Research On The Impact Of Mixed Reform Of State-owned Enterprises On Enterprise Performance And Operational Risk

State-owned enterprises are very crucial in all fields of our country,profoundly affecting the national economy and people’s livelihood,and are the main pillar of our country’s state-owned economy.However,due to the "father-love" effect,many state-owned enterprises appear low efficiency and other problems,difficult to enter the fierce market competition,leading to the state-owned enterprises into a crisis.Now,it is of great significance for the development and growth of state-owned enterprises by importing non-state-owned capital,implementing the mixed ownership reform of state-owned enterprises and improving the operation capacity of state-owned enterprises.Taking Gree Electric Appliance’s introduction of Hillhouse Capital as an example,this paper first describes the general situation of the mixed-ownership reform,expounds the driving process of the mixed-ownership reform background,and summarizes and analyzes the results of the mixed-ownership reform to Gree Electric Appliances.Secondly,according to the data of Gree Electric Appliances before and after the mixed-ownership reform,the impact of the mixed-ownership reform on the performance of Gree Electric Appliances is obtained through investment management analysis,financing management analysis,operating ability analysis,growth ability analysis,cash management analysis and value income analysis.Thirdly,according to the evaluation above,the operating risk of Gree Electric Appliances introducing HillHouse Capital is elaborated.Finally,the research conclusion is drawn,and relevant research suggestions are given for thestate-owned,private equity investment funds and the state-owned mixed reform itself.Through the analysis,this paper draws the following research conclusions:Although the profit index of Gree Electric Appliance after the mixed reform has declined,the operating capacity needs to be improved and the development potential is general,it has strong financing management ability,good cost control and investors have expectations for the mixed reform.On the whole,Gree Electric Appliance is still a booming enterprise.At the same time,there are operational risks,including the risk that the entry of Hillhouse Capital cannot change the decline of the household appliance industry;Hillhouse Capital was unable to effectively participate in and help the operation of Gree Electric Appliance,and failed to improve the single sales revenue structure and sales channel of Gree Electric Appliance,resulting in the risk of decline in sales revenue of Gree Electric Appliance;Dong Mingzhu’s control of Gree Electric easily leads to the risk of internal controller of Gree Electric;Hillhouse Capital pays more attention to financial investment and advocates Gree Electric Appliance spending a lot on equity incentives and cash dividends,resulting in Gree Electric Appliance facing cash flow risk;At the same time,Gree’s share price has fallen continuously and fluctuated greatly,facing serious risk of share price fluctuation.Nevertheless,Hillhouse Capital still chose to invest in Gree Electric Appliance.On the one hand,Gree Electric Appliance still has corresponding effect in the field.On the other hand,Hillhouse Capital focuses on the field of deep cultivation and is willing to help the transformation and upgrading of manufacturing enterprises.Based on the mutually needed resources and interests,the two come together,which is also the key to the mixed reform of Gree Electric Appliance.