Research On The Motivation And Effect Of Mixed Reform Of State Owned Enterprises

The The 20 th Party Congress clearly pointed out the need to deepen the reform of state-owned capital and state-owned enterprises,accelerate the optimization of the layout and restructuring of the state-owned economy,promote state-owned capital and state-owned enterprises to become stronger,better and larger,and continuously improve the core competitiveness of enterprises.This reflects the country’s emphasis on the reform of state-owned enterprises in the context of the new era.Air logistics industry competition is becoming increasingly fierce,for a long time,domestic air cargo companies in a competitive position of disadvantage and meager profits.The Civil Aviation Administration has repeatedly pointed out that China’s air logistics industry should further promote the structural reform on the supply side and realize the transformation and upgrading of economic structure to achieve high-quality development.In this context,Eastern Air Logistics has seized the opportunity to start its hybrid reform,actively introducing non-state capital and implementing employee shareholding and restructuring and listing,and finally achieved good results.Therefore,this paper analyzes the motivation and implementation effect of the mixed ownership reform of state-owned enterprises with certain reference to the example of Eastern Airlines Logistics.Firstly,this paper identifies the research direction of this paper and formulates the overall research idea from the research background.Secondly,this paper compares the domestic and foreign literature on the causes,modes and effects of hybrid reform,and constructs the impact mechanism of the implementation of hybrid reform on the corporate performance of SOEs based on principal-agent theory,synergy theory and incentive theory.Again,this paper compares the development history of hybrid reform in China and analyzes the current situation of hybrid reform development as well as the current situation of industry development.Then,this paper introduces the basic situation of the case company and the history of the mixed reform and analyzes the reasons for the mixed reform and the specific paths of the mixed reform to influence the performance of the company around this case.Finally,this paper uses financial indicators and comprehensive performance analysis to evaluate the effect.the study found the following conclusions: First,the motivations for the implementation of the reform were the motivations for deepening the reform of state-owned enterprises,the motivations for improving governance efficiency,the motivations for enhancing financial capability,and the motivations for improving corporate performance.Secondly,the following three paths are: optimizing the governance structure and reducing agency costs;promoting various synergies and improving the core competitiveness of the enterprise;and motivating employees and promoting the long-term development of the enterprise.Thirdly,through the analysis of financial indicators,it is found that the indicators of profitability,solvency,operating capacity and development capacity of the case enterprises have a relatively obvious growth trend after the mixed reform;through the calculation of entropy value method,it is found that the mixed reform has a positive promotion effect on the comprehensive performance of the case enterprises.Therefore,this paper concludes that the implementation of the mixed reform has played a positive role in improving the enterprise performance.Finally,based on the case study,this paper proposes the following recommendations: first,guarantee the voice of non-state equity,ensure the active participation of non-state shareholders and improve the governance structure.Second,select strategic investors according to the company’s development strategy and choose the strategic investor that best meets the current situation of the enterprise’s development,so that state-owned and non-state-owned shareholders can effectively integrate resources,reach long-term and stable cooperative relationships,and achieve operational synergy.Third,on the basis of implementing employee stock ownership plan also explore diversified and standardized incentive methods to actively enhance employee initiative and innovation ability,thus improving the core competitiveness of the enterprise.