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习近平总书记在二十届三中全会上提出，我国的经济已经由高速发展进入到高质量发展的新时期。然而，我国的央企国企作为促进国民经济发展的骨干企业，存在股权结构单一，监督和激励机制失效，资产运营效率低下等问题。对此，政府陆续出台一系列国企混改的指导意见，为持续规范、高效推进混合所有制改革奠定基础。

基于以上背景，本文选择双百行动改革试点之一的徐工机械作为案例对象展开研究，采用案例分析法，对徐工机械混改情况进行介绍，首先根据内外环境状况探析此次混改背后的动因，对徐工机械混改的过程进行梳理，总结徐工机械混改的路径。其次，通过对徐工机械与同行企业之间的EVA横、纵向对比分析以及传统财务指标横、纵向对比分析，探究混改对企业财务绩效的影响。结合案例对公司治理层面、员工层面和市场层面的非财务绩效与混改的关系进行分析阐述。最后梳理总结上述分析成果，并站在企业和政府的角度提出相关建议。

经过研究，本文明确了此次混改对绩效的影响。一是混改对财务绩效的影响：通过混改，获得新的资金注入，引入新的战略、机制等资源，支撑公司技术创新和国际化战略落地，研发投入大量增加，国际化市场得到拓展，境外收入增五成，出口占有率提升，进而提升徐工机械的偿债能力、盈利能力和发展能力，对于徐工机械的营运能力未发现显著影响。二是混改非财务绩效的影响：通过混改引入多家战略投资者，优化股权结构，提升公司治理效率；员工持股平台的建立实现激励机制的完善与补充；通过混改，巩固拓展产业链，增加市场竞争力，提高业务的可持续性和稳定性。

At the Third Plenary Session of the 19th Central Committee, General Secretary Xi Jinping proposed that China's economy has entered a new period of high-quality development from high-speed development. However, China's centralized state-owned enterprises (SOEs), as the backbone enterprises promoting the development of the national economy, suffer from problems such as a single shareholding structure, ineffective supervision and incentive mechanisms, and inefficient operation of assets. In response, the government has successively issued a series of guiding opinions on the mixed reform of SOEs, which have set a clear tone for the continuous standardization and efficient promotion of mixed ownership reform.

Based on the above background, this paper chooses XCMG Machinery, one of the pilot reforms of the Double Hundred Actions, as the case object to carry out the research, and adopts the case study method to introduce the mixed reform situation of XCMG Machinery. Firstly, it explores the motivation behind the mixed reform based on the internal and external environmental conditions, and combs through the process of XCMG Machinery's mixed reform to summarize the path of XCMG Machinery's mixed reform. Secondly, it explores the relationship between XCMG's financial performance changes and the mixing reform by analyzing the horizontal and vertical comparison of XCMG's EVA as well as the horizontal and vertical comparison of traditional financial indicators. Combined with the case study, the relationship between non-financial performance at the corporate governance level, employee level and market level and the mixed reform is analyzed and elaborated. Finally, we summarize the results of the above analysis and put forward relevant suggestions from the perspective of enterprises and the government.

After research, this paper clarifies the impact of this mixed reform on performance. First, the impact of the mixing reform on financial performance: through the mixing reform, new capital injection is obtained, new strategies, mechanisms and other resources are introduced to support the company's technological innovation and internationalization strategy, the R&D investment is increased substantially, the international market is expanded, the overseas revenue is increased by 50%, the export share is increased, which in turn improves XCMG Machinery's solvency, profitability and development ability, and no significant effect is found on the operating ability of XCMG Machinery. Significant impact on the operating capacity of XCMG machinery. Secondly, the impact of non-financial performance of the mixed reform: through the mixed reform to introduce a number of strategic investors, optimize the shareholding structure and improve the efficiency of corporate governance; The establishment of the employee shareholding platform to

realize the improvement and supplementation of the incentive mechanism; Consolidate and expand the industrial chain, increase market competitiveness, and improve the sustainability and stability of business through the mixed reform.

The applicability of the findings is very limited due to the fact that this paper is centered on only one case study, as well as the impact of the objective economic environment. In addition, because of the late hybridization of XCMG machinery, the current performance of XCMG machinery may not be sufficient to objectively reflect the relationship with the hybridization, and further research is needed to study the medium- and long-term impact on corporate performance.