The Way And Performance Of Mixed Ownership Reform Of State-owned Enterprises Based On Resource Dependence Theory

The report of the 19 th National Congress of the Communist Party of China proposed to deepen the reform of state-owned enterprises,develop a mixed-ownership economy and world-class enterprises with global competitiveness.It shows that the essential point of the mixed ownership reform of state-owned enterprises is how to choose a reform program to improve the competitiveness of state-owned enterprises.Previous studies main research on mixed ownership reform how to improve the performance of enterprises based on Principal-agent theory.On this basis,this paper attempts to analyze how methods of mixed ownership reform of state-owned enterprises bring resources and core competitiveness to enterprises,and proposes a new model of mixed ownership reform: enterprises should supplement resources that they lack.This paper takes Gree Electric Appliance,a company with good corporate performance in mixed ownership reform,as an example,analyzes what resources,core competitiveness and the corporate performance are acquired during the mixed ownership reform,generated the mixed ownership reform model based on resource dependence theory that enterprises should supplement resources that they lack.The study found that before the mixed ownership reform,Gree was lack of independence,the decision-making was subject to the largest shareholder,which seriously affected the development vitality of Gree.When the split share reform started in 2005,Gree carried out a gradual share reform.Equity incentives greatly reduced agency costs,and the organization management capability and technological innovation capability of the company were improved.Gree obtained marketing ability and funding through the introduction of strategic investors.The funds needed for further development were obtained through open market equity refinancing.Gree Electric Appliance has gained excellent resource and core competitiveness from the mixed ownership reform,so its corporate performance has also been continuously improved.Based on theory and case analysis,this paper suggests that state-owned enterprises should recognize the purpose of their own reforms in the process of mixed ownership reform,pay attention to the integration of resources but not just the combination of capital,and enhance the governance capacity by equity incentives,state-owned enterprises should make decision based on its own resources,gain scarce resources from introducing strategic investors,enhance shareholding structure by equity refinancing,to improve the company's core competitiveness and corporate performance.The conclusions of this paper provide empirical support for the next step of the development methods of mixed ownership reform of state-owned enterprises,which is of great significance.