Research On The Influence Of The Board Power Of Strategic Investors On The Performance Of Mixed Reform Of Northeast Pharmaceutical

The 20 th National Congress of the Communist Party of China clearly stated that highquality development is the primary task of comprehensively building a modern socialist country.We should continue to deepen the reform of state-owned assets and enterprises,accelerate the optimization of the layout and structural adjustment of the state-owned economy,promote the strengthening,optimization,and expansion of state-owned capital and state-owned enterprises,and enhance the core competitiveness of enterprises.As the economic entity of socialism with Chinese characteristics in the new era,state-owned enterprises should become the "leader" in promoting the high-quality development of China’s market economy.By completing the reform of mixed ownership,state-owned enterprises integrate the advantages of state-owned and non-state capital,improve their corporate governance structure,strengthen their resource allocation capabilities and decision-making efficiency,promote their integration into the wave of marketization,and form their core competitiveness with value,uniqueness,extensibility,durability,and dynamism.In the process of mixed ownership reform of state-owned enterprises,giving strategic investors the actual control to participate in the daily operation and management of stateowned enterprises can help solve the problems existing in the current governance structure of state-owned enterprises,while effectively improving the decision-making efficiency of state-owned enterprises and improving the performance of mixed ownership reform of stateowned enterprises.As the core institution promoting strategic decision-making and future development planning of enterprises,the discussion of the power of the board of directors has attracted the attention of many scholars in the field of corporate governance.Strategic investors can participate directly in corporate governance practices by obtaining the power of the board of directors to better play their due role.Therefore,based on the actual situation of state-owned enterprises,this article discusses the impact of the board power of strategic investors on the performance of state-owned enterprise hybrid reform,and clarifies the mechanism of the board power of strategic investors in state-owned enterprises,with a view to providing reference for the subsequent allocation of the board power of strategic investors and the further optimization of state-owned enterprise hybrid reform models.Starting from the perspective of board power of strategic investors,this article selects Northeast Pharmaceutical as the research object,using the analytical method of case study,and based on theories such as principal-agent theory,synergy theory,and strategic alliance theory,to study the specific changes and improvements in three major aspects of the corporate equity governance mechanism,directors,supervisors,and senior management mechanism,and information disclosure mechanism before and after strategic investors acquire board power,Deeply analyze the functional mechanism of the power of the board of directors of strategic investors.On this basis,using analysis tools such as event research and factor analysis,we calculated and compared the changes in the performance of mixed reform of Northeast Pharmaceutical from the perspectives of short-term and long-term performance of enterprises,and made it clear that the realization of the power of the board of directors of strategic investors has effectively improved the performance of mixed reform of state-owned enterprises.Summarizing the successful experience of this mixed reform,this article draws the following conclusions:(1)Before the mixed reform,state-owned enterprises should first clarify the development status of the enterprise,and formulate appropriate mixed reform plans and models;(2)In order to give full play to the resource advantages of strategic investors,mixed reform of state-owned enterprises should consider allocating corresponding board powers for strategic investors;(3)Relying on the power of the board of directors of strategic investors,promote the deep integration of state-owned and non-state enterprises from "mixed capital" to "mixed resources".