Strategic Investors Participate In The Effect Of Mixed Reform Of State-owned Enterprises In The White Goods Industry

In 2013,at the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,the mixed reform of state-owned enterprises was once again the focus.Since then,the mixed-ownership reform of state-owned enterprises has entered a new track,and has gradually become an important part of my country’s reform from "point to face" and "central and local".After entering 2020,the "Double Hundred Action" has been promoted,and the "Three-Year Action Plan" has been launched one after another,and the mixed reform of state-owned enterprises has further expanded the coverage.At present,the exploration of the mixed reform path is also being carried out in pilot enterprises.Common methods include the introduction of strategic investors,the listing of enterprises as a whole or in part,and employee stock ownership.It has been proven by practice that mixed-ownership reform enterprises choose an appropriate mixed-ownership reform path and design a mixed-ownership reform plan that meets the interests of all parties.Judging from the results of the current mixed-ownership reform,most state-owned enterprises have achieved an increase in financial performance and an increase in corporate value through mixed-ownership reform.In general,the research on mixed reform needs to be further deepened.With the continuous advancement of mixed-ownership reform of state-owned enterprises,Gree Electric Company(hereinafter referred to as "Gree Electric"),which is in a leading position in my country’s white goods manufacturing industry,has actively introduced strategic investors and worked hand in hand with Hillhouse Capital to compete with state-owned enterprises.has a certain typicality.Therefore,in the process of mixed-ownership reform,whether Gree Electric Appliances has reached an effective resource allocation with strategic investors,revitalized the resources of both parties,and achieved complementary advantages,and whether the reform can improve the company’s governance efficiency and operating effects,it is worth our in-depth discussion.This article takes the mixed reform of Gree Electric Appliances as a case to study the mixed reform of state-owned enterprises.On the path of mixed reform,Gree Electric introduced strategic investors as a means of mixed reform.Compared with successful cases such as Yunnan Baiya,China Unicom,and Chongqing Iron and Steel,the method of mixed reform is relatively simple.typical representative.The mixed ownership reform of state-owned enterprises usually has an impact on the company’s ownership structure,organizational structure,and overall performance,as well as on the efficiency of corporate governance and operating results.This paper studies the impact of mixed ownership reform on corporate governance efficiency by analyzing the changes in the ownership structure and management structure of Gree Electric Appliances.This paper uses the four major financial index systems to measure performance changes,and compares Gree Electric’s financial indicators before and after the mixed-ownership reform with other leading enterprises in the home appliance manufacturing industry,and with itself vertically,to study the impact of mixed-ownership reform on the company’s operating efficiency.Through the research of the paper,it is found that the mixed reform of Gree Electric has an impact on the corporate governance efficiency and operation effect of Gree Electric.First of all,in terms of corporate governance,Gree Electric Appliances after the mixed ownership reform has further improved its shareholding structure,its organizational structure has been further improved,and its corporate governance efficiency has been improved.In terms of operating performance,Gree Electric has not yet undergone significant changes,and the effect of mixed ownership reform on operating efficiency has not yet fully manifested.The good thing is that despite the impact of the epidemic and the overall downturn,Gree Electric is still in the leading position in the industry after the mixed-ownership reform,and the level of many financial indicators is still higher than the average of the household appliance manufacturing industry.