Arrangement Of Control Rights In The Mix-Ownership Reform Of Chinese State-Owned Listed Companies

With the further deepening of the reform of mixed ownership of state-owned companies,the issue of control arrangements in the reform process has become the focus of attention in the theoretical and practical circles.Gree Group,as the state-controlled shareholder of Gree Electric,has continuously reduced its state-owned shares for many years,thereby enabling Gree Electric to realize the transformation from a local stateowned enterprise to a listed state-owned enterprise and then to a state without a controlling shareholder.This article takes Gree Electric Appliances as a case study,and divides its years of state-owned enterprise mixed reform process into four key nodes,and analyzes the process and motivation of each step and the corporate governance at last.According to the analysis,the management of Gree Electric Appliances cleverly used the multi-layered equity structure and limited partnership platform in the final mixed reform process,completed the disguised management acquisition,and formed "internal control".Through the the abnormal return model,it was found that the market has released positive signals on the final results of the implementation of Gree’s mixed reform program.At the same time,by horizontally comparing the financial performance of the industry with the private competitors before the final mixed reform,we can find that Gree Electric already had the characteristics of high-quality assets before the deep mixed reform.Therefore,the state-owned capital giving up control is not simply for its “private privatization” "It has more competitive advantages,but has formed a" four-win "situation for the SASAC,management,strategic investors and the company itself.By longitudinally comparing Gree’s two previous state-owned shareholder equity transfers,we can find that Gree Pricing methods and the selection of introduced objects are becoming more open and standardized,which mainly benefit from the continuous improvement of China’s relevant laws and regulations.The analysis of this article believes that in a completely competitive industry such as the home appliance industry,the mixed reform of state-owned enterprises that does not take the premise of maintaining state-owned assets holding may be a new trend.Finally,this article puts forward relevant policy recommendations for the future development of China’s state-owned enterprise mixed reform.