Research On The Mixed Ownership Reform Of ZX Company

The reform of China’s state-owned enterprises has always been a hot topic of concern in theoretical and practical circles which has entered the critical period.The mixed ownership reform as a breakthrough point to achieve complementary advantages,mutual promotion and common development of capital of different ownership systems is the direction of deepening the reform of China’s state-owned enterprises.In recent years,the reform of mixed ownership has become the main theme of the reform of China’s state-owned enterprises.Since the budding of 1980 s,the scope of mixed ownership reform has been continuously expanded and the process has been continuously accelerated,which is based on the encouragement by the Central Committee of the Communist Party of China.The reform process has continued to accelerate,and the results of reform have initially appeared.Based on the data of China’s state-owned listed companies,this paper focuses on the corporate governance and financial performance of state-owned enterprises and evaluates the effect of mixed ownership reform through comparison before and after reform,aiming to draw lessons from it and help the new round of mixed ownership reform of state-owned enterprises continue to develop in depth.This paper adopts the method of combining normative research and case studies,first expounds the background and significance of mixed ownership reform,sorts out the research status of existing scholars at home and abroad,and introduces the research content and research methods,as well as innovations and shortcomings.Secondly,the basic concepts of mixed ownership,corporate governance and financial performance are introduced,and the theory of property rights,principal-agent theory and control theory are taken as the underlying logic and theoretical basis of the research content of this paper.This paper once again introduces the development process of the mixedownership economy,analyzes the current situation of reform,and lists the problems arising in the mixed-ownership reform of state-owned enterprises.Then,it enters the case introduction and analysis part,mainly using the case study method and comparative analysis method,first analyzing the causes of mixed changes and the basic process of mixed changes.Then,after Liaoning Fangda Group Industrial Co.,Ltd.became a state-owned enterprise,ZX Company conducted a detailed analysis of the significant changes in its shareholding structure,board of directors,operation and management,and evaluated its corporate governance effect.Through longitudinal and horizontal comparison,the changes in operating capacity,solvency,profitability and development ability of ZX before and after the reform are analyzed,the financial performance of ZX is evaluated,the effect of the mixed reform of ZX Company is further explained,and the reform experience is summarized to obtain reform enlightenment.Finally,the conclusion and outlook,on the basis of the previous article,summarize the research conclusions,point out the shortcomings,and put forward the future research prospects.The paper finds that after the mixed ownership reform of ZX Company,private capital replaces state-owned capital as the largest shareholder,and the shareholding ratio of different ownership capital tends to be balanced,and the equity structure is significantly optimized.The integration of equity at the equity level of both parties has promoted the transformation of ZX from an administrative system to a market-oriented system mechanism,significantly improved corporate governance,and gradually improved its financial performance.ZX Company’s mixed ownership reform has achieved remarkable results,and its successful experience in mixed ownership reform is worth learning and reference,which is of far-reaching significance for deepening mixed ownership reform in the future.