Research On The Motivation And Effect Of Northeast Pharm Mixed Ownership Reform

In recent years,mixed ownership reform has become a key issue in the reform process of China’s state-owned enterprises,and there have been several batches of state-owned enterprises piloted first,with initial dividends of mixed ownership reform showing.Northeast Pharm,as a state-owned enterprise,has made poor profits for several years,but its business situation has improved significantly after the mixed ownership reform in 2018.Therefore,this thesis focuses on the motivation of mixed ownership reform and the effect of mixed ownership reform on the corporate governance structure,incentive mechanism and corporate performance,aiming to interpret the impact of Northeast Pharm mixed ownership reform by exploring the details of the mixed ownership reform.This thesis adopts the method of combining theoretical analysis and case analysis.The theoretical analysis part introduces the concept of mixed ownership reform,the development process of mixed ownership reform,the mechanism of mixed ownership reform and related theories.In the case analysis part,the thesis firstly introduces the basic situation of Northeast Pharm and China Fangda Group.Secondly,it combs the process of Northeast Pharm mixed ownership reform in detail.Next the thesis carries on the motivation analysis from the system background and the operation status of Northeast Pharm.In effect analysis,this thesis focuses on the effect of mixed ownership reform on corporate governance structure,incentive mechanism and corporate performance.Through the case study,the thesis found that the motivation for Northeast Pharm to participate in mixed ownership reform is that the state and local governments vigorously promoted it,that the second is to get rid of business problems,that the third is to expand financing channels,and that the fourth is to optimize the corporate governance mechanism.On the effect of mixed ownership reform,first is the impact on the corporate governance structure.After the mixed ownership reform,the ownership structure of Northeast Pharm is more scientific,the equity is diversified and moderately concentrated,the equity balance effect is improved,and the board structure,supervisory board structure and the senior management structure is more reasonable.However,with the continuous shareholding of China Fangda Group,the equity balance degree has declined.Second is the impact on the incentive mechanism.After the mixed ownership reform,the new employee shareholding plan and adjust monetary compensation and welfare policies.Third is the impact on corporate performance.Through event study found that the mixed ownership reform caused a positive reaction in the stock market.Through the financial index analysis,it is found that the mixed ownership reform has improved the performance of Northeast Pharm,but there is still shortterm debt paying pressure.Through the principal component analysis and the introduction of the data of the same industry for horizontal comparative analysis,the results are consistent with the results of the financial index analysis,and it is found that the industry ranking of Northeast Pharm has increased after the mixed ownership reform,which more effectively proves that the mixed ownership reform has improved the performance of Northeast Pharm.Finally,according to the conclusion of the thesis put forward six inspirations: one is to achieve strategic synergies;second,comprehensively optimize the corporate governance structure;third,establish market-oriented incentive mechanism;fourth,reduce the risk of corporate debt;fifth,strengthen the state-owned capital supervision mechanism;sixth,improve the legal system of market operation.It is hoped that the research in this thesis can provide reference for other enterprises that promote mixed ownership reform.