Research On The Impact Of Transfer Of Rural Labor On Green Total Factor Productivity Of Food

With the maturity of the market economy,China’s state-owned enterprises generally show the phenomenon of large scale,low operating efficiency and low profits,in order to maintain and increase the value of state-owned assets,China has carried out several rounds of mixed ownership reform of state-owned enterprises.The latest round of reforms was first mentioned at the 2019 Central Economic Work Conference,and its plan was officially proposed in May 2020.At the end of 2019,China’s China Securities Regulatory Commission also issued the "Several Provisions on the Pilot of Domestic Listing of Subsidiaries of Listed Companies Spinning Off",since then the gap in domestic A split A examples has been filled,more and more enterprises have begun to adopt domestic A to split A,and more and more state-owned enterprises have chosen to use spin-off listing for mixed reform.This paper takes Shanghai Electric’s spin-off of electric wind power as a research case.Firstly,the relevant literature on the motivation and path selection of mixed ownership reform,as well as the relevant literature on the motivation,path and effect of spin-off and listing,are sorted out,and the concepts and theoretical basis are explained.Then,the basic situation of the case subject,the basic situation of the subsidiary industry,the process of spin-off and listing,and compliance were introduced.Thirdly,this paper analyzes the path selection,the type of spin-off and listing and path selection of the mixed reform,the motivation of the spin-off,and analyzes the shortterm impact of the spin-off on the stock price of the parent company based on the event research method,and then analyzes the impact of the spin-off on the long-term financial performance of the parent and subsidiary from four aspects: profitability,operating ability,solvency and growth ability,and finally analyzes the non-financial performance of the subsidiary from the independence of the value of the subsidiary,the research and development situation after the spin-off and the change of corporate governance structure.Through the study,it was found that the reasons for Shanghai Electric’s final choice of domestic spin-off and listing on the STAR Board were policy-driven,the onshore review procedures were simpler than those overseas,the large scale of A-share financing,the low financing fee,the higher valuation and the unique advantages of the STAR Board.The motivation for spin-off and listing includes alleviating financing pressure,reducing information asymmetry,enhancing the core competitiveness of enterprises,and implementing management incentives.In terms of short-term market reaction,the event research method found that the announcement of the board of directors through the spin-off plan made the parent company have short-term excess returns,which promoted the stock price of Shanghai Electric to rise in the short term.In terms of long-term performance,it was found that the impact of the split listing on the parent company was not significant,but it improved the profitability,operational ability,debt repayment ability,and growth ability of the subsidiary company.In addition,the entropy weight method was used to comprehensively evaluate the operating performance of subsidiaries,and it was found that the brief period of spin off did indeed improve the financial performance of subsidiaries.Next,using the EVA method,we found that the value creation capacity of subsidiaries has increased.Finally,it is found that the spin-off and listing did not improve the company’s expense control ability,but promoted the rationalization of the value of the subsidiary,improved the core competitiveness of the subsidiary,and improved the governance structure of the subsidiary.Finally,based on the results of case studies,this paper makes suggestions to Shanghai Electric,Electric Wind Power,regulators and other state-owned enterprises:Shanghai Electric should strengthen business management,especially the management of accounts receivable;In the future development,electrical wind electronics should absorb more R&D talents,reduce their own financial leverage and control period expenses;Regulators should strengthen the review and investigation of spin-off listed enterprises;State-owned enterprises with high-quality subsidiaries can be listed on the stock market,and pay attention to the operation and information disclosure of the parent company before and after the spin-off.