Research On Financial Performance Of Mixed Ownership Reform Of State-Owned Listed Enterprises

State-owned Enterprises(SOEs)are the mainstay of China’s national economy and play a pivotal role in promoting the China’s reform and development,and safeguarding the common rights and interests of the people.In order to improve the corporate governance structure of SOEs,strengthen the market competitiveness and stimulate the effectiveness of human resources,China has actively promoted the mixed ownership reform of SOEs.Some SOEs have actively evolved in the process of mixed ownership refom based on their own features,and have developed their own plans to the reform.At present,China is in a critical period of SOE reform,and 70%of the first three batches of enterprises participating in the pilot of mixed ownership reform have basically completed the tasks.Some enterprises try to further deepen the process of mixed reform and consolidate their results.Whether the market financial performance of the reformed enterprises reaches the expected effect affects the direction and plan of future reform.This Paper presents a case study of China Unicom,the first batch of mixed Ownership Reform of SOEs.Taking the second mixed-ownership reform of China Unicom in November 2022 as the entry point,this Paper summarized the information and data of the second mixed-ownership reform of China Unicom on the basis of the research theories and achievements of domestic and foreign experts on mixed ownership,mixed ownership reform and the relationships between mixed ownership and financial performance.The Paper focuses on the background of the mixed-ownership reform,the plans and measures of the two mixed-ownership reform and the comparison of its impact.This Paper used the methodology of Event Study to analyze the impact of mixed ownership reform on short-term financial performance,indicating that mixed ownership reform can improve the governance structure of enterprises,optimize the financial performance of enterprises and improve the market performance.Secondly,it puts forward reasonable suggestions on how to improve the financial performance of the SOEs implementing the mixed ownership reform.The Paper hopes to provide the critical thinking and reference value for the mixed ownership reform for the SOEs in the future.