Research On The Motivation And Effect Of Gree Electric’S Mixed-Ownership Reform

In 2020,all efforts will be made to reform SOEs with mixed ownership,with central and local SOEs accelerating their pace and expanding their coverage.However,in practice,the mixed ownership reform of some state-owned enterprises is just a formality,and the ownership has only been mixed.The internal decision-making mechanism and governance structure of enterprises have not undergone fundamental changes,and the energy of the mixed reform has not been fully released.In view of the problems in the process of mixed-ownership reform,this thesis believes that it is necessary to further dig and analyze typical cases of mixed-ownership reform to prove that the truly effective mixed-ownership reform should be a positive sum game,which can bring positive benefits to all participants of reform.From the perspective of stakeholders,this thesis comprehensively uses normative research,case study,event study and other methods to select Gree Electric,a typical case in the new round of mixed-ownership reform,as the research object,and systematically expounds the cause,effect and control arrangement behind the reform.Different from existing studies,this thesis does not limit the research perspective to the enterprise itself,but looks for the core stakeholders of Gree Electric behind the mixed-ownership reform,and analyzes their motivation to participate in the reform and the impact of the reform on all parties from the perspectives of the senior management team,Zhuhai SASAC and strategic investors.The study found that,for the senior management team of Gree Electric,the management’s control power has been enhanced after the reform,both in terms of shareholding and the board of directors.For Zhuhai SASAC,although the mixed-ownership reform makes it lose its position in Gree Electric,the funds gained from the transfer of control rights will help Gree Group to layout in the capital market in the future,thus accelerating industrial adjustment and upgrading and promoting the balanced development of state-owned enterprises in Zhuhai.For strategic investors,the introduction of industrial resources and the improvement of corporate governance structure will bring the enhancement of enterprise value,and the promise of dividend in the reform agreement is conducive to the realization of short-term investment income.In addition,this thesis uses the event study method to calculate cumulative abnormal returns to evaluate the reaction of the stock market to the reform of Gree Electric,and puts forward the potential risks that Gree Electric should avoid in view of the diversification of shares after the reform.The innovations of this thesis are as follows:1.Existing studies mostly analyze the performance of mixed-ownership reform by taking enterprises as the main body.In this thesis,stakeholders outside enterprises--Zhuhai SASAC and strategic investors--are included in the analysis framework.In particular,when Gree Electric made a great contribution to Gree Group’s profits and income,Zhuhai SASAC,which led the mixed-ownership reform,transferred the control rights of this high-quality listed company.The gains and losses of Zhuhai SASAC deserve attention in the reform.Second,this thesis carries out equity penetration of Zhuhai Mingjun,the transferee of mixed-ownership reform,which indicates that the arrangement of control rights at the shareholder level can provide a new idea for the optimization of corporate governance mechanism.In the future,with the promotion of the "Double Hundred Action" and the implementation of the "Three-year Action for the Reform of State-owned Enterprises",China will comprehensively deepen the reform of mixed ownership.It is expected that the study of this thesis will provide some reference value for the enterprises that are about to implement the mixed-ownership reform.