Research On The Property Right Problems And Countermeasures Of State Owned Enterprises’ Mixed Reform

In recent years,the mixed reform of state-owned enterprises has become the direction of the reform of state-owned enterprises in the new era.With the strong support of policy and the promotion of market economy,the breadth and depth of mixed reform have reached a new height.On the interpretation of mixed reform policy and theory,this paper holds that mixed reform should be the resource complementary and effective integration of state-owned property rights and private property rights,but there are still many property rights problems in practice.Through combing the process of state-owned enterprise mixed reform,the enterprise reform after the event and related property rights issues,it is found that there are problems in property rights transaction,equity structure arrangement,control right distribution,property rights incentive,property rights income,property rights subject exit and so on.Then it analyzes the case of CITIC Guoan mixed reform.CITIC Guoan Group Co.,Ltd.is an old state-owned enterprise rooted in Miaohong and a pioneer of mixed reform.As soon as the mixed reform announcement was issued in 2014,it became the focus of the market,and the selection of strategic investors and the evaluation value of assets caused a lot of social discussion.Later,a large number of debt defaults make it listed in the dishonest list,and the latest financial fraud of its subsidiary will make the mixed reform of CITIC Guoan once again become a hot spot of public opinion.After analyzing the property rights transaction,property rights arrangement and property rights income of CITIC Guoan,it is found that the success of CITIC Guoan lies in improving and reducing the equity concentration,optimizing the diversified operation,reasonably setting up the board of directors and board of supervisors to form a check and balance mechanism,while the disadvantages lie in the improper choice of investors,not playing the role of property rights market,improper arrangement of control rights,and so on The incentive mechanism of property rights is not perfect.Through the analysis of the above theories and cases,this paper further analyzes the causes of the property rights problems of the mixed reform of state-owned enterprises from its own factors and the external environment.It is found that it is mainly due to the historical reasons such as the difficulty of eradicating the old ideas,the lengthy principal-agent chain of state-owned assets,the unclear definition of property rights,and the new factors such as the quality difference of employees and the conflict of stakeholders caused by the mixed reform.The external environment is mainly the property rights market is not mature and the government supervision is not in place,which leads to the mixed reform of state-owned enterprises.These factors will lead to the mixed reform can not achieve the desired effect,and may produce new problems.Finally,in view of the above research,the paper puts forward the relevant suggestions and Countermeasures for the mixed reform of state-owned enterprises,mainly in the following four aspects: setting up a reasonable mixed reform scheme,improving the corporate governance mechanism,standardizing the property rights trading market,and strengthening the protection of property rights.For the current mixed reform of state-owned enterprises to supplement certain theoretical reference,promote the reform of state-owned enterprises.