| Since the Third Plenary Session of the 18th Central Committee of the Communist Party of China put forward to develop mixed-ownership economy actively,and the 19th National Congress of the Communist Party of China further emphasized deepening the reform of state-owned enterprises,the pilot scope has been constantly expanded,and the reform has been gradually strengthened.The policies of mixed-ownership reform are releasing,which has further promoted the implementation of the "Double Hundred Action Plan" and the "Three-Year Action Plan" to be launched in 2020,the pace of mixed-ownership reform has been accelerating.Different enterprises choose different paths,such as reform and recombination,the introduction of strategic investors,the introduction of funds,listed and employee shareholding.More and more cases proved that the correct selection of the path is the key to the success of mixed-ownership reform.At present,most of the enterprises implementing the mixed-ownership reform have realized the improvement of enterprise value,which indicates that the mixed-ownership reform is the inevitable choice for the development of state-owned enterprises in the market-oriented environment.However,there are still many enterprises in the initial stage of this reform,there are problems such as incorrect choice of the path and incomplete implementation of reform plan.Therefore,the research of mixed-ownership reform needs to be further deepened.Under the background of state-owned enterprises’ mixed-ownership reform,this paper selects Gree Electric Appliances,Inc.Of Zhuhai,a star enterprise,as the research object.By means of normative research,case study,event research and other research methods,this paper systematically interprets the framework of the path of mixed-ownership reform by introducing strategic investors.However,the research scope is not limited to the path of mixed-ownership reform,but further opens the "black box" of the internal value creation mechanism,and analyzes the causes of value creation and the possible risk of control right.Firstly,the paper summarizes the practice of state-owned listed companies in china from the perspectives of path,effect and characteristics,then focuses on the case of Gree Electric Appliance’s mixed-ownership reform,introducing the main body,analyzing the reasons and summarizing the process of the reform according to the timeline,which can establish the basic process framework of Gree Electric Appliance’s mixed-ownership reform.Secondly,the paper analyzes and deconstructs the path taken by Gree Electric Appliances and the reasons behind the choice of the path in detail according to the stages.The basic methodology of path is obtained through the longitudinal analysis of the case of Gree Electric Appliances.In this process,the paper focus on the innovation on the integration of control rights.Finally,in view of the capital market reaction,the paper notice that there are both positive and negative two aspects of signal.Then discussed the value creation mechanism,especially the creation of critical human capital,analyzing on the causes that can improve the mechanism of the enterprise’s value,and analyzing the potential problems that may occur after transferring the control.The paper discussed the case comprehensively and objectively,make the analysis both with reference significance and warning significance.The conclusions are as follows.(1)The reform is a gradual process.For the introduction of strategic investors,the preparation stage includes the decentralization of state-owned controlling shareholders and the selection of levels of the reform;in the implementation stage,the main path is to select strategic investors and trading modes.The integration stage is the core to determine whether the mixed-ownership reform can be truly implemented,including the integration of control relations and the improvement of governance structure.Different types of state-owned enterprises should choose different paths according to their own conditions and the interests of stakeholder.(2)Mixed-ownership reform mainly promotes enterprise value by releasing the value creation ability of managers and strategic investors in the framework of control right,concreting embodiment in managers by reducing material incentives and premium requirement,reducing the cost of human capital,and by arousing the initiative of manager and strategic investors to reduce agency cost,and generate synergies in resources and management,and improve non-human capital utilization;(3)In the distribution of control right of mixed-ownership reform,the value of human capital should be magnified and the voice of the manager should be fully respected.However,at the same time,the possible control problems caused by the reform should be avoided and the decision right of manager should be balanced.The innovation of this paper can be listed as follows:Based on the novel case of Gree Electric Appliances,this paper explores the path and value creation of introducing strategic investors,especially the value creation of key human capital.Meanwhile,it points out the risks and problems,which enrich the research perspective.This paper can be more universal and useful for state-owned enterprises to implement the mixed-ownership reform. |
