| The third Plenary Session of the 18 th CPC Central Committee proposed "actively developing mixed ownership economy",explicitly encouraging the equal status of nonpublic and public sectors.At present,the mixed-ownership reform of state-owned enterprises in China has entered a stage of comprehensive acceleration.The effect of the mixed-ownership is becoming more and more obvious,but there are also some misunderstandings.As one of the leaders of mixed-ownership reform of state-owned enterprises in Chongqing,Chongqing Department Store Co.,Ltd.successfully withstood the impact of the epidemic after introducing strategic investors,and the process is very representative.Based on the above background,this paper intends to study the impact of mixed-ownership reform on the financial performance of enterprises and how to affect the company’s financial performance through specific ways.In order to study the above problems,this paper mainly adopts case analysis and takes the case of Chongqing Department Store Co.,Ltd.as the research object.This paper first defines the key concepts such as mixed ownership and corporate performance,expounds the theoretical basis of this paper,and summarizes the main paths of how mixed-ownership reform affects corporate financial performance.Second on specific case to analysis,this paper briefly introduces enterprises which participates in the mixedownership reform and the whole process of the reform.Then the paper analyzes how to influence Chongqing Department Store Co.,Ltd.of financial performance by improving decision-making efficiency from optimizing equity structure,business cooperation with strategic investors and absorbing experience of private enterprises to establish a mechanism of employment.Thirdly,the paper evaluates the changes of financial performance of Chongqing Department Store Co.,Ltd.after the mixed-ownership reform,using EVA value analysis method,financial index analysis method and DEA analysis method respectively.Finally,based on the analysis result,this paper puts forward the experience and enlightenment in the case that can be used for reference.The paper also mentions the suggestions that can improve the performance of the company after the mixed-ownership reform.From the perspective of the changes in financial performance,the result of mixedownership reform is positive.After the mixed-ownership reform,the profitability and stability of Chongqing Department Store Co.,Ltd.has been improved by introducing digital transformation experience and integrating retail resources in Chon gqing.The input-output efficiency analysis based on DEA method shows that the enterprise operating efficiency of Chongqing Department Store Co.,Ltd.began to increase in 2019,which is the time point of mixed-ownership reform.Overall,mixed-ownership reform has significantly improved the efficiency of internal governance and resource investment of the company.This paper comes to the conclusion that mixed-ownership reform is beneficial to the decentralization of the rights of major shareholders of Chongqing Department Store Co.,Ltd.,and reduces the cost of shareholders to understand the company’s operating conditions.Heterogeneous shareholders’ appointment of members of the shareholders’ committee brings diversified opinions to the daily operation decision-making,which is beneficial to improve the decision-making efficiency.At the same time,the mixedownership reform can optimize the allocation of resources,and the introduction of strategic investors also provides more external resources for Chongqing Department Store Co.,Ltd.,laying a solid foundation for the company’s future development.The suggestions of this paper are as follows: first,state-owned enterprises should fully consider the selection of strategic investors and the relevant qualifications of strategic investors.Second,after the introduction of strategic investors,heterogeneous shareholders’ shareholding ratio should be reasonably arranged.A reasonable shareholding structure can eliminate the problems of high agency cost and undifferentiated administrative operation of state-owned enterprises to some extent.Third,the reform of mixed-ownership is not only to achieve mixed capital,but also to fully improve the efficiency of private enterprises by absorbing the experienc e of private enterprises. |
