Study On The Motivation,Path And Performance Of The Mixed Ownership Reform Of State-owned Enterprises

In China’s market economy system,state-owned capital is an important component,and this kind of companies have been the pillars of China’s economy.These companies have been obtained strong power to affect the national economy,and have played an important role in the national economy construction.It is urgent for this kind of companies to carry out ownership reform in order to eliminate the inherent shortcomings and gain a favorable position.From the other perspective,the PV industry,with its ambition of "carbon neutrality and carbon peaking" as one of the most promising clean energy sources,is sure to have a bright future,and the support of the policy is constantly increasing,and its downstream semiconductor industry has also attracted new growth.The case company selected in this paper,Zhonghuan Co.,Ltd.,is a local state-owned enterprise under the management of the Tianjin Government,and is also a representative company in the semiconductor and photovoltaic industries.As a result,its mixed reform experience has good reference significance.This paper begins with the description of the background and significance of this research,then introduces a synopsis of pertinent literature.The concepts and theoretical foundation of this paper are then presented,with the case chosen is then introduced.In the next part,this paper starts with the describe of Zhonghuan Co.,Ltd.and the strategic investor TCL,and then the motive and the way of the mixed reform are described,and then analyze and evaluate the performance after the mixed reform from both financial and non-financial perspectives.Based on the financial performance,this paper analyzes the changes of enterprise’s four main abilities by means of financial indicators and horizontal and vertical comparison.Meanwhile,the EVA index is also used to analyze the enterprise’s ability to create value.Among non-financial performance,in order to analyze the performance changes after the equity restructuring from all angles,this paper focuses on the innovation ability,shareholding structure and market share changes of enterprises.Finally,based on the analysis results,this paper evaluates the performance changes of this mixed reform and gives some relevant suggestions.The study found that the solvency and operating capacity have both improved compared with before,and profitability and capacity to develop have shown a considerable increase.Research based on the EVA indicates that the company has improved its value creation ability and generated positive economic benefits through mixed reform.In addition,in the process of mixed ownership reform,the company’s shareholding structure has been improved by involving shareholders representing different interests in management.At the same time,the company’s R&D funds and R&D personnel continue to grow,and its innovation ability has been greatly improved.It also has a significant increase in production capacity and operating income,leading to a expanding market share.To summarize,Zhonghuan Co.,Ltd.has achieved positive financial and non-financial benefits through the mixed ownership reform.