Research On The Corporate Governance Of State-owned Enterprises Under The Mode Of Introducing Strategic Investors

State-owned enterprises play a major role in China’s economic construction and development,but there are some problems in state-owned enterprises,such as unreasonable governance mechanism,insufficient innovation and weak competitiveness,which lead to poor business performance.Since the mixed ownership reform experiment began in 1990 s,state-owned enterprises have gone through several rounds of comprehensive reform experiments.At present,the 14 th plenary session of the Central Committee for Comprehensively Deepening Reform has examined and approved the Three-year Action Plan for State-owned Enterprise Reform(2020-2022),and the mixed ownership reform of state-owned enterprises has entered an accelerated stage.According to the overall deployment of the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission,China Eastern Airlines Logistics has become the first batch of pilot enterprises for the reform of mixed ownership of central enterprises and the first enterprise in the field of civil aviation.Firstly,this paper introduces the research background and significance,studies and refers to the research results of domestic and foreign scholars,defines relevant concepts,and takes the theory of internal controller,principal-agent and stakeholder as the research basis.After analyzing the motivation of introducing strategic investors into China Eastern Airlines Logistics,it is found that there are some problems such as "one share is dominant",the ownership structure can’t check and balance each other,the company hasn’t established the incentive and restraint mechanism for professional managers,and the governance mechanism is not perfect.Then it introduces the basic situation of China Eastern Airlines Logistics and the three stages of its mixed reform,and the strategies of four strategic investors introduced by China Eastern Airlines Logistics.Then,it analyzes the influence of introducing strategic investors on the corporate governance of China Eastern Airlines Logistics from two aspects:governance structure and governance mechanism,and tests whether the introduction of strategic investors in China Eastern Airlines Logistics has a positive effect on the improvement of corporate governance efficiency from two aspects: enhancing enterprise competitiveness and operating performance.Finally,this paper summarizes the conclusions obtained by analyzing the case of China Eastern Airlines Logistics,and puts forward some suggestions for state-owned enterprises to introduce strategic investors and optimize corporate governance.Through analysis and research,it is concluded that the introduction of strategic investors optimizes the ownership structure of China Eastern Airlines Logistics,and all kinds of capital play the role of mutual checks and balances,amplifying the function of state-owned capital,effectively driving the investment of non-state-owned capital,and promoting the sound development of state-owned aviation logistics leading enterprises.In accordance with the company’s modern enterprise management system,the corporate governance structure has been improved,the market-oriented system and mechanism have been established,and the business strategy and governance efficiency of the company have also been improved,initially showing positive effects in market competitiveness and financial performance.At the same time,China Eastern Airlines Logistics has also obtained superior resources from strategic investors,which has improved the development capability of China Eastern Airlines Logistics.The logistics mixed ownership reform of China Eastern Airlines is a mixed ownership reform project led by the National Development and Reform Commission,which is of pioneering significance.I hope that the research in this paper can enrich the literature and provide reference for other central enterprises to promote the mixed ownership reform.