After years of reform and development, state-owned enterprises have made some achievements, but state-owned ente-rprises still exist low returns, inefficient and irregularities of corporate governance. The third plenary session of the eighteen points that develop mixed ownership economy, this will be contribute to achieving complementary advantages in different ownership economy. This paper analyzed ownership structure, governance structure and mechanism in the merger integration of China National Building Materials Group Corporation(CNBM), and put forward a"merger integration, a diversified ownership structure, standardized corporate governance"analytical framework of state-owned enterprise reform path and corporate governance. The results showed that merger integration is an effective way of mixed ownership reform and helpful to improve corporate governance and the performance of company. The results provide a theoretical and practical reference for the mixed ownership reform of state-owned enterprises and helpful to achieve win-win between state-owned capital and private capital.%经过多年的改革与发展, 国有企业取得了一定成绩, 但仍然存在公司治理结构和机制不规范、运营效率和投资回报率低下等问题. 中共中央十八届三中全会提出发展混合所有制经济, 将有利于实现不同所有制资本的取长补短. 文章对中国建材集团混合所有制改革中联合重组、股权结构、公司治理结构和机制等方面的内容做了深层次分析与探讨, 提出了"联合重组—股权结构多元化—规范透明的公司治理" 的分析框架. 研究结论表明, 联合重组是国有企业实现混合所有制改革的有效途径, 有利于完善公司治理并提高企业绩效. 研究结论和建议为国有企业混合所有制改革提供了理论参考与实践借鉴, 有利于实现国有资本和民营资本的互利共赢.
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