| Mixed-ownership reform is an important measure to reinvigorate the market of soes and achieve high-quality economic development.Since 2016,the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission of the State Council have been spearheading the pilot of the mixed-use reform of state-owned enterprises,particularly since.In June 2020,the Three-year Action Plan for the Reform of State-owned Enterprises(2020-2022)was released,thus accelerating and upgrading the mixed-use reform of state-owned enterprises,ushering in a new era of "reform" through "mixed-use".At the 20 th National Congress of the Communist Party of China,a new strategic plan was formulated to bolster,improve,and expand state-owned assets and enterprises.At present,numerous businesses remain in the "substantial" alteration of state-owned enterprises.The ownership structure is altered,yet the business model remains unchanged.The policy of promoting "reform" by "mixing" has not been further implemented,and the operating conditions of enterprises have not been significantly improved.Reviewing previous studies,it can be found that most scholars focus on the research perspective of state-owned enterprise mixed-ownership reform in manufacturing soes,while few scholars study the mixed-ownership reform of state-owned capital investment companies.The distinction between state-owned capital investment companies and general manufacturing enterprises in the mixed reform is determined by the industry characteristics and special mission of the enterprises.The "anatomy sparrow" study of the mixed reform of state-owned capital investment companies has significant implications for other similar enterprises in the mixed reform.Based on this,this paper takes a local state-owned capital investment company in Shandong Province,where the author participated in and practiced the whole process of the reform,as an example.This paper examines the effect of the reform on the performance of state-owned capital investment companies,summarizes the experience and lessons,and endeavors to offer advantageous direction for similar firms to join in the reform.This paper contains seven chapters.The first delves into the background and importance of the examination of state-owned enterprise mixed reform,introducing the research techniques and concepts.Chapter two then summarizes and examines the related prior literature.The third chapter introduces the concept and theoretical basis of the article.The fourth chapter focuses on the construction of the case company performance index evaluation system.The fifth chapter introduces JT Investment Company,and then focuses on the analysis and introduction of JT Investment company mixed reform reasons and the completion of mixed reform.The sixth chapter focuses on the impact of mixed ownership reform of JT Investment Company on enterprise performance(financial performance and non-financial performance).This paper’s shortcomings are highlighted in the seventh chapter,which summarizes its conclusion..This paper’s main conclusions are drawn from the case study.First,under the current situation,the participation of mixed state-owned investment companies to solve their own development problems provides new ideas.State-owned investment companies are limited by their own systems and mechanisms,and have weak internal driving force to break through their own development bottlenecks.By participating in the mixed-culture reform,they can realize "fighting wars by means of soldiers" and "climbing stairs by means of ladders" to accelerate their own development.The introduction of suitable strategic investors has had a direct effect on the financing climate of businesses.Three years after the outbreak and the repercussions of the global economic downturn,the majority of state-owned investment firms have encountered difficulty and cost in obtaining financing.The most direct advantage of participating in the mixed reform is to bring financing for enterprises.Third,the mixed reform has improved the performance of investment companies.By analyzing the financial data and practice before and after the JT Investment Company’s mixed reform,it can be seen that the mixed reform not only improves the profitability of JT Investment Company,but also improves the overall operation efficiency of the company.The case of JT Investment Company’s mixed reform provides the following reference for the next development of state-owned investment companies: First,when introducing strategic investors into the mixed reform of state-owned enterprises,they should closely combine their own business characteristics to seek high-quality partners.While bringing cash flow to the company,it can also learn from its advanced management and operation philosophy,and enjoy the high-quality resources of strategic investors in the same industry.In addition,preferential selection of manufacturing enterprises with industrial advantages is also conducive to state-owned investment companies to carry out industrial investment and train professional talents in the later stage.Secondly,if state-owned capital really wants to grow bigger and stronger,the government must streamline administration and delegate power,and gradually change from "managing assets" to "managing capital".From the perspective of profit-driven capital market,market-oriented investment institutions often take arbitrage as the purpose of investment,which is not conducive to the long-term development of invested enterprises.Without decentralization of power,state-owned investment companies will lose their advantages in market competition and their mission of promoting industrial upgrading and transformation will be difficult to achieve.Therefore,local governments should be willing to delegate power to state-owned investment companies and return business decision-making power to enterprises,so as to truly mobilize and release business vitality,accelerate the development of state-owned capital and promote the implementation of national strategies. |
