Core Insights - The global economic landscape is undergoing profound changes in 2024, with a new wave of mixed-ownership reform emerging [2] - Successful mixed reforms have led to resource optimization and value multiplication for some companies, while others have faced significant failures due to substantial and human obstacles [2] - The "Enterprise Mixed Reform Theory System" proposed by Li Shiyong provides a systematic approach to address these challenges, dividing the mixed reform process into eight key stages with targeted solutions and practical tools [2][4] Group 1: Challenges in Mixed Reform - The primary challenge for private enterprises in mixed reform is bridging the gap between "enterprise operational standards" and "national merger standards" [3] - Substantial obstacles include financial chaos, unclear asset ownership, and compliance issues, which directly touch regulatory red lines [2][3] - Human obstacles manifest as complex internal interest structures, cultural conflicts, trust crises, and mismatched core personnel capabilities [2][3] Group 2: The Eight-Stage Theory System - The "Enterprise Mixed Reform Theory System" is based on over twenty years of practical experience and is divided into eight logical stages, each with clear objectives and potential obstacles [4][5] - The first stage focuses on identifying and introducing professional project managers with comprehensive mixed reform experience [5] - The second stage involves establishing preliminary cooperation intentions with potential acquirers, including signing confidentiality agreements and conducting non-binding discussions [6] - The third stage is critical for preparing due diligence materials, addressing the significant gap between operational and national standards [7] - The fourth stage emphasizes efficient cooperation during on-site due diligence, requiring a professional team and thorough preparation [8] - The fifth stage involves negotiating significant risks and valuation adjustments based on due diligence results [9] - The sixth stage focuses on finalizing transaction terms, including price and governance structures [11] - The seventh stage is about executing asset and equity transfers, ensuring all legal and practical procedures are completed [12] - The eighth stage ensures a smooth exit for original shareholders, addressing potential disputes and payment risks [13] Group 3: Practical Tools and Models - The theory system includes various models to support each stage, such as the mixed reform enterprise valuation model, which enhances valuation accuracy by over 60% [15] - A comprehensive roadmap model visualizes the mixed reform process, improving project management efficiency by an average of 40% [16] - Specific operational guidelines for each stage are provided, significantly reducing execution difficulty [17] - Tax optimization models have helped companies save substantial tax burdens while remaining compliant with regulations [18] - A model for clarifying and valuing intangible assets has increased the assessed value of core technologies significantly [19] - Financial standardization models help companies meet merger financial standards within 3-6 months [20] - Standardized templates for due diligence responses have improved due diligence pass rates by over 50% [21] Group 4: Addressing Human Obstacles - Human obstacles include issues such as overreach by owners, inflated desires of executives, and covert resistance from stakeholders [22][23][25] - Solutions involve establishing clear responsibilities, ensuring professional management, and creating effective incentive mechanisms [26] - The combination of soft and hard solutions is essential for successful mixed reform, with data showing that comprehensive approaches can increase success rates from 30% to 80% [26]