Analysis On Synergy Effects In The Reform Of Mixed Ownership

With the development of global economy and upgrading of socialist economic structure,long-standing and underlying problems of state-owned enterprises have been increasingly emerging,therefore,they couldn’t play its leading role in the economic development.In order to improve the development of the state-owned enterprises and utilization of its resources,and strengthen its influences and competitiveness,the SOE mixed ownership reform comes into being.Through several rounds of reform,their operational quality has been improved,however,the phenomenon of “only mixing but no reform” still exists,meanwhile,Chinese economy is at a crucial stage of transition from high-speed growth to high-quality development,and the advancement of the reform and the adjustment of the structure of the state-owned economic distribution put forward a new and higher demand to the reform of state-owned enterprises,so to sum up effects and experience of mixed reform in state-owned enterprises and deepen the reform of mixed ownership actively and prudently is one of the most important tasks at present.Based on the theories of synergy effects,stakeholder,strategic alliance,resources dependency,and corporate governance,this thesis takes Eastern Air Logistics as research subject.Firstly,this thesis examines the “three-step” developing process of Eastern Air Logistics’ mixed ownership reform--share transfer,equity capital increase,and restructuring and listing;Secondly,this thesis analyzes the approach to realize the synergy effects of the reform from three aspects of management synergy,operating synergy,and financial synergy;Thirdly,with the application of the contrast analysis method,this thesis comprehensively examines and analyzes the synergy effects of the reform from the three aspects of financial performance,EVA,and non-financial performance respectively;Lastly,this thesis draws a conclusion and offers suggestions regarding the government and the enterprise.The research results show that the synergy effects of the reform have a positive impact on the development of Eastern Air Logistics.Firstly,from the aspect of management synergy,through introducing strategic investors and implementing employee stock ownership plan,Eastern Air Logistics has established the market-oriented modern corporate system and the incentive mechanism,so as to improve its management efficiency and operating efficiency;Secondly,from the aspect of operating synergy,through resources allocation and integration between state-owned capital and non-state capital,it has promoted industries upgrading of Eastern Air Logistics and innovation of its business models,therefore,it has enhanced its core competitiveness;Thirdly,from the aspect of financial synergy,through infusing nonstate capital,it has optimized its capital structure,and increased its disposable capital of innovation and investment,which could contribute to maintaining stability and sustainability of its development.The innovative point of this thesis is introducing the theory of synergistic effect into the study of mixed reform of state-owned enterprises,and analyzing the path and effects of the reform from three different aspects of management synergy,operating synergy,and financial synergy,meanwhile this research of the thesis hopefully provides useful experiences and inspiration for reference for those enterprises in their mixed ownership reform in the future.