The Rise And Fall Of Xinfei

In recent years,with the continuous development of market economy and the gradual deepening of economic system transformation in our country,the institutional system of our enterprise is also changing,among them,the corporate governance structure and mechanism have also undergone profound changes.From the initial decentralization of state-owned enterprises,allowing the development of private enterprises,to gradually establishing a shareholder,board of directors and supervisors in all kinds of enterprises,It has formed an increasingly clear corporate governance structure.A large number of state-owned enterprises,including private enterprises of township enterprises and even foreign companies participate in China's economy,and have become the most vitality of the active power.Over the past 30 years,the development and improvement process of corporate governance in China presents Chinese experience and characteristics of transformation.Xinfei Electric Appliance was founded in 1984,located in Xinxiang of Henan Province,It is a modern white goods manufacturer with refrigerator and freezer as its leading products.Accompanied by the reform of state-owned enterprises and opening to the outside world,the enterprise nature of Xinfei Electric Appliance has changed from a state-owned enterprise to joint ventures,and then to a overseas-funded enterprise.It has suffered losses since 2008 and foreign divestment in 2018.Finally Xinfei Electric Appliance was forced to auction.This paper takes the process of Xinfei Appliance from prosperity to decline as the research object,and analyzes the key milestone events in the development history of Xinfei Appliance and the reasons behind them in detail.At the same time,from the perspective of corporate governance,this paper explores the key role and influence of the establishment and improvement of modern enterprise management system in enterprise operation and management,enterprise strategy formulation,enterprise financing selection and enterprise culture establishment,etc.Then using relevant corporate governance theory,the paper finds the root problem of Xinfei Electric Appliance by using relevant corporate governance theory.At last the paper summarizes the relevant enlightenment.Combining the development history of Xinfei Electric Appliance from start-up to recession and taking the framework system of corporate governance as the main line,this paper analyzes the causes of recession in detail by using the method of case studies.At the same time,these research results can also provide some enlightenment or reference for the subsequent development of other enterprises to introduce and go out.