Research On Mixed Ownership Reform Of State-owned Enterprises And Its Performance

State-owned enterprises have always been the core force of our country’s economy and have promoted the great achievements of China’s economy.However,state-owned enterprises generally have problems such as soft budget constraints,imperfect corporate governance structures,and blind investment and financing in pursuit of scale.As a result,although they have a lot of social resources,their overall operating efficiency has declined year by year.Therefore,reform of state-owned enterprises must be implemented to ensure that state-owned capital continues to play a guiding role in the process of China’s sustained economic growth.In the past 40 years,our country has continuously deepened the reform of state-owned enterprises,and is now undergoing mixed-ownership reform of state-owned enterprises.This article analyzes the effects of mixed ownership reform in depth and explores its internal influence mechanism,which is more conducive to summarizing the experience of mixed ownership reform of state-owned enterprises.First,this article analyzes the overall status quo of mixed reform of state-owned enterprises.By sorting out the four stages of the reform of state-owned enterprises,the focus of each stage of reform is summarized.At the same time,based on successful cases of mixed reform at this stage,three main mixed reform models are summarized.Then it highlights the typicality of Eal-ceair’ mixed ownership reform in many cases,and analyzes the reasons for the mixed changes.Secondly,it studied the effectiveness of the mixed reform of Eal-ceair from the financial and non-financial perspectives,and found that the company’s capital structure has been optimized after the mixed reform,and multiple financial indicators such as profitability and solvency have also been significantly improved,and the company’s business capabilities Steadily strengthen and significantly improve the ability to undertake social responsibilities.However,further analysis found that there are still some problems in this mixed reform,which are mainly manifested in the insufficient scope of the employee stock ownership plan,the lack of reform of the salary incentive system,and the company’s excessive reliance on connected transactions.Thirdly,this article focuses on exploring the mechanism of the effect of Eal-ceair’ mixed ownership reform.The study found that mixed reform can affect the company’s operating performance in three ways: 1.By optimizing the ownership structure and corporate governance mechanism,reducing agency costs,improving decision-making,supervision and incentive mechanisms,and laying the foundation for improving the company’s operating performance;2.Passing Improve the company’s capital allocation efficiency,reduce financial burdens,and at the same time improve the company’s financing structure,thereby enhancing the company’s ability to use capital to improve performance;3.By improving the company’s level of innovation,it will continue to inject new vitality into business management to achieve more profit High level of growth.Finally,this paper summarizes the enlightenment provided by Eal-ceair’ mixed ownership reform,and proposes corresponding countermeasures to existing problems,so as to provide reference for the subsequent implementation of mixed ownership reform of stateowned enterprises.