Research On The Motivation, Path And Effect Of Mixed Reform Of State-owned Enterprises

With the deepening of economic globalization,the competition among countries in the world is more intense.As the foundation of China's national economy,the state-owned economy bears the historical mission of promoting economic growth and enhancing the international competitiveness of China's economy.However,with the gradual development of China's market economic system,the dominance of state-owned enterprises has a serious negative impact on the sustainable development of state-owned enterprises,resulting in deteriorating performance,waste of resources and depreciation of value and many other difficulties.Mixed ownership reform will introduce non-state capital,optimize the ownership structure of SOEs,give full play to the supervision and incentive role of non-state capital,enhance the vitality and competitiveness of SOEs,and help SOEs get out of trouble.To this end,the state has issued a large number of documents in recent years to accelerate the reform of mixed ownership of state-owned enterprises.Since 2016,three batches of pilot projects have been successfully carried out in seven areas.Starting in 2019,the new round of mixed-use reform will focus on "classified and layered implementation" and strive to achieve "one enterprise,one policy".However,there is no clear answer in the theoretical and practical circles as to whether the state-owned capital should continue to control,or to hold the shares relatively,or to change into the mode of share participation after the mixed reform.After the mixed reform of Gree Electric Appliances,the State-owned Assets Supervision and Administration Commission of Zhuhai gave up the control right and became a shareholder of Gree Electric Appliances.Gree Electric Appliances eventually changed into the mode of no actual controller,and the mixed reform was quite thorough.Based on the foregoing background,this paper chooses Gree Electric Appliances as the case company for research.Firstly,the motivation of the mixed reform of Gree Electric Appliances was explored from two aspects of external driving factors and internal demand factors.Secondly,explore the path of mixed reform of Gree Electric Appliances;Finally,from four aspects of ownership structure change,financial performance,capital market response and market operation performance,the effect of this mixed-use reform of Gree Electric Appliances is comprehensively analyzed.The research draws the following conclusions: First,the mixed-use reform has optimized the ownership structure of Gree Electric Appliances;Second,the financial performance of Gree Electric Appliances declined seriously after the mixed reform,but the capital market responded well to the mixed reform.Third,the hybrid reform optimized the market operation performance of Gree Electric Appliances,and expanded the layout of online sales channels on the basis of the old sales channels.According to the mixed reform situation of Gree Electric Appliances,several enlightenment are obtained.First,the introduction of strategic investors has a benign interaction effect on enterprise operation;Second,the state should return control and management of enterprises to entrepreneurs.The study of the mixed reform of Gree Electric Appliances in this paper can improve the shortcomings of the research on the mixed reform mode of state-owned enterprises,and at the same time help the enterprises that have carried out or will carry out the mixed reform in the future to reflect,dig out the defects of their own reform plans,and get relevant enlightenment from the mixed reform of Gree Electric Appliances.