Research On The Path And Economic Consequences Of The Mixed Reform Of State-owned Enterprises By Introducing Strategic Investors

Since the announcement of the fourth round of mixed ownership reform of state-owned enterprises in 2019,a new round of state-owned enterprise reform has sprung up,which has become an important way for China to build a world-class demonstration enterprise and promote industrial transformation and upgrading.By 2019,China has made remarkable achievements in the reform of mixed ownership and achieved in-depth promotion from point to area.More than 70% of central enterprises have carried out the reform of mixed ownership and introduced more than 1 trillion yuan of non-state-owned capital.The concept of mixed reform has also attracted great attention from the capital market,which plays a positive role in promoting the transformation of state-owned enterprises into market-oriented and the establishment of modern enterprise system,At the same time,it will force local state-owned enterprises to carry out reform.In 2019,in line with the national reform trend,Zhuhai selected Gree Electric Appliance,a municipal leading enterprise,to carry out mixed ownership reform.Gree Electric Appliance chose the time of mixed reform,which is at the key node of the fourth round of state-owned enterprise reform.Due to its home appliance industry in the fully competitive field,Gree Group lost its controlling shareholder status after the mixed reform.It is a new attempt for state-owned enterprises in the fully competitive industry to carry out mixed reform,forming an enterprise governance model with entrepreneurs as the core.This mixed reform model is expected to become a typical demonstration case of mixed reform of state-owned enterprises in the competitive field.Therefore,this paper selects Gree Electric Appliance as the target case company,which has high research value.Firstly,this paper combs several mainstream paths of the mixed reform of China’s state-owned enterprises and the action mechanism behind the strategic investors.On the basis of clear theory,this paper focuses on the case of the mixed reform of Gree Electric appliance.In this process,it focuses on the diversified reform of Gree Electric Appliance and the advantages of strategic investors,and analyzes the motivation of Gree Electric Appliance’s choice of mixed reform from the perspective of the scale of industry market demand and the dispute over past control power;Secondly,from the three dimensions of the reaction of the secondary market to the mixed reform event,the change of financial performance and the structure of corporate control,combined with the event research method to analyze the correlation between the mixed reform event and stock price fluctuation,this paper makes an in-depth interpretation of the economic consequences of the mixed reform;Finally,the following conclusions are drawn through the research:Therefore,this paper selects Gree Electric Appliance as the target case company,which has high research value.Firstly,this paper combs several mainstream paths of the mixed reform of China’s state-owned enterprises and the action mechanism behind the strategic investors.On the basis of clear theory,this paper focuses on the case of the mixed reform of Gree Electric appliance.In this process,it focuses on the diversified reform of Gree Electric Appliance and the advantages of strategic investors,and analyzes the motivation of Gree Electric Appliance’s choice of mixed reform from the perspective of the scale of industry market demand and the dispute over past control power;Secondly,from the three dimensions of the reaction of the secondary market to the mixed reform event,the change of financial performance and the structure of corporate control,combined with the event research method to analyze the correlation between the mixed reform event and stock price fluctuation,this paper makes an in-depth interpretation of the economic consequences of the mixed reform;Finally,the following conclusions are drawn through the research:First,the mixed reform mode of Gree Electric Appliance helps to improve the governance mechanism.By optimizing the top-level design of the company,optimizing the ownership structure,reducing administrative intervention and improving the efficiency of corporate governance.Second,the introduction of appropriate strategic investors can complement the advantages of state-owned enterprises and give effective play to synergy.In2020,when the epidemic broke out,the market of the air conditioning industry was impacted,and offline sales were difficult to carry out.The entry of Hillhouse capital enabled Gree to smoothly promote the reform of sales channels with the help of its online channel resources,broaden the online sales channels on the basis of the original sales channels,and maintain and increase the value of state-owned capital.Based on this case,it will help different types of state-owned enterprises to choose their own mixed reform model and strategic investors that fit their own future development,so as to realize the coordinated development of business and achieve win-win results.This paper hopes to sort out and analyze the mixed reform mode of Gree Electric without actual controller,improve the shortcomings of the mixed reform and equity participation mode of state-owned enterprises,and provide some reference for state-owned enterprises that will participate in the mixed reform.