Research On The Control Arrangement And Corporate Performance Under The Mixed Ownership Reform Of State-owned Enterprise

China’s mixed ownership reform has entered a critical and deepening stage.In the process of property right reform and micro subject marketization,the production vitality and operation efficiency of state-owned enterprises have been significantly improved.Many competitive state-owned enterprises have changed the status of the largest shareholder of state-owned capital by introducing private capital,and the control right of enterprises has changed accordingly.In terms of the current implementation effect,most of the mixed ownership reform enterprises have improved their value creation and value realization ability.It can be seen that the mixed ownership reform has become a breakthrough for the development of state-owned enterprises in the market-oriented environment.Starting from the background of mixed ownership reform,this paper selects Gree Electric Appliance,a star enterprise with great development potential,as the research object,and analyzes the changes of control framework and its impact on enterprise performance after introducing strategic investors.At the same time,further explore the potential problems of its mixed reform scheme and treat the effect of mixed reform dialectically.The main contents of this paper include: first,it briefly introduces the main body of the mixed reform,analyzes the motivation of the mixed reform from the macro and micro perspectives,and combs the mixed reform process of Gree Electric Appliance in chronological order.Second,it elaborates the control right arrangement of Gree Electric Appliance from three aspects: ownership structure,board structure and manager incentive mechanism.Third,it makes a specific analysis of the impact of the change of Gree’s control right from the three aspects of market performance,financial performance and innovation performance.Fourth,further analysis of the potential risks after the control right change of Gree Electric Appliance not only provides inspiration for other mixed reform enterprises,but also has warning significance.The research conclusions of this paper are as follows: first,after the mixed reform of Gree Electric Appliance,there is no actual controller,and the adjustment of its control framework penetrates into the three levels of shareholders,board of directors and managers.After the mixed reform,the shareholding structure of Gree Electric appliance is more decentralized than before,the board of directors is not independently controlled by one party,and the managers enjoy the care of the mixed reform scheme and have a greater voice.Second,after the change of control,the enterprise performance of Gree Electric Appliance has been improved as a whole.From the perspective of market performance,the addition of Hillhouse capital is recognized by market investors;From the perspective of financial performance,the introduction of strategic investors has helped enterprises improve their solvency and operational capacity,and the overall development trend of financial performance is better than that before the mixed reform;From the perspective of innovation performance,strategic investors have brought advanced technologies and resources,and stimulated Gree’s enthusiasm for technological innovation and strategic transformation.Third,in the design of the mixed reform scheme,on the one hand,managers who have a better understanding of the operation of the enterprise should be given enough voice,on the other hand,they should be vigilant against the potential problem of insider control,so as to form a truly effective check and balance mechanism.Based on the above research conclusions,this paper puts forward corresponding countermeasures.On the one hand,it is suggested that state-owned enterprises should be different from enterprise to enterprise in the mixed reform,focus on the overall optimization of the control right framework and give the management appropriate voice.On the other hand,it is suggested that state-owned enterprise managers change their mentality in time and shape their own human capital value,so as to provide reference and inspiration for other mixed reform enterprises.