Effect Evaluation And Path Analysis Of Mixed-ownership Reform In Hangzhou Advance Gear Box Group

For a long time,the status of state-owned enterprises in our economic system is obvious to all.Before the reform and opening up,state-owned enterprises had been conducting planned production,sales and management in accordance with the instructions of the state,but as the change of the times,the original structure and pattern of state-owned enterprises no longer adapt to the rapid development of the market,the lack of some autonomous decision-making power and incentive policies are becoming more and more prominent,resulting in low operating efficiency.The third plenary session of the 14 th Central Committee in1993 proposed that state-owned enterprises should change their operating mechanism and establish a modern enterprise system with clear property rights,clear powers and responsibilities,separate government from enterprise,and scientific management;At the third plenary session of the 18 th Central Committee of the CPC in 2018,state-owned enterprises were encouraged to actively develop mixed-ownership economy and strive to realize the goal of "first-class enterprises with global competitiveness".It can be seen that the reform of mixed ownership,as a breakthrough point of state-owned enterprise reform,is an important opportunity for state-owned enterprises to improve their market competitiveness and achieve high-quality development.With the trial of the mixed-model enterprises one by one,a large number of state-owned enterprises began to explore the way of reform,and the mixed-ownership forms have become increasingly abundant.In contrast,among the various mixed-ownership forms,the way of introducing strategic investors is relatively widely used.This paper chooses Hangzhou Advance Gear Box Group,an old state-owned enterprise,as the research object,and uses a case study method to explore the effect and experience of introducing strategic investors into state-owned enterprises to carry out the mixed-ownership reform.The article is divided into six parts to launch.The first two chapters put forward research issues,and elaborate the related concepts and research achievements since the mixed-ownership reform of state-owned enterprises,this paper reviews the development,motivation,path and effect of mixed-ownership economy,and paves the way for the following case study.The third chapter introduces the whole time line in detail,it focuses on the analysis of the less optimistic operating situation and the weak profit level in the increasingly competitive market environment,and takes this as a starting point to explore the reasons for the mixed-ownership reform.The fourth chapter’s emphasis is placed on the effect of introducing strategic investors,from the market response,financial performance,development prospects and corporate governance,four indicators to evaluate the effect of this reform.The fifth chapter is the result-oriented summary and analysis of this reform,this paper holds that the success of Hangzhou Advance Gear Box Group can not be achieved without such key factors as the design of the remix scheme,the selection of strategic investors and the reasonable pricing of equity,meanwhile,supplementary suggestions are put forward for the deficiencies in this mixed-ownership reform.The last chapter is the conclusion and enlightenment of the study,it mainly summarizes and refines the experience of Hangzhou Advance Gear Box Group.Through the above analysis,this paper draws the following conclusions: In the mixed reform effect,the market responded well to this reform,the financial indicators have been improved,the number of R&D patents has increased,the governance structure has become more reasonable,and the quality of enterprise development has been improved;In the path analysis,Hangzhou Advance Gear Box Group has fully considered its own development needs,selected strategic investors who can truly bring complementary resources and synergy effect to itself,and the amount and price of the transferred equity are reasonable,ensure that the effect of mixed reform while protecting state-owned assets do not run off;In the end,it points out that the mixed-ownership reform of state-owned enterprises only begins,but never ends,the state-owned enterprises should constantly adjust the focus of the reform in light of the problems existing at different stages,and give full play to the lasting effect after the short-term effect,so as to better exert the reform effect for the state-owned enterprises in the future to achieve the business objectives to provide a certain reference.