| Since the“13th five-year plan”,many state-owned enterprise reform experiments have been carried out in our country.At this time,Jiangsu province also began to gradually implement the state policy for state-owned enterprises to carry out mixed reform,called on state-owned enterprises to actively participate in mixed reform.The achievement of mixed ownership reform in state-owned enterprises has also aroused widespread concern in academic circles and industry circles,at present,the research on the motivation,path and necessity of mixed ownership reform of state-owned enterprises is quite sufficient,and the research on the impact of mixed ownership reform on corporate governance and financial performance is less.This article innovatively studies the effect of mixed reform on the case-specific enterprises,and explores the impact of mixed reform on corporate governance and financial performance of state-owned enterprises.Xugong machinery has been included in the first batch of pilot projects in Jiangsu province,and 21.056 billion capital has been introduced through the“Strategic investor +employee stock ownership” mode.Therefore,this paper takes Xugong machinery as a case study.Based on the integration and analysis of the existing state-owned enterprise mixed ownership reform research results,this paper constructs a theoretical framework,using literature research,case analysis and comparative analysis methods.Firstly,it introduces the development background and the mixed reform background of Xugong machinery,secondly,it takes the mixed reform mode of“Introducing strategic investor + employee stock” as the cut-in point,this paper compares and analyzes the changes of ownership structure and corporate governance level before and after the mixed reform of Xugong machinery,and also compares and analyzes the impact of mixed reform on financial performance.Through the research,the article draws the following three conclusions: the first point is through the reform,xugong machinery to achieve the diversification of ownership structure,effectively improve the level of corporate governance;Xugong machinery has enriched the composition of capital,broadened the sources of funds,and made the internal supervision mechanism more reasonable.At the same time,the capital utilization rate of the enterprise has been improved,making the financial performance of the enterprise significantly improved,however,there is still room for further improvement,in addition,the mixed reform of the introduction of external investors all from the financial sector,the nature of capital is too single.I hope the above conclusions can provide reference and thinking for more local state-owned enterprises’ mixed reform. |
