Research On The Performance Of Mixed Ownership Reform Of Construction Machinery

With the gradual improvement of the market-based economic system,state-owned enterprises have become an irreplaceable and important part of China’s economic development.Both the 19 th National Congress and the 20 th National Congress has clearly pointed out that it is necessary to vigorously develop the mixed ownership economy,deepen the reform of state-owned enterprises.Therefore,Studying the reform of mixed ownership in state-owned enterprises has important theoretical significance and research value.Construction Machinery was included in the first batch of state-owned enterprise mixed-ownership reform pilot enterprises in Shanxi Province,and it was also the first pilot enterprise in the field of engineering machinery mixed-ownership reform,which has a demonstration effect and reference significance.This article selects the case of the mixed-ownership reform of Construction Machinery for research.Analyze the impact of the "mixed reform" of construction machinery on its performance before and after the reform and on the overall development of the company.Firstly,the research background and significance of this case are summarized,and the concepts of mixed ownership reform,merger and reorganization are defined.The theoretical basis of the case study and the research status at home and abroad are discussed.Secondly,the case of mixed ownership reform of Construction Machinery is introduced to sort out the motives and paths of the mixed ownership reform,and explore the paths affecting the performance of construction machinery enterprises from five aspects: equity structure,governance structure,incentive mechanism,strategic layout,and risk prevention and control.Second,the event study method is used to measure the capital market’s response to the enterprise’s mixed ownership reform.The financial indicator method and projection tracing method are used to analyze the changes in the financial performance of the enterprise before and after the mixed ownership reform from multiple perspectives,as well as the quantitative and qualitative analysis of construction machinery combined with non-financial performance.Finally,draw the following conclusions: First,the mixed ownership reform of construction machinery conforms to the requirements of national policies and industry development,and has been strongly supported by local governments,which has significantly enhanced the governance capacity and core competitiveness of enterprises.Second,the mixed ownership reform has a positive impact on the short-term performance,long-term performance,enterprise innovation capability and development potential of construction machinery.Third,Construction Machinery has merged and reorganized complementary private enterprises through asset restructuring and mixed ownership reform,which has formed synergy effect and scale effect,optimized ownership structure and governance environment,and improved the resource allocation rate of the company.It is hoped that the case study of Construction Machinery will provide reference for the mixed ownership reform of similar state-owned enterprises.