| State-owned enterprises(SOEs)are very important for our country.Pushing on the reform and improving the operating efficiency of SOEs ensure the stable development.Since the reform and open,SOEs in our country have experienced a series of major reforms and make lots of achievement,but also a series of problems.Under the new development situation,the development of mixed ownership proposed by the Party and the state points out the basic direction for the reform of SOEs.With the promulgation of relevant policies,laws and regulations in succession,a large number of pilot companies have started to comprehensively promote the mixed ownership reform and enjoyed the benefits.It is more and more important for mixed ownership enterprises to participate in our economic system.The mixed ownership reform has gradually developed from the simple "mixed ownership" to the "reform" of the governance structure and management mechanism under the coordination of state-owned and private capital,which will be more and more important in promoting the reform of SOEs and the development of the economy.This paper selects Chongqing Department Store as a case to study the whole process of improving corporate governance and optimizing management ability by introducing strategic investors at the level of controlling shareholder Chongqing Commercial Group under the fully competitive industry at maturity stage.Study why SOEs need mixed ownership reform,how to carry out mixed ownership reform and the effect of mixed ownership reform.This paper provides experience and reference for the in-depth development of mixed ownership reform of SOEs.Firstly,this paper expounds the research background,significance,ideas and methods,combs the research process of mixed ownership reform and the related literature and theoretical basis.In the case study,this paper analyzes the motivation of mixed ownership reform of Chongqing Department Store from two aspects of strategic adjustment and governance ability,and then expounds and analyzes the process of mixed ownership reform program design of Chongqing Department Store introducing strategic investors from the controlling shareholder level.In the part of mixed ownership effect analysis,this paper summarizes the changes of ownership distibution,the constitution of governance and management,incentive system after the reform,and analyzes the effects of supervision and balance,incentive effect and synergistic effect of business and resources brought by these changes in order to improve the business performance.At the same time,The business performance and capital market reaction after the reform is also evaluated.According to the content mentioned above,this paper generates the following conclusions: Firstly,the mixed ownership reform of Chongqing Department Store is a necessary measure made by the company under the macro background,industry background and its own actual background;secondly,after the mixed ownership reform,the equity structure,board of directors,management structure and incentive mechanism of Chongqing Department Store have undergone major changes,which ultimately promote the growth of the company’s performance;thirdly,the mixed ownership reform has fully improved the operating data of Chongqing Department Store,and the company’s operating resilience in the background of covid-19 outbreak has substantially increased.Eventually,this paper makes some suggestions for the mixed ownership reform.First,we should make clear the cause of mixed ownership reform of SOEs and determine the appropriate mix path;second,we should focus on the ameliorating of corporate governance capacity in the mixed ownership reform;third,SOEs should actively make use of the business and resources of private strategic investors to achieve synergies. |
