中国共产党第十八届中央委员会第三次全体会议提出的意见为我国国有企 业混合所有制改革提供了明确的方向，会议提出我国的经济制度应该为混合所有 制制度而非单一的，应推崇多元化的资本相互融合。对于该政策性的指导，国家 也用实际行动予以表现，中国联通被挑选成为第一批混合所有制改革企业中的一 员。中国联通的混合所有制改革有利于落实政策，对于往后国有企业的混改提供 借鉴与参考。中国联通的混改动因是什么，混改前后绩效的表现，这是本篇文章 探索的重点。 国有企业混合所有制改革是当前的热门讨论话题，本文也是对该热门话题进 行相关研究。笔者首先搜集了相关的文献进行整理与总结，发现大部分有关混改 的论文都是与理论相关，与实践相关的还是较少。理论和实践是密不可分的，只 有将两者相结合才能发挥作用。所以，本文首先对混合所有制改革的理论与财务 绩效评价的理论进行研究，然后分析案例对象中国联通，探索混改的原因以及混 改前后的绩效变化。通过此案例分析来发现理论正确与否。文章的结果表明，混 改之后中国联通的绩效有所改善，与参股企业互联网企业之间发挥了协同作用。 对于互联网企业而言，它们也可以从中获利。中国联通此次的混合所有制改革为 国企混合所有制改革树立了典范，对此后我国国有企业的改革具有一定的借鉴意 义。 关键词：国有企业；混合所有制改革；混改动因；财务绩效II ABSTRACT The opinions that the third plenary session of the 18th CPC central committee put forward for the mixed ownership reform of state-owned enterprises in China provides a clear direction, the meeting proposed our country's economy system should be mixed ownership system rather than a single.It should promote diversification of capital.China Unicom was selected to be one of the first batch of mixed-ownership reform enterprises.China unicom's mixed ownership reform is beneficial to implement policies and offer reference for the mixing of state-owned enterprises to change. What are the reasons that China Unicom carry out mixed ownership reformWhat is the performance before and after the changeThese are the main points of this article. The reform of mixed ownership of state-owned enterprises is a hot topic at present, and this article is also a research on this hot topic.Firstly, I collected relevant literatures to collate and summarize, and found that most of the papers related to mixed change were related to theories, and related to practice were relatively few.Theory and practice are inextricably linked. Only by combining them can they work.So, this paper first studies the theory of mixed ownership reform and the theory of financial performance evaluation, and then analyze the case object China unicom, explore the reasons of the mixed change and the performance change before and after the reform. Through this case analysis to find out whether the theory is correct or not.The results of the paper show that the performance of China unicom improved after the reform, and played a synergistic role with the Internet enterprises of the participating enterprises. For Internet companies, they can also profit from it.The mixed ownership reform of China unicom sets a model for the reform of mixed ownership of state-owned enterprises, which has certain reference significance for the reform of state-owned enterprises in China. Key words: State-owned enterprises; Reform of mixed ownership;The reasons of mixed-ownership reform ; Financial performanceIII 目 录 中文摘要............................................................I 英文摘要...........................................................II 目录..............................................................III 第 1 章 导论.........................................................1 1.1 研究背景......................................................1 1.2 研究意义......................................................1 1.3 研究思路和方法................................................2 1.3.1 研究思路 ..................................................2 1.3.2 研究方法 ..................................................2 1.3.3 创新与不足 ................................................3 第 2 章 文献综述及相关理论...........................................4 2.1 国外文献综述..................................................4 2.2 国内文献综述..................................................5 2.3 国内外文献评价................................................6 2.4 混合所有制改革相关理论........................................6 2.4.1 现代产权理论 ..............................................7 2.4.2 企业与产权的关系理论 ......................................7 2.4.3 股份制理论 ................................................8 2.5 财务绩效评价相关理论..........................................8 2.5.1 委托代理理论 ..............................................8 2.5.2 利益相关者理论 ............................................8 2.5.3 信息不对称理论 ............................................9 2.5.4 权变管理理论 ..............................................9 2.6 混合所有制改革的途径..........................................9 2.6.1 改制上市 ..................................................9 2.6.2 资本并购 .................................................10 2.6.3 股权激励 .................................................10 2.6.4 引入战略投资者 ...........................................10IV 第 3 章 中国联通的混改案例概况......................................12 3.1 中国电信业宏观分析...........................................12 3.1.1 政治要素(P) ..............................................12 3.1.2 经济要素(E) ..............................................13 3.1.3 社会要素(S) ..............................................14 3.1.4 技术要素(T) ..............................................15 3.2 中国联通介绍 .................................................15 3.3 中国联通混改动因分析.........................................16 3.3.1 竞争乏力，市场占有率低 ...................................16 3.3.2 资金缺乏 .................................................16 3.3.3 连续长期大额投资，现金流不足 .............................17 3.3.4 行政干预导致的目标不一致 .................................18 3.3.5 权力过于集中，监督不到位 .................................19 3.4 混改方案介绍.................................................20 3.4.1 “混”方案...............................................20 3.4.2 “改”方案...............................................23 第 4 章 中国联通混合所有制改革的效果................................24 4.1 中国联通混改财务绩效分析.....................................24 4.1.1 混改前后偿债能力对比分析 .................................24 4.1.2 混改前后盈利能力对比分析 .................................25 4.1.3 混改前后营运能力对比分析 .................................27 4.1.4 混改前后成长能力对比分析 .................................28 4.1.5 财务绩效评价体系的构建与评价 .............................30 4.2 中国联通混改后市场绩效的分析.................................32 4.3 中国联通混改后治理架构的变化分析.............................35 4.4 中国联通混改后积极布局.......................................36 4.5 中国联通混改后未来与互联网企业的合作发展前景.................36 4.6 中国联通混改对参股互联网企业的影响...........................38 第 5 章 研究结论与案例启示..........................................40 5.1 研究结论.....................................................40 5.1.1 中国联通的混改改善了自身经营状况 .........................40 5.1.2 中国联通的混改优化了自身的治理架构 .......................40V 5.1.3 混改使中国联通与参股互联网企业优势互补 ...................40 5.2 中国联通混合所有制改革的启示.................................41 5.2.1 选择合适的混改时机 .......................................41 5.2.2 选择合适的混改方式 .......................................41 5.2.3 选择合适的混改对象 .......................................42 5.3 不足与展望...................................................42