Private Placement, Employee Ownership Plan and Mixed Ownership Reform--A Case Study of Wuliangye Listed Company
Journal of Modern Accounting and Auditing
The reform core of state-owned enterprises is to develop mixed-ownership's economy effectively, therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources, adopting various ways to realize mixed-ownership reforms, enriching the theories of mixed-ownership reform, and creating a large number of practical samples. Wuliangye Company, as a very famous making liquor company in China, has issued a large of new stocks to excellent dealers, administrative
... taffs, and outstanding employees, so that the company can draw into massive private capital in 2016, so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises. Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks, the distrust about only adding money and welfare tool for relative benefit people can be eliminated. Moreover, the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings, and optimize ownership structure. Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces, also providing some useful experiences of other mixed-ownership reform, and the ways and patterns are worthy of learning and studying.