Research On The Causes And Effects Of Conba’s Mixed Ownership Reform

The Third Plenary Session of the 18 th CPC Central Committee pointed out that mixed ownership economy is an important form of realization of China’s basic economic system,and cross-shareholding is an important way to develop mixed ownership economy.The essence of the mixed reform is to reshape the property right structure of enterprises,so as to integrate the superior resources of different ownership subjects and realize the combination of the strong and the strong.As the core of market-oriented reform and economic system reform,mixed reform is of great significance to promoting the high-level development of Chinese economy.In the early stage,the main purpose of the mixed reform was to stimulate the new vitality of state-owned enterprises,so the mode of the mixed reform was mainly state-owned capital introducing private strategic investors.State-owned enterprises play an irreplaceable role in the fields of national economy and people’s livelihood,which are the lifeblood of the national economy.As a result,market resources will incline to them uncontrollably.In order to avoid resource misallocation and inhibit the release of economic potential,the government began to encourage and guide private enterprises to participate in the mixed reform through the introduction of state-owned equity,and committed to creating a new pattern of mixed reform in which the people make common progress.In this thesis,literature research method,case study method,comparative analysis method and event study method are used comprehensively to analyze the case of Zhejiang Conba Pharmaceutical Co.,Ltd.introducing Zhejiang International Trade Group Co.,LTD.Firstly,this thesis introduces the research background and significance of private enterprise mixed reform,and reviews the research classification of domestic and foreign scholars.Secondly,the relevant definition of mixed reform is summarized,and the theoretical basis of the latter analysis is briefly summarized.Thirdly,it briefly introduces the company operation of both parties,and details the process and internal and external motives of Conba’s introduction of state-owned equity reform.Fourthly,based on the mechanism of political correlation,synergistic effect and corporate governance,this thesis evaluates the effect of the mixed reform by comparing the changes of financial performance,market response,corporate governance and technological innovation before and after the mixed reform of Conba.Finally,the case summary is made,hoping to provide reference for other enterprises which want to mix reform but have not yet implemented it.The research shows that Conba has established a close political relationship with state-owned equity through mixed reform,and the increase of bank credit line has significantly improved the company’s financing constraint dilemma,so its financial performance has been continuously improved.In addition,the entry of state-owned capital has broken the one-share dominant ownership structure of Conba and promoted the optimization of corporate governance level.At the same time,the strong technical resources injected by state-owned capital have enhanced the innovation ability of Conba,and investors’ confidence in its management has been greatly improved,so the company’s stock price has risen rapidly in the short term.It can be seen that mixed reform has improved the comprehensive competitiveness of Conba.It is worth noting that the reform of private enterprise is not accomplished overnight.From the initial design of the mixed-mix reform plan,both sides should put forward their own interests.For private enterprises,a reasonable shareholding ratio should be set when introducing state capital to prevent interest encroachment.In addition,enterprises should attach importance to the integration of resources obtained after the mixed reform,so as to give full play to the synergistic effect.For state-owned equity,the formation of an appropriate regulatory model is the first prerequisite for performing the function of state-owned investor.It is hoped that the study of this thesis can make some contribution to the pharmaceutical enterprises affected by the epidemic and the reform of the medical system,so as to realize the vigorous development of China’s big health industry.