Research On The Impact Of Mixed Ownership Reform Of China Eastern Airlines Logistics On Financial Governance Efficienc

With the rapid development of the market economy,the problems of state-owned enterprises gradually emerge,the state and enterprises continue to seek solutions,mixed ownership reform came into being.The mixed ownership system was proposed as a reform system for China’s state-owned enterprises in line with the direction of national economic development.With the official implementation of the SOE hybrid reform,what are the initial results of the reform? Is it effective? There are many concerns.Among the effectiveness of the hybrid reform,the efficiency of financial governance is an aspect worthy of study,and there are relatively few relevant studies,especially case studies.As a new policy is implemented,there are bound to be areas worth optimizing,and the current hybrid reform model in China is in the exploration period of "one enterprise,one policy",so a case study can hit the pain points.Based on the theory of financial governance,the paper selects the first company in the air transportation industry,Eastern Airlines Logistics Corporation(hereinafter referred to as Eastern Airlines Logistics),which is the first company to undergo a hybrid reform,as the research object,and evaluates the impact of the implementation of the hybrid reform on the efficiency of financial governance.The paper firstly compares the concepts and theories related to hybrid reform and financial governance,studies the evaluation methods of financial governance efficiency,and then conducts a case study on the financial governance efficiency of the implementation of hybrid reform in Eastern Airlines Logistics from three parts.In the first part,we explain the motivation and path of the implementation of the hybrid reform in China Eastern Airlines Logistics,summarize why it implemented the hybrid reform,and clarify the specific initiatives.In the second part,the financial governance efficiency of East Air Logistics before and after the implementation of the hybrid reform is compared and evaluated.Based on the theory of financial governance efficiency and related studies,the efficiency is measured from the perspective of financial governance cost and financial governance benefit respectively;and based on the transmission mechanism between financial governance efficiency and corporate performance,profit-based and value-based indicators are used to measure corporate performance.Based on the above two levels of evaluation,it was concluded that the implementation of the hybrid reform in China Eastern Airlines could improve the efficiency of financial governance.In addition,the DEA method was used to conduct a longitudinal comparison before and after the hybridization and a cross-sectional comparison in the same industry,which intuitively shows that the implementation of the hybridization has improved its financial governance efficiency ranking,and under the same business environment and background,the financial governance efficiency of the hybridized China Eastern Airlines Logistics ranks the highest in the industry.In the third part,we explore the factors of financial governance efficiency affected by the hybrid reform.Since financial governance efficiency is influenced by two major aspects: financial governance structure and financial governance mechanism,the analysis is also based on these two aspects.Finally,it is found that capital structure,nature of share holders,concentration and dispersion of equity,form of debt,financial organization structure,and incentive and constraint mechanisms can affect the financial governance efficiency of EAL Logistics.Subsequently,the factors that have positive effects are synthesized to implement appropriate policies to learn from,including reasonable arrangement of state-owned capital shareholding ratio,selection of suitable investors to optimize the governance structure and establishment of incentive mechanisms to motivate employees.Meanwhile,based on the negative impact factors,the paper points out that there are also some flaws in the mixed reform of China Eastern Airlines Logistics,and makes two suggestions for improvement,namely,reasonable optimization of the debt structure and appropriate indulgence and mitigation of the constraint mechanism.Through the case study,the thesis concludes that the implementation of the hybrid reform in China Eastern Airlines Logistics has achieved positive results and improved the efficiency of financial governance.Based on this successful case,the thesis brings some insights for companies implementing hybrid reform.The thesis argues that before implementing hybrid reform,it is necessary to clarify the objectives of hybrid reform and plan the appropriate path,and during the implementation of hybrid reform,it is necessary to improve financial governance.