| The state-owned economy is the foundation of China’s national economy and has the historical mission of promoting economic growth.However,with the rapid development of the economy,the absolute control of state-owned capital will hinder the further development of state-owned enterprises,resulting in the lack of responsiveness to market changes and many problems such as low operational efficiency.By introducing private capital into SOEs through mixed-ownership reform,SOEs can optimize their shareholding structure,improve their internal governance mechanisms,and at the same time form effective supervision of state-owned capital to help SOEs achieve further development.There are various ways for SOEs to achieve mixed ownership reform,including the introduction of strategic investors,overall listing,and employee shareholding.In recent years,most large SOEs have chosen to introduce strategic investors as a way to carry out mixed reform,because strategic investors can not only bring in large amounts of capital,but also improve the equity structure and governance mechanism of enterprises,helping SOEs to enhance their competitiveness.After Gree Electric introduced strategic investors into the hybrid,Zhuhai Stateowned Assets Supervision and Administration Commission(SASAC)gave up its control and changed its shareholding to Gree Electric,which is a complete hybrid and no actual controller of Gree Electric after the hybrid.Based on the aforementioned background,this paper adopts literature research method,case study method,event study method and factor analysis method to systematically analyze the effect of the hybridization of Gree Electric,with the introduction of a strategic investor,Hillhouse Capital,from four aspects.Firstly,we analyze the impact of the mixed ownership reform on the corporate governance of Gree Electric,by analyzing the new shareholding structure of Gree Electric,after the completion of the mixed reform and the supporting agreement between the management and the strategic investor;secondly,we analyze the short-term market reaction of GREE after the completion of the mixed reform using the event study method and analyze the attitude of investors towards the mixed reform;thirdly,we compare the four major financial capacity indicators of GREE before and after the mixed reform using the financial performance index.Third,the financial performance indicators are used to compare the four major financial capability indicators of Gree Electric before and after the hybrid reform longitudinally,and also compared with Midea and Haier horizontally to analyze the effect of its hybrid reform;finally,the factor analysis method is used to compare the comprehensive financial performance of Gree Electric before and after the hybrid reform.The conclusions obtained from the study are as follows: first,the hybrid reform has optimized the equity structure of Gree Electric and strengthened the control of the management;second,Gree Electric has been well received in the capital market after the completion of the hybrid reform,indicating that investors are confident in Gree Electric in the short term;third,the hybrid reform has improved the financial indicators of Gree Electric,and the strategic investors have optimized the market operation of Gree Electric by expanding the layout of online sales channels Third,the hybrid reform has improved Gree’s financial indicators and the strategic investor has optimized Gree’s market operation by expanding its online sales channels.Based on the hybrid reform of Gree Electric,several insights are drawn: first,the choice of the hybrid reform model should fit with the company’s strategy;second,strengthening the management voice is integrated with the diversified check and balance mechanism;third,the effect of the hybrid reform of SOEs needs time to prove.The research in this paper can help to draw lessons and reflect on SOEs interested in introducing strategic investors for hybrid reform,and at the same time can enrich the existing research findings. |
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