Research On The Synergy Effect Of China Unicom’s Mixed Ownership Reform

In 2016,the Central Economic Work Conference proposed that an important breakthrough in the reform of state-owned enterprises is to carry out mixed ownership reform,requiring state-owned enterprises in seven important industries such as telecommunications and civil aviation to take substantive steps in mixed ownership reform.In September 2016,the National Development and Reform Commission designated six state-owned enterprises,including China Unicom,as the first batch of mixed reform pilot enterprises.As an important part of China’s economy,state-owned enterprises play a leading role in the national economy,and the vitality and creativity of state-owned enterprises can be further stimulated through mixed ownership reform.At present,the research on the mixed ownership reform of state-owned enterprises mainly focuses on the motivation,path and impact on financial performance,and there are fewer studies on the synergy effect of mixed ownership reform,and the key to the success of the reform is whether state-owned enterprises and private enterprises maximize their respective characteristics and advantages to achieve deep integration and coordinated development.Therefore,it is necessary to conduct in-depth research on the synergies of mixed ownership reform.On the basis of combing the research results of mixed ownership reform and synergy effects,this paper analyzes the synergy effects of mixed ownership reform from a qualitative and quantitative perspective based on China Unicom,a typical case of mixed ownership reform.The results show that in terms of management synergy,the investor’s human resources were migrated to China Unicom,and the cost control ability and asset management level were improved.In terms of business synergy,the mixed ownership reform has enabled the optimization of the basic and auxiliary operation activities of China Unicom’s value chain,and improved profitability and growth capacity.In terms of financial synergy,the mixed ownership reform has achieved complementarity in the financial resources of China Unicom and investors,strengthened its solvency,and had a positive impact on China Unicom’s capital market and achieved synergy effects.The main contribution of this study is that it not only enriches the research on the effect of mixed ownership reform,but also constructs a synergy evaluation method based on non-financial perspectives and financial perspectives.In addition,the cooperative development model of China Unicom’s innovative business provides new ideas for the high-quality development of state-owned enterprises and the transformation and upgrading of the telecommunications industry.