Research On The Influence Of Control Arrangement On Enterprise Financial Performance Under The Background Of Mixed Ownership Reform

At the 20 th National Congress of the Communist Party of China,General Secretary Xi Jinping point out that the socialist system with Chinese characteristics is becoming more mature and established.As an important component of the socialist system with Chinese characteristics,the state-owned enterprise system should grasp the direction of mixed ownership reform and focus on promoting the deep transformation of business mechanisms in mixed ownership enterprises.In the process of mixed ownership reform,the introduction of private capital will optimize the equity structure of state-owned enterprises,allowing them to use the profit seeking nature of private capital to form a balance against state-owned capital,establish a more comprehensive supervision system,and promote the improvement of enterprise financial performance.With the continuous promotion of mixed ownership reform and the addition of external capital,the problem of low governance efficiency and operational performance of state-owned enterprises has been improved to a certain extent,thereby achieving the overall value enhancement and high-quality development of state-owned enterprises.On the basis of combing the research status of mixed ownership reform at home and abroad,and based on the relevant data of A-share listed companies in Shanghai and Shenzhen in the Baijiu industry from 2006 to 2021,this paper empirically tests the impact mechanism of mixed ownership reform on corporate financial performance,and analyzes the impact path of corporate control change process on financial performance micro indicators in detail with case analysis and event study.The conclusion of this article is as follows: At the level of empirical analysis,the change of control rights in the mixed ownership reform of enterprises will affect their financial performance.The deeper the mixed ownership reform,the more shareholders in non-state-owned enterprises,and the more conducive it is to improving enterprise performance.In case analysis,this paper analyzes the changes before and after the mixed ownership reform of Heng Shui Liquor from four aspects: ownership structure,main business,long-term financial performance and short-term financial performance.The specific conclusions are as follows:(1)The addition of non-state-owned shareholders in the mixed ownership reform of state-owned enterprises has changed the ownership structure from "one share is dominant" to "one super many strong",which has played a balancing role for state-owned shareholders;(2)After the reform of mixed ownership,enterprises should "sever" their main businesses that are losing money and focus on developing profitable businesses;(3)The reform of mixed ownership has a positive impact on the financial performance of enterprises.This paper enriches the research on the relevant scenarios of mixed ownership reform,expands the case base of mixed ownership reform of enterprises in the Baijiu industry,and macroscopically suggests that the government should issue relevant supporting policies,improve relevant laws and regulations,establish an external regulatory mechanism and a fault-tolerant mechanism,help reform enterprises to resolve difficulties in actual operation,and create an atmosphere of positive mixed ownership reform in society,Let state-owned enterprises forge ahead in the reform of mixed ownership.At the micro level,enterprises should prepare well for the reform of mixed ownership and consider the issues of "whether to change","when to change",and "how to change".In the process of mixed ownership reform,they should customize the reform plan according to their own characteristics.