Study On Mixed Ownership Reform And Performance Evaluation Of Northeast Pharmacy

At present,the state-owned enterprises after several times of reform and fall into a new development dilemma,so that the mixed ownership reform is imperative.Previous studies on the logic of state-owned enterprise mixed reform and performance evaluation mainly started from the governance structure,and few explored from the perspective of shareholder resources.The traditional principal-agent theory simply regards shareholders as financial investors and takes the ownership structure based on "financial capital" as the only standard for the allocation of control rights.However,there are also non-financial resources such as shareholders’ organizational resources and intangible resources that are invested into the enterprise along with financial resources.The indivisibility of non-financial resources and individual shareholders also makes the allocation basis of corporate control rights shift from "financial capital" to "shareholder resources",which provides a new perspective for the study of mixed ownership reform.Based on the theory of property rights,resource-based theory and resource-dependence theory,and from the perspective of shareholder resources,this paper mainly uses the analysis method of case study to explore the enterprise performance and value creation path of Northeast Pharmaceutical Group Co.,Ltd.after the mixed reform.In 2018,Northeast Pharmaceutical Group Co.,Ltd.started the mixed reform at the group level through the mode of "introducing strategic investors+ employee shareholding".Due to the existence of non-financial resources,strategic investors have stronger motivation and ability to participate in management than financial investors.After the mixed reform,Liaoning Fangda Group Industrial Co.,Ltd.takes the shareholder resources behind it to participate in the allocation of corporate control,and plays the governance effect as the intermediary.With the help of mixed reform,Northeast Pharmaceutical Group Co.,Ltd.has formed unique resource advantages and competitiveness by integrating the complementary resources of private shareholders and state-owned shareholders,and exerted the value added advantages of the company’s resources through the well-ordered governance among major shareholders.The analysis shows that Northeast Pharmaceutical Group Co.,Ltd.has a good performance in market performance,financial performance and non-financial performance after mixed reform.This paper draws the following conclusions:(1)Shareholder resources include financial resources and non-financial resources,both of which participate in the allocation of corporate control rights;(2)Shareholder resources always run through the whole process of the mixed ownership reform of Northeast Pharmaceutical Group Co.,Ltd.;(3)State-owned enterprises absorb shareholders’ resources by introducing strategic investors and employee stock ownership plans,and resources coordinate to promote the comprehensive performance of enterprises;(4)After the mixed reform,scientific integration of shareholder resources to promote synergy effect.In fact,the mixed reform is the restructuring of the ownership structure,but also the play of the aggregate effect of various shareholders’ resources.From the perspective of shareholder resources,this paper explores the synergistic governance effect of shareholder resources in the process of mixed reform.It can increase the research on the mixed ownership reform of state-owned enterprises from this perspective in existing theories,which is conducive to expanding the understanding of the mixed ownership reform on the basis of a comprehensive understanding of the shareholder relationship,and provide experience and reference for the subsequent mixed ownership reform enterprises.