Research On The Motivation And Effect Of The Reform Of Mixed Ownership In State-owned Enterprises

In order to improve the efficiency of corporate governance of state-owned enterprises in China,improve their operational performance,optimize their equity structure,and enhance their competitiveness and vitality.Since the 1990 s,China has continuously promoted the mixed ownership reform of state-owned enterprises to achieve sustainable development of enterprises.In the report of the 20 th National Congress of the Communist Party of China,the Chinese government emphasized the need to continue to deepen the reform of state-owned enterprises,strengthen management,improve the core competitiveness of enterprises,and promote them to become world-class.State owned enterprises are exploring various forms of reform,including mixed reform.This article selects the mixed ownership reform of Northeast Pharmaceutical as the research object,attempting to analyze the reasons for the mixed ownership reform of companies,as well as the effects of mixed ownership reform on corporate governance structure,short-term market effects,and corporate performance.Firstly,it elaborates on the background and significance of the topic selection of the paper,and provides a review of domestic and foreign research on the mixed ownership reform,the motives and effects of mixed ownership reform in state-owned enterprises.Based on defining key concepts such as mixed ownership reform in state-owned enterprises,it sorts out relevant theories such as property rights theory,equity structure theory,and strategic alliance theory.Secondly,this article selects the old pharmaceutical state-owned enterprise Northeast Pharmaceutical for research,introduces the company status of Northeast Pharmaceutical Group and Fangda Group,as well as the process of both parties participating in the mixed reform.Then,from the perspectives of two companies,Northeast Pharmaceutical and Liaoning Fangda,the reasons for their participation in the mixed ownership reform were analyzed,and the reasons for choosing each other were analyzed.From the perspective of Northeast Pharmaceutical,introducing Liaoning Fangda can overcome operational difficulties and improve corporate governance structure;From the perspective of Liaoning Fangda,investing in Northeast Pharmaceutical can achieve complementary advantages,leverage resource advantages,and enhance competitiveness.Next is the analysis of the effectiveness of the mixed reform of state-owned enterprises.From the perspective of corporate governance structure,the mixed reform of state-owned enterprises has optimized the corporate governance structure and improved governance efficiency;From the short-term market response,the mixed reform has a promoting effect on the cumulative excess return rate of stocks.After the mixed reform of state-owned enterprises,there has been a positive effect in the short term,creating short-term wealth for enterprises;The analysis of financial performance shows that the mixed reform has improved the financial performance of Northeast Pharmaceutical,but its short-term debt repayment ability is weak;The analysis of non-financial performance shows that the innovation ability of the company has been improved and the employee structure has been optimized after the mixed reform.Finally,the experience of Northeast Pharmaceutical in achieving good results after the mixed reform is summarized,and it is concluded that private enterprises can choose appropriate state-owned enterprises to invest based on their own development goals.Introducing private enterprises into mixed reform by state-owned enterprises is beneficial for improving corporate governance and operational performance,while also providing reference for other state-owned enterprises to enhance their overall governance level and operational performance.