会计学院知识库

我国作为社会主义大国，国有企业在国民经济中的重要性不言而喻，其所扮演的角色无法被取代。伴随着国内经济建设全面深化，我国的经济发展模式从单一的总量增长逐步转向优质化发展。因此，目前国有企业面临的重要任务就是推动混合所有制改革，以此来提升总体经济效益。在国家政策的推动下，我国的国有企业混合所有制改革正在深度推行，各级政府和企业纷纷响应，积极支持这一改革进程。为确保混合所有制改革得以顺利推进，中央以及地方政府出台了各类优惠政策，各国有企业也在引领、尝试实践多样化的混合所有制改革方式。

由此，本文基于分权控制、委托代理、利益相关者等理论，选取沈阳市的混改先驱—东北制药作为研究对象，将东北制药的混改路径划分为“混资本”与“改机制”进而分析由此路径对企业产生的效果。通过财务与非财务绩效的分析，进一步说明东北制药进行混合所有制改革带来的综合效果。

研究发现，东北制药在经过混合所有制改革后民营资本取代国有资本成为控股股东，不同所有制资本持股比例趋向均衡，股权结构明显优化，但是也存在着资源未能很好整合、员工激励措施有待优化和研发效率低等问题。针对存在的问题，本文指出东北制药需要从提高股权多元化和整合效应、落实薪酬激励制度、加大研发投入等方面着手解决，为企业的发展奠定坚实的基础。本文希望在研究东北制药混合所有制改革的路径及效果之余，也能对同类型企业有一定的借鉴和参考。

As a big socialist country, the importance of state-owned enterprises in the national economy is self-evident, and the role they play can not be replaced. With the comprehensive deepening of domestic economic construction, China's economic development mode has gradually shifted from single aggregate growth to high-quality development. Therefore, the important task facing state-owned enterprises at present is to promote mixed ownership reform, so as to improve the overall economic efficiency. Driven by national policies, China's mixed ownership reform of state-owned enterprises is being implemented in depth, and governments and enterprises at all levels have responded and actively supported this reform process. To ensure the smooth progress of the mixed ownership reform, the central and local governments have issued various preferential policies. Some enterprises in various countries are also leading and trying to practice diversified mixed ownership reform methods.

Therefore, based on the theories of decentralized control, principal-agent, stakeholder, etc., this paper selects Northeast Pharmaceutical Group Co., Ltd a pioneer of mixed reform in Shenyang, as the research object, divides the path of mixed reform of Northeast Pharmaceutical Group Co., Ltd into "mixed capital" and "reform mechanism", and then analyzes the effect of this path on enterprises. Through the analysis of financial and non-financial performance, the comprehensive effect of the mixed ownership reform of Northeast Pharmaceutical Group Co., Ltd is further explained.

The study found that after the mixed ownership reform, private capital replaced state-owned capital to become the controlling shareholder of Northeast Pharmaceutical Group Co., Ltd and the shareholding ratio of different ownership capitals tended to be balanced, and the equity structure was obviously optimized. However, there were also problems such as poor integration of resources, optimization of employee incentive measures and low research and development efficiency. In view of the existing problems, this paper points out that Northeast Pharmaceutical Group Co., Ltd needs to solve them from the aspects of improving equity diversification and integration effect, implementing salary incentive system, increasing R&D investment, etc., to lay a solid foundation for the development of the enterprise. This paper hopes to study the path and effect of the mixed ownership reform of Northeast Pharmaceutical Group Co., Ltd, but also to have a certain reference for the same type of enterprises.