Greenland Group's Mixed Ownership Reform Path And Financial Performance Research

The reform of state-owned enterprises has always been one of the priorities of government work.Its purpose is to promote the vitality and competitiveness of state-owned enterprises by deepening the reform of state-owned enterprises,thereby promoting the better development of the state-owned economy.Nowadays,the reform of state-owned enterprises has entered a historic moment,and the reform of mixed ownership has been given a higher strategic position by the state.As a pioneer in the reform of local state-owned enterprises,Shanghai is also constantly striving to promote the reform of state-owned enterprises to a new level and achieve new breakthroughs.Greenland Group Holding Co.,Ltd.(hereafter referred to as "Greenland Group")successfully achieved backdoor listing through mixed ownership reform.The successful landing of the capital market has a significant historical significance in the field of Shanghai's state-owned capital,marking the successful completion of the largest mixed ownership reform program in Shanghai's state-owned capital sector.Therefore,this paper takes the mixed ownership reform of Greenland Group as an example to determine the issues to be studied:the path of the mixed ownership reform,how it affects the financial performance and what impact it has on the financial performance of state-owned enterprises.The difference between this paper and the existing research results lies in:Although the existing research results have explored the connotation,motivation and path selection of mixed ownership of state-owned enterprises,most of the research is based on theoretical research,lacking specific analysis combined with relevant cases.In addition,the research about the effect of the practice of mixed ownership reform,especially the impact of reform on financial performance,and the impact of mixed ownership reform on corporate financial performance are seldom discussed.Although there are many research results on the case of Greenland Group,most of them are from the perspective of the overall listing,backdoor listing,mergers and acquisitions of Greenland Group.From the perspective of mixed ownership reform,there are few related studies to analyze the case of Greenland Group.Therefore,through the in-depth study of the real typical cases,this paper presents and studies the reform path of mixed ownership of state-owned enterprises with practical experience,verifies the inherent logic of mixed ownership reform and enterprise performance,and provides development ideas and reform proposals for the reform of mixed ownership of state-owned enterprises,which is also the characteristics of this paper.This paper takes the mixed ownership reform of Greenland Group as an example,and explores it from four dimensions.The main findings of this paper are as follows:First,the motivation for the reform of mixed ownership is to introduce the diversification of the shareholding structure and the standardization of the governance system by introducing different forms of ownership capital,thereby stimulating the vitality of state-owned enterprises and ultimately promoting the corporate financial performance and the maximization of corporate value.Secondly,the completion of the reform of state-owned enterprise mixed ownership requires the construction of a multi-property structure by introducing different types of ownership capital.The overall listing,the introduction of strategic investors,employee stock ownership,etc.are effective ways for the reform of state-owned enterprises' mixed ownership,which is beneficial to the introduction of other property rights entities by state-owned enterprises,and thus the establishment of a multi-property structure.Thirdly,in the process of mixed ownership reform and listing,enterprises will form a unique corporate governance model through optimizing the ownership structure to enhance the control of controlling shareholders,improving the corporate governance structure and management system,formulating business decisions to improve market share and performance,and obtaining new financing channels,so as to better obtain listed earnings and enhance enterprises' market competitiveness,ultimately promoting the improvement of enterprise financial performance and maximizing profits.The application enlightenment of this paper:The Third Plenary Session of the 18th CPC Central Committee clearly stated that it is necessary to vigorously promote the reform of state-owned enterprises in mixed ownership,which is a key measure to continuously strengthen the reform of state-owned enterprises.In Shanghai,where state-owned resources are widely deployed,Greenland Group has become a typical representative of Shanghai's "star" state-owned enterprises,and has become a benchmark for Shanghai's regional mixed ownership reform.Through the study of Greenland Group's mixed ownership reform case,this paper summarizes the path of mixed ownership reform and its impact on financial performance.This will provide an effective reference for the market-oriented operation of state-owned enterprises,and provide relevant reference for the state-owned capital committee to promote the reform of mixed ownership of state-owned enterprises.