A Study On The Practice Of Mixed Ownership Reform In GR Corporation

Since the third plenary session of the 14th central committee,the reform of state-owned enterprises began to explore.At present,China's market economy system is constantly improving,and the market environment is more mature,which has laid the foundation for a new round of state-owned enterprise reform.The reform of state-owned enterprises continued to deepen,and the reform of local state-owned enterprises also accelerated overall.GR is a leading enterprise in China's home appliance industry and a star enterprise with high profitability and high dividends in the A-share market.Since its listing,GR company has actively implemented the reform of state-owned enterprises,and it has clarified the property rights through the reform of non-tradable shares;introduce dealers as strategic investors to create a highly competitive offline marketing channel;The implementation of management equity incentive plan drives the rapid growth of enterprise performance and gradually forms a modern corporate governance system and a relatively dispersed equity structure.In 2019,GR Group publicly transferred 15%of GR's stock under the promotion of Zhuhai SASAC,which caused widespread concern in the market and also pushed mixed reform of state-owned enterprises to a higher step.After the completion of the mixed reform,GR Group only held 3.22%of the shares of GR Company,and the state-owned assets withdrew from the status of the largest shareholder;The introduced strategic investor Hillhouse Capital held 15%of the shares of GR Company to become the largest shareholder but did not seek actual Control rights;the management team through the establishment of the management entity and the largest shareholder deeply tied to obtain more voice;implementation of the employee stock ownership plan is expected to further optimize the corporate governance structure.GR's innovative mixed reform model provides a new way for mixed reform of state-owned enterprises in China,and is expected to become a benchmark for mixed reform of large state-owned enterprises,especially commercial state-owned enterprises in the competitive field.This article sorts out the development process of GR company under the background of mixed ownership reform,combined with GR company's governance structure adjustment,financial situation analysis and strategic positioning to analyze GR company's mixed causes and models.Then through the event research method and other methods to analyze the market reaction of GR companies after mixed reform into a structure without actual controllers,and finally put forward suggestions on the issues that GR companies' mixed ownership reform should pay attention to in the follow-up,hoping to play a reference role in the mixed ownership reform of other state-owned enterprises.