Analysis Of The Impact Of Mixed Reform On The Financialisation Of State-owned Enterprises

In the context of the "de-realisation" of the economy,the current financialisation of some real enterprises is not conducive to the coordinated development of finance and the economy;at the same time,China is in the stage of deepening the reform of mixed ownership,and the new round of SOE reform is facing a more complex external environment,which requires the formulation of diversified reform measures in order to do a good job.Measures.As the mixed reform of SOEs continues to deepen,refining the main business and preventing excessive financialisation of SOEs will also be the focus of SOE reform.The thesis reflects on the case of Yunnan Baiyao,which saw a significant increase in financialisation after its hybridisation and was issued a notice of corrective measures by the Securities Regulatory Bureau,to examine the reasons why the hybridisation failed to curb the undesirable phenomenon of financialisation of real enterprises,and to provide countermeasures and suggestions for the hybridisation of real enterprises.The thesis first introduces the background and significance of the study,and compares the current literature on the financialisation of enterprises and mixed reform.Then,an overview of the case company Yunnan Baiyao and its motivation for undertaking hybrid reform,the implementation path and the changes in governance structure before and after the hybrid reform are presented.The study then calculates the extent of Yunnan Baiyao’s financialisation and analyses the motivations for its financialisation,examines the relationship between hybridisation and corporate financialisation,and uses qualitative comparative analysis to explore the pathways through which hybridisation affects corporate financialisation.The study found that the main reason for Yunnan Baiyao’s financialisation being affected by the mixed reform was that after the mixed reform,Yunnan Baiyao had a high degree of mixed equity checks and balances and a high degree of non-state shareholder participation in governance.However,due to the failure to pay attention to the integration between heterogeneous shareholders after the mixed reform,the differences and contradictions between private shareholders and state-owned shareholders in terms of business philosophy and business strategy were not dealt with,resulting in the gradual loss of the state-owned side’s voice and a lack of corporate governance efficiency at a later stage At the same time,the first class agency problem still exists after the hybrid reform,and the lack of checks and balances on excessive financialisation decisions led by the investing non-state shareholders has led to a significant increase in the financialisation of the company.The thesis concludes by summarising the experiences and shortcomings of Yunnan Baiyao’s hybrid reform,and makes suggestions for a good hybrid reform path for SOEs to avoid excessive financialisation.The thesis uses qualitative comparative analysis to reveal the paths through which the hybrid reform affects the financialisation of SOEs,enriching the research on the economic consequences of the hybrid reform and the factors influencing the financialisation of enterprises,and providing useful references for improving the hybrid reform of SOEs in China in the future and improving the problem of "de-realisation" of the economy.