会计学院知识库

近年来混合所有制改革热度一直攀升，成为学界研究的热点。国企通过混改有利于革除其僵化体制在市场经济发展中暴露的弊端，增强其发展动力、活力、竞争力。物产中大作为浙江省属国企，通过整体上市、引进战略投资人、实施员工持股计划三种模式的组合运用完成混合所有制改革，获得明显效果，列入了《国企改革12样本》中，是具有标志性和重要参考意义的混改个案。

本文首先通过对相关权威文献的主要观点进行整理评述，并厘清用到的理论基础，为后文的分析积累充分的理论知识。其次，在案例介绍部分，本文对物产中大进行了简要介绍，对其混改的背景进行宏观、中观、微观分析，并对其混改的三种模式进行梳理。再次，从公司内外部治理机制两个层面,探究混改不同模式对企业绩效的影响机理。最后，从财务和市场绩效两个维度分析了物产中大混改的绩效，探讨物产中大通过混改是否达到了企业预期的效果。

本文研究重点要解决的两个问题，一是探究混改不同模式对企业绩效的作用机理，即物产中大混合所有制改革的具体模式是如何改善公司内、外部治理机制，进而作用于企业绩效的；二是通过财务和市场绩效两个维度，对物产中大混合所有制改革进行绩效评价。通过解决上述两个问题以期为国企混改模式的选择提供一定的理论支撑和思考借鉴，为国企的市场化改革提供方向指引。

本文的研究结论是：第一，在混改模式的选择方面，引进战略投资者、员工持股和整体上市三种不同的混改模式各有利弊，在选择具体混改路径时，应当立足企业当前发展实际，综合考量未来发展战略，选择合适的混改模式。第二，在公司治理方面，混改通过产权改革和引入市场竞争作用于公司内外部治理机制，有利于提升公司治理水平，产生协同效应，推动企业发展壮大。

In recent years, the reform of mixed ownership has become a hot topic in academic research. Through mixed reform, state-owned enterprises can get rid of the disadvantages exposed by their rigid system in the development of market economy, and enhance their development power, vitality and competitiveness. As a state-owned enterprise in Zhejiang Province, Wuchan Zhongda has achieved remarkable results in the reform of mixed ownership through the combination of the overall listing, the introduction of strategic investors and the implementation of the employee stock ownership plan.Among the "12 Samples of State-owned Enterprise Reform", it is a landmark and important reference case of mixed reform.

This paper firstly reviews the main viewpoints of the relevant authoritative documents, and clarifies the theoretical basis used in this paper, so as to accumulate sufficient theoretical knowledge for the subsequent analysis.Secondly, in the case introduction part, this paper briefly introduces the Wuchan Zhongda, including analyzing the background of its mixed reform from the macro, meso and micro levels, and sorting out its three modes of mixed reform.Thirdly, from the two levels of the company's internal governance mechanism and external governance mechanism, it explores the effect mechanism of different modes of mixed reform on corporate performance.Finally, it analyzes the performance from two dimensions of financial performance and market performance, and discusses whether the mixed ownership reform of Wuchan Zhongda has achieved the expected purpose and effect.

This paper focuses on two problems to be solved. One is to explore the mechanism of the impact of different mixed ownership models on corporate performance, that is, how to improve the internal and external governance mechanisms, further affecting the performance of the enterprise.Second, through the two dimensions of financial performance and market performance, it explores how the mixed ownership reform affects the corporate performance.By solving the above two problems, we expect to provide some theoretical support for the choice of mixed reform model of state-owned enterprises and demonstrate the way for the market-oriented operation of state-owned enterprises.

The conclusions of this paper are as follows.First, in the selection of mixed reform mode, the introduction of strategic investors, employee stock ownership and the overall listing have their own advantages and disadvantages. When choosing a specific path for mixed ownership reform, an enterprise should base itself on its current development reality and take a comprehensive consideration of its future development strategy. Second, in the aspect of corporate governance, through the reform of property rights and the introduction of market competition, the mixed reform can improve the corporate governance level, produce synergy effect and promote the development and growth of enterprises.