarizes and evaluates the mixed reform system and effectiveness of the enterprise,so as to provide reference for the follow-up mixed reform and strategy of state-owned enterprises. |
