| Since 2018,the reform of state-owned enterprises in China has continued to deepen,and a group of state-owned capital investment companies and operating companies have been established and carried out their work.The diversification of state-owned enterprises has been accelerating and the introduction of various types of social capital has become one of the important trends.The pharmaceutical industry is a typical competitive industry,and also a key industry in the development of market economy.Under the new development environment,pharmaceutical enterprises must innovate and upgrade continuously in order to seize the development opportunities of the new era and push the pharmaceutical industry to achieve great development.Therefore,this paper chooses Da Rentang as an example,analyzes the motivation,path and effect of the reform of mixed ownership in Da Rentang company,and summarizes its experience to provide reference for the reform of mixed ownership in state-owned enterprises.Firstly,based on the theory of modern property rights,principal-agent theory and synergistic effect theory,this paper constructs the influence mechanism of mixed ownership reform in our country.Secondly,this paper briefly introduces Darren Tang,relevant stakeholders and the process of implementation of mixed ownership reform,and analyzes the driving force of mixed ownership reform from three aspects: policy promotion,industry drive and company development.On the basis of this,the paper analyzes the influence mechanism of hybrid reform on enterprise performance from three aspects: control,corporate governance and management.Finally,the market reaction and financial performance of the remix were analyzed by using event research method,financial index analysis method and entropy method.The non-financial performance of hybrid transformation is analyzed from the aspects of innovation ability and market share.This paper takes Da Rentang as an example to analyze systematically the effect of Da Rentang in the process of mixed ownership reform:(1)Da Rentang solved the problem of "owner absence" through mixed ownership reform,lightened the policy burden,optimized the corporate governance structure,and improved the management level of the company.(2)Based on stock prices in the 10 trading days prior to and after the remix,as well as financial data for the 2017 H1 to 2022 H1 periods,and research and development investments,we found significant improvements in Da Rentang’s short-term market capitalization,overall financial performance,and non-financial performance after the remix.This paper proposes the following suggestions for the reform of state-owned enterprises:(1)The reform path of mixed ownership is diverse,and in this process,state-owned enterprises should choose a reform path corresponding to the enterprise itself on the basis of business situation and development strategy.When choosing a hybrid option,be careful to fully integrate with your own circumstances to make the right choice.(2)The establishment of the ownership structure should be reasonable,and the rational design of the ownership structure can make the state capital and the private capital form a relationship of mutual restriction and supervision,so as to effectively protect the interests of stakeholders and minority shareholders;(3)As far as mixed ownership reform is concerned,state-owned enterprises should select a suitable strategic investor for themselves on the basis of their own development strategy and business situation.The main content of mixed ownership reform should focus on improving the corporate governance structure,establishing a company management system with clear responsibilities,optimizing the operating mechanism and enhancing the competitiveness of the company. |
