Research On The Motivation,Path And Economic Consequence Of Jianghang Equipment Mixed Ownership Reform

In recent years,the central government has issued a series of policy documents to promote the reform of state-owned enterprises and promote the transformation and upgrading of state-owned enterprises.Under the guidance of the policy,various reform measures have come out one after another,among which "mixed-use reform of state-owned enterprises" has emerged in many programs and become the main direction of state-owned enterprise reform.Key state-owned enterprises in monopolized fields such as electricity,natural gas and military industry have responded to the call of the state by actively applying for pilot projects of mixed-use reform.Among them,the military industry has always been highly controlled by state-owned capital because it involves national defense guarantee and national security.Therefore,although the mixed reform of military state-owned enterprises is extremely important,the case is rare.Based on this,the author selects Jianghang Equipment,the leader of the military industry’s mixed reform,as the case object of this paper,by combining various indicators,the author analyzes and studies its mixed reform plan and implementation effect,in order to enrich the relevant cases of military industry’s mixed reform,and provide some references for the military state-owned enterprises that carry out the subsequent mixed reform,to help them deepen the effect of mixed reform and improve the reform efficiency.First of all,by referring to and sorting out the research results in the field of mixed ownership reform at home and abroad,this paper defines the direction of writing with motivation,path and economic consequences as the chain.Secondly,it explains the meaning of mixed ownership and strategic investors.At the same time,under the guidance of the principal-agent theory,stakeholder theory and property right theory,it clarifies the mechanism of mixed ownership reform.Thirdly,after retrospecting the development history of river and navigation equipment,taking the internal and external environment of its mixed reform as the entry point,the specific causes of its mixed reform are analyzed.It is found that the external motivation of the mixed-ownership reform of Jianghang equipment is mainly the policy support of state-owned enterprise reform and the promotion of military-civilian integration development strategy,while the internal motivation is mainly the desire to improve corporate governance,stabilize core talents,absorb development funds and improve business performance.In view of the above motivation,Jianghang Equipment has developed a multi-path parallel mixing reform scheme.Through the analysis of its mixed reform plan,this paper summarizes the specific path of Jianghang equipment mixed reform,including focusing on the main business,introducing war investment,employee shareholding and overall listing.Then,based on the motivation and path for Jianghang Equipment to implement the mixed reform,this paper explores the impact and effect of the mixed reform from the aspects of corporate governance,fund raising,financial performance and corporate value,and makes an in-depth analysis on the causes of the economic consequences of the mixed reform.Finally,through the case summary,the conclusions of this paper are drawn,At the same time,some suggestions are put forward:(1)Based on their own positioning,implement mixed reform by classification;(2)Choose the path of mixed reform according to the actual situation.(3)Clarify the development strategy and introduce adaptive investment.