重庆理工大学
学位论文原创性声明
本人郑重声明：所呈交的学位论文是本人在导师的指导下，独立进行研究所
取得的成果。除文中特别加以标注引用的内容外，本论文不包含任何其他个人或
集体已经发表或撰写的成果、作品。对本文的研究做出重要贡献的集体和个人，
均已在文中以明确方式标明。
本人承担本声明的法律后果。
作者签名：
日期：2022年 5月 28日
学位论文使用授权声明
本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保
留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。
本人授权重庆理工大学可以将本学位论文的全部或部分内容编入有关数据库进行
检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。
本学位论文属于（请在以下相应方框内打“√”）：
1.保密□，在年解密后适用本授权书。
2.不保密□√。
作者签名：
导师签名：
日期：2022年 5月 28日
日期：2022年 5月 28日

摘
要
摘要
近些年，国有企业掀起了新一轮改革浪潮。混合所有制改革是当前市场经济下的
一个长期的重要发展趋势。党的十八届三中全会指出，要积极推动混合所有制经济的
发展，把它作为社会经济政策不可缺少的形式。显而言之，混合所有制改革将是国企
改革的重要路径，这将引导国有企业往新发展方向探索和实践，也与国家经济的发展
密切相关。资本融合有助于提升国有企业经营管理效率和优化股权结构，提高企业活
力和市场竞争实力。尽管如此，绝大多数国有企业的改革仍处于起步阶段，改革过程
中也存在迟滞。由此看来，财务绩效是衡量混合所有制改革效果的最佳指标。经比较
混合所有制改革前后的财务绩效，可以探究混合所有制改革中存在的症结，解决混合
所有制改革中存在的关键问题，从而提高企业的财务绩效。
本文选取了建筑行业的 C企业作为研究对象，2017年 C企业采用实施员工持股
且引入战略投资者方式进行了混合所有制改革，并且与水利公司重组上市。本文选用
案例研究和调查等多种研究方法，对 C国有企业混合所有制改革的财务绩效进行了
研究。本文认真剖析了 C企业混合所有制改革前后财务绩效的变化。最后总结出 C
企业存在三个问题：1、财务风险较高；2、融资比例有待调整；3资产管理需加强。
并且对以上三个问题对 C企业和拟混改的企业提出了合理的建议。经由以上剖析，本
文发掘出 C企业混合所有制改革中推行员工持股和引入战略投资者，此举具备改善
财务绩效的效果，投身于混合所有制改革对 C企业财务绩效的有积极作用。在实施混
合改革的过程中，促进了现有所有制结构、治理模式的转变和绩效管理水平的提高；
提高了企业在建筑行业的市场份额，加快了企业业务范围的拓展速度，改善了企业改
革前融资效率低下的境况，提高了企业作为上市公司在市场上的声誉和价值，并最终
作用于企业的财务数据，引出财务绩效的改善。然而，混合所有制改革是一个漫长的
过程，在混合所有制改革的过程中依旧存在很多不足，需要不断改进。
关键词：混合所有制改革；财务绩效；财务风险
I

重庆理工大学硕士学位论文
Abstract
In recent years, state-owned enterprises have set off a new round of reform. Mixed
ownership reform is a long-term trend under the current market economy. The Third Plenary
Session of the 18th CPC Central Committee pointed out that we should actively promote the
development of mixed ownership economy and take it as an indispensable form of social
and economic policy. Obviously, the reform of mixed ownership will be the focus of the
reform of state-owned enterprises, which will guide state-owned enterprises to explore and
practice in a new direction, and is also closely related to the development of the national
economy. Capital integration helps to improve the operation and management efficiency of
state-owned enterprises, optimize the ownership structure, and improve the vitality and
market competitiveness of enterprises. Nevertheless, the reform of most state-owned
enterprises is still in its infancy, and there are also delays in the reform process. Therefore,
financial performance is the best indicator to measure the effect of mixed ownership reform.
By comparing the financial performance before and after the mixed ownership reform, we
can explore the crux of the mixed ownership reform and solve the key problems in the mixed
ownership reform, so as to improve the financial performance of enterprises.
This paper selects enterprise C in the construction industry as the research object. In
2017, enterprise C carried out mixed ownership reform by implementing employee stock
ownership and introducing strategic investors, and reorganized and listed with water
conservancy companies. This paper selects a variety of research methods such as case study
and investigation to study the financial performance of the mixed ownership reform of C
state-owned enterprise. This paper deeply and carefully analyzes the changes of financial
performance before and after the mixed ownership reform of enterprise C. Finally, it
concludes that there are three problems in enterprise C: 1. High financial risk; 2. Financing
proportion to be adjusted; 3. Asset management needs to be strengthened. And put forward
reasonable suggestions for the above three problems. Through the above analysis, this paper
finds that the implementation of employee stock ownership and the introduction of strategic
investors in the mixed ownership reform of enterprise C have the effect of improving
financial performance, and participating in the mixed ownership reform has a positive effect
on the financial performance of enterprise C. In the process of implementing the mixed
reform, it has promoted the transformation of the existing ownership structure, governance
II
。。。以下略