Research On The Implementing Path And Results Of The Mixed-Ownership Reform Of Local Nationalized Enterprises

The 2020 "Government Work Report" emphasized the importance of in-depth mixed ownership reform.After the accumulation of experience during the 13th FiveYear Plan period,the mixed-ownership reform of state-owned enterprises will inevitably usher in more possibilities during the 14th Five-Year Plan period under the"1+N" policy framework.As an important part of the reform of state-owned enterprises in our country,local state-owned enterprises have made new breakthroughs in carrying out mixed-ownership reforms around the capital market,introducing strategic investors to achieve business synergy,exiting non-primary businesses through property rights transfer,and exploring employee stock ownership.The experience of mixed-ownership reform has profound significance for the future reform of state-owned enterprises across the country.Based on this,the topic of this paper is the research on the implementation strategies and consequences of mixed-ownership reform of local state-owned enterprises.The paper also puts forward corresponding suggestions,which can be used as a reference for the further development of mixed-ownership reform of state-owned enterprises.The main conclusions of this paper:(1)The mixed-ownership reform of local state-owned enterprises should be tailored to local conditions,and the implementation of the strategy cannot be separated from the political support of the government.Local governments should take local characteristics into serious consideration on the basis of the mixed-ownership reform policy at the national level,and establish operable policies in order to truly play a guiding role.(2)When choosing a mixed-ownership reform strategy,enterprises should take their needs into account,because the appropriate mixed-ownership reform path determines the effect of mixed-ownership reform.Stateowned enterprises should choose a matching mixed-ownership reform strategy based on their own development strategies and operating environment,and they are also encouraged to avoid being too aggressive or conservative after considering the needs for institutional transformation at the equity level and corporate governance level.(3)The introduction of strategic investors optimized the governance structure of Jinjiang,improved its operating performance,and helped it acquire industrial resources.(4)The introduction of strategic investors has the dual attributes of equity change and mechanism change.Corporate governance should match the change in equity,carrying out comprehensive changes.Therefore,this paper puts forward relevant suggestions based on the above conclusions,which not only enriches the existing research of the mixed-ownership reform of state-owned enterprises in theory,but also proposes further measures for the current situation of local state-owned enterprises in a practical sense.It also provides the state-owned enterprises with effective suggestions to carry out mixed-ownership reform in the future based on the existing reform practice.