| The development strategy to deepen state-owned enterprises’ reform emerged against the backdrop of China’s economic transition.The mixed-ownership reform of state-owned enterprises has gradually become an important breakthrough to promote the high-quality development of China’s economy.Shanxi Fenjiu,as the first mixed-ownership reform enterprise in Shanxi Province,has achieved rich achievements through reform.Therefore,it is of reference significance to study the mixed-ownership reform of Shanxi Fenjiu.Shanxi Fenjiu as the research object,the analysis of Shanxi Fenjiu reform background,motivations,and ways.Shanxi Fenjiu in the positive response under the policy,to improve the efficiency of the company,product,market development,the improvement of corporate governance as the goal,the all-round reform of the company.By introducing strategic investors,implementing equity incentives,integrating enterprise resources,and innovating mechanisms and systems,the company achieves its reform goals.Then,the market performance of Shanxi Fenjiu when introducing strategic investors is analyzed by using the event study method.Index analysis method and factor decomposition method are used to analyze the financial performance of Shanxi Fenjiu mixed reform.At the same time,from the enterprise management ability,market development,enterprise and customer relationship and the analysis of the core competitive ability of the non-financial performance of the reforms.According to the result analysis,it is concluded that the mixed-ownership reform has no obvious impact on the market performance of Shanxi Fenjiu,but significantly improves its financial performance in terms of profit,value creation and sustainable growth.Non-financial performance,through the strategic investors to join in the equity structure and corporate governance to solve because of its disadvantages of equity structure in the past.At the same time,by integrating strategic resources,Huachuang Xinrui reelected the board of directors and selected the management,thus improving the company’s governance structure and enhancing its governance ability.Shanxi Fenjiu has made remarkable achievements in expanding overseas markets and achieved good results in the liquor high-end market.Shanxi Fenjiu’s dependence on big customers is reduced.Human and financial resources were invested in R&D to promote the commercialization of research results in various areas.Employee recruitment management norms promote the formation of a professional talent team,the introduction and implementation of an equity incentive plan,stimulate the enthusiasm and development potential of core employees.The improvement of research and development ability and the construction of a talent team drive the improvement of the core competitiveness of enterprises.In response to the above analysis,the following insights are drawn,that the choice of strategic investors should be closely dependent on the strategic development needs of the company.Be cautious and choose the partner in relation to its situation.Institutional innovation in marketing mechanisms to address the shortcomings of our own marketing.Adequate and reasonable financial incentives will stimulate employee motivation and potential.Focusing on the core business of business development and highlighting the benefits of this core business.Pay attention to the improvement of the corporate governance mechanism structure.To provide some reference for other enterprises... |
