Study On Financial Performance Of Mixed Ownership Reform Of Greenland Group

With the deepening of China's economic system reform,the pace of reform of state-owned enterprises has accelerated markedly,especially since the third plenary session of the 18 th CPC Central Committee.However,how to reform,whether the reform can improve the economic vitality and market competitiveness of state-owned enterprises,and the long-term effect of the reform,need to be further studied.Greenland Group is a large state-owned real estate enterprise controlled by Shanghai State-owned Assets Supervision and Administration Commission.Through the mixed-ownership reform,it was listed as a whole in August 2015.On the day of listing,its market value exceeded 300 billion yuan,ranking first in the industry.The successful case study of mixed reform of Greenland Group and the analysis of how to deal with the above problems in the process of mixed reform can provide some references for the future reform of state-owned enterprises.Mixed ownership of state-owned enterprises reform and research is presented in this paper,on the basis of related theories and literature,by the way of combining theory and practice of the reform background,motivation,specific paths and mixed change on the influence factors of financial performance and financial performance,and other aspects of the classic case of Greenland Group mixed ownership reform carries on the thorough and comprehensive analysis.Three motives of Greenland mixed reform are summarized: improving the company's operating efficiency,solving the problem of competition within the same industry and building A+H double financing platform;Analyze the main process of Greenland mixed reform: skillfully reforming employee stock ownership committee,introducing PE strategic investor with capital increase,and completing the overall listing with Jinfeng Investment;Then the paper analyzes the influencing factors of Greenland mixed reform on financial performance,including ownership structure,corporate governance and employee ownership.Finally,the paper studies the impact of Greenland mixture on financial performance from multiple aspects,including profitability,debt paying ability,operation ability and sustainable development ability,and further studies the reasons for the change of financial performance with Dupont analysis method.The study found that the mixed-ownership reform of Greenland Group optimized the ownership structure and improved the corporate governance mechanism.The mixed reform has a positive impact on the financial performance of Greenland Group.Increased profitability;The effective debt ratio decreases and the financial soundness increases;Operating income,net profit and total assets have achieved rapid growth,and operating net cash flow has increased year by year.However,operational capacity has declined,and asset use efficiency and management capacity need to be further improved.Finally,according to the research results,the paper puts forward corresponding Suggestions to Greenland Group and the proposed mixed state-owned enterprise.