Research On The Path Selection And Economic Consequences In Resource-Oriented Mixed Ownership Reform Of State-Owned Enterprises

The 19 th National Congress of the Communist Party of China pointed out that stateowned enterprises are an important part of China’s national economy.The sustained and stable development of the national economy is inseparable from the development of stateowned enterprises.At present,our country is in a critical stage of economic and social development,and accelerating the optimization and adjustment of China’s economic structure,and deepening the reform of state-owned enterprises have become the focus of real development.Many state-owned enterprises do not only have tax and financing support,but also face problems like low profitability,lagging technological development,and imperfect governance models.In 2018,the "Double Hundred Actions" was launched,emphasizing new breakthroughs in reforms in key areas,promoting the development of reforms in an in-depth direction,and the overall situation of state-owned enterprise reforms is improving.Although there are policy guidelines on the direction of deepening the reform of state-owned enterprises,the current research on the reasons for the state-owned enterprises mainly focuses on low operating performance and imperfect governance structure and so on.Less attention has been paid to thinking about the reasons for the mixed reform of state-owned enterprises from the perspective of resource acquisition.Although state-owned enterprises are not plagued by lack of funds,they lack the resources needed to promote their own development in many ways.Different from the mixed-ownership reform that simply introduces capital,the focus of this study is that state-owned enterprises lay a solid foundation for their own high-quality development by sorting out the resources what they need and introducing strategic investors that are in line with their industrial synergy in path selection.Based on this,this paper selects the mixed ownership reform of XCMG and discusses the changes in the performance of the company brought about by the mechanism of resources in the mixed reform,and expands a new round.The research on mixed ownership reform hopes to provide reference for how to optimize the use of resources in mixed ownership reform to promote enterprise development.This paper uses the case analysis method and comparative analysis method to carry out targeted research on the mechanism of XCMG’s resource-oriented mixed-ownership reform and the related effects after the mixed-ownership reform.First of all,by sorting out the relevant literature on mixed ownership reform and combining theoretical analysis of the mechanism of resource-oriented mixed ownership reform on state-owned enterprises,the paper lays the foundation for the subsequent limited case analysis of XCMG.Secondly,the paper introduces XCMG and its construction machinery industry,and sorts out its mixed reform process of "Equity transfer + Capital increase and share expansion + Employee stock ownership".Then,the paper focuses on analyzing the reasons for XCMG’s mixed ownership reform,and analyzes its resource-oriented mixedownership reform path from five aspects: capital,industrial chain,market,talent and technology.Finally,the effect of resource-oriented mixed-ownership reform of XCMG is analyzed from three aspects: corporate governance,financial performance and innovation ability after the mixed-ownership reform.Through the analysis of the path selection of resource-oriented mixed reform,this paper concludes: in terms of funds,XCMG has obtained loans and financing resources from the upstream and downstream of the industrial chain and overseas markets,and broadened new financing channels;in terms of chain,XCMG has integrated upstream and downstream resources and optimized its layout in the industrial chain;in terms of market,XCMG has broadened its sales channels and increased its market share through mixed reform;in terms of talents,XCMG has reasonably arranged employees to maintain;in terms of technology,XCMG has obtained advanced technology through cooperation with strategic investors,which has promoted product research and development and technological innovation of the enterprise.Through the analysis of the economic consequences of XCMG’s resource-oriented mixed-ownership reform,this paper draws the following three conclusions.The first is that the entry of strategic investors has changed the original equity structure of XCMG,improved the structure of the board of directors,and improved its strategic efficiency.The second is that through the resourceoriented mixed reform,XCMG has improved the financial performance of the company under the environment of fierce industry competition and the impact of the epidemic;the third is that the mixed reform has greatly improved the innovation level of XCMG.XCMG has brought us the following enlightenment through the resource-oriented mixed ownership reform.First,select the appropriate strategic partner from the perspective of resources,introduce strategic investors who can provide the resources needed for its own development,and give full play to the effect of the mixed ownership reform The second is to focus on talent incentives and form a complete,effective and diversified incentive mechanism.The third is to optimize the governance structure and support it with a market-oriented mechanism to enhance the overall vitality of the enterprise.