| As an important force in promoting the modernization of the country and safeguarding the common interests of the people,state-owned enterprises(SOEs)are the important material and political foundations for the development of our Party and State.After the 18 th CPC National Congress,the CPC Central Committee and the State Council issued the Guidelines on Deepening the Reform of SOEs,and the General Office of the State Council,the State-owned Assets Supervision and Administration Commission of the State Council and other institutions issued a series of supporting policy documents in succession,establishing the "1+N" policy system of SOE reform and building the "four beams" and "eight pillars" for SOE reform in the new era.However,the development of mixed ownership economy is an important measure to deepen the reform of SOEs under the new situation,and is an inevitable choice to increase the vitality,control and influence of the state-owned economy.There are many ways for SOEs to develop a mixed economy.Introducing non-state capital,publicly issuing shares and going public,and holding of shares by employees are all mixed reforms.The key of the mixed ownership reform lies in promoting reform and development through mixed ownership.We should take the opportunity of the mixed ownership reform to establish a perfect modern enterprise system and a sound corporate governance structure as soon as possible,and promote the practical conversion of the enterprise’s operating mechanism with standardized shareholder behaviors and effective internal incentive and restraint mechanism.With W State-owned Enterprise as the research object,this paper investigates the whole process of mixed ownership reform in this mixed-ownership enterprise established at the end of 2011,and in view of the results and problems in the 10 years of reform,it provides theoretical support and feasible suggestions for the deepening reform at the next step.Moreover,it is of certain reference significance to other commercial SOEs in fully competitive industries to implment mixed ownership reform.This paper firstly,on the basis of reviewing relevant domestic and foreign literature studies,expounds on the concept of SOEs,the concept of mixed ownership enterprises and the history of the mixed ownership reform of SOEs,and analyzes four paths and models of the mixed ownership reform of SOEs.Then a specific study on the case of mixed ownership reform of W SOE is performed,introducing the background,motivation and path of the mixed ownership reform of W SOE.The effectiveness of the mixed reform of W SOE is evaluated and analyzed by reviewing its financial data over 10 years of reform and distributing questionnaires on satisfaction with the reform to the management and employees.This paper holds that the mixed ownership reform of W SOE will produce the following benefits: first,it will significantly improve the corporate operation efficiency;second,the innovation mechanism will be improved,and the pace of innovation will be noticeably accelerated;third,the integration of shareholder resources,product quality and service capabilities will be further improved;fourth,efforts on the Party building will be strengthened,and the corporate culture will strengthen the foundation for sustainable development.Meanwhile,problems encountered during the mixed ownership reform of W SOE are also summarized in this paper: first,Non-public economy shareholders have less say,without playing a significant role in promoting the transformation of management mechanism;second,at a certain stage of development,the synergy effect with strategic investors gradually weakens;third,the lack of capital operation capability and a long-term incentive-and-restraint mechanism restrain the enterprise from growing bigger and stronger.Through the case study,this paper draws the following conclusions: first,state-controlled mixed ownership enterprises should deepen the mixed ownership reform in due course;second,great importance should be attached to the matching degree of strategic coordination;third,the governance framework should be optimized when a mixed ownership reform plan is developed;fourth,the key to mixed ownership reform lies in promoting reform through mixed ownership.Finally,this paper makes the following suggestions for further deepening the reform of commercial state-controlled non-listed mixed-ownership enterprises in fully competitive industries,including W SOE: first,strategic leadership should be insisted on and industrial resources should be aggregated;second,the corporate governance structure should be improved and the operating mechanism should be effectively transformed;third,equity incentives should be provided to stimulate endogenous motivation;fourth,the overall listing and amplify capital functions should be promoted. |
