Research On The Difference Of Control Rights Allocation Under The Reform Of Mixed Ownership

With the economic globalization and the continuous progress of science and technology,the state-owned enterprises,as the pillar of China's economic development,are faced with an increasingly fierce market competition,and their comprehensive strength needs to be improved urgently.While the 2013 Third Plenary Session of the mixed ownership reform proposed for the development of state-owned enterprises to provide a new way of thinking.When the down-mix is still in the pilot phase,Greenland Group as the implementation of the vanguard of mixed change,its case study can be prepared to implement the reform of state-owned enterprises to provide reform templates to accelerate the reform of mixed ownership.Through combing the literatures related to the allocation of control rights,this paper analyzes the ownership structure of the Greenland Group over the years and the adjustment of the structure of the Board ofDirectors,and finds that the competition for control rights mainly embodies the equity game between the state-owned shares and the employees.Then,this paper analyzes the abnormal behaviors of state-owned stock,employee stock ownership and strategic investor in the field of control competition,and summarizes the impact of the adjustment of control allocation on the governance mechanism of greenland group.This paper draws the following conclusions:(1)enterprise scale expansion leads to competition for control;(2)the conflicts of control stems from the conflicts of interests of different stakeholders;(3)Mixed ownership reform can improve the state-owned corporate governance mechanism to ease the control of competition;(4)Board seats become the new target of control.In order to alleviate the negative influence of the control right competition,it is necessary to reduce the proportion of the state-owned shares and enhance the independent operation ability of the enterprises.At the same time,we can not neglect the influence of the control right to the enterprise development.