Study On The Performance Of Mixed Ownership In Shede Spirit

In 2013,China clearly proposed the mixed ownership reform as a new round of measures to deepen the reform of state-owned enterprises,and then continued to issue guidance and operational documents,and finally formed a "1+N" policy system in order to provide an institutional basis for the reform of state-owned enterprises.In such context,in2015,Shede Spirit became the first liquor company in Sichuan to undergo mixed ownership reform,actively responding to national and local policy guidelines,introducing strategic investor Tianyang Group to participate in mixed ownership reform.However,in 2020,Shede Spirit self-exposured that Tianyang Group had illegally embezzled the company’s funds,its ownership shareholding were frozen and re-auctioned,and the ownership of Shede Spirit was changed again.Shede Spirit is a state-owned enterprise which had undergone the strong mixed ownership reform and had changed ownership twice.Taking Shede Spirit as a case can analyze the problems existing in the mixed ownership reform process,summarize relevant experience,and provide reference for other companies to deepen reform.Firstly,the literature study is used to sort out the literature on the motivation,path,performance and influencing factors of mixed ownership reform,and the three major theories are sorted out in this paper.Then,the process and plan of the mixed reform of Shede Spirit are sorted out,and the four motivations for Shede Spirit to participate in the mixed reform are analyzed,including responding to the national strategic layout,improving the competitiveness of the enterprise,improving the modern governance system,and enhancing the management ability of the enterprise.Then,the specific implementation path in the mixed ownership reform is analyzed in the paper,including the introduction of strategic investor Tianyang Group,substantial adjustment of management members,implementation of employee stock ownership plan and specific production and operation reform measures.Then,the effect of this mixed reform is analyzed in depth.From the market effect level,the event research method is used to explore the short-term market response to the mixed reform;from the corporate governance level,it analyzes the effect of equity governance,management governance,internal control and incentive mechanism;from the operation management level,it analyzes the integration of resources effect,the effect of financing and the effect of production and operation;from the perspective of financial performance,it analyzes the changes in the solvency,operating ability,profitability and cash management ability of enterprises after the mixed-ownership reform,and uses the economic added value to comprehensively evaluate the performance of state-owned enterprises after the mixed-ownership reform.Finally,conclusions are drawn through the analysis of the previous research.First,after the mixed-ownership reform,private shareholders are "dominated by one share",and the degree of equity checks and balances is low;second,there are major defects in the company’s internal governance structure after the mixed-ownership reform;third,the mixed-ownership reform has further improved the company’s incentive mechanism;fourth,the business synergy between the two sides of the mixed-ownership reform is poor,and the effect of financing utilization is not good,but the production and operation reform has achieved good results;fifth,after the mixed reform,the performance of enterprises has improved to a certain extent,but it has been slightly weak in the past two years due to the occupation of funds.On the basis of summarizing the shortcomings and experience in the mixed ownership reform of Shede Spirit,four suggestions for optimizing the reform are proposed in this paper: first,the shareholding structure should maintain balances;second,strategic investors should be evaluated from multiple perspectives;third,Strategic investors should improve corporate governance;fourth,they should improve the corporate supervision mechanism.