Research On The Risk Evaluation Of Corporate Governance Transformation In State-Owned Mixed Reform

With the deepening of the mixed ownership reform of state-owned enterprises,the early warning and prevention of the risk of corporate governance transformation after the mixed ownership reform are highly valued by the company and its stakeholders.Therefore,a set of scientific index system and risk evaluation model are urgently needed to scientifically evaluate the risk of corporate governance transformation after the mixed ownership reform.Based on the analysis of the"administrative"governance model of state-owned enterprises and the comparison of the two governance models,this paper puts forward the goal of transforming the state-owned mixed reform companies from the"administrative"governance model to the"economic"governance model.Referring to the OECD corporate governance guidelines and the CCGI^NK design idea of China’s corporate governance index system,this paper adjusts the six dimensions of the index system on the basis of analyzing the risk of governance transformation of mixed reform companies,and constructs the risk of governance transformation of shareholders,the risk of governance transformation of board of directors,the risk of governance transformation of board of supervisors,the risk of governance transformation of managers,the risk of stakeholder transformation and the risk of corporate governance transformation The risk evaluation index system consists of 14 secondary indicators and 32 tertiary indicators.The indicators are divided into qualitative indicators and quantitative indicators.The quantitative indicators are subdivided into positive indicators,reverse indicators and moderate indicators.The evaluation standard value and calculation formula are explained in detail to determine the risk evaluation standard of governance transformation of state-owned mixed reform companies.After the questionnaire survey on the importance of the indicators among the theoretical experts and practical workers of the mixed reform,the analytic hierarchy process（AHP）is used to assign the index weight,and Yaahp is used to obtain the index weight table.And the fuzzy comprehensive evaluation method is used to establish the evaluation model of governance transformation of state-owned mixed reform companies.Finally,the risk evaluation model is used to evaluate the risk of"China Unicom"transformation.The research shows that:for the mixed reform companies,the risk sources of governance transformation are wide,mainly including internal governance mechanism,stakeholders and external governance environment,mainly internal governance transformation risk（about 85%weight）;the overall effect of China Unicom mixed reform is good,but there are also some risk factors,which have a certain negative impact on the corporate governance transformation.