Research On The Performance Of Mixed Ownership Reform Of State-owned Enterprises Introducing Strategic Investors

With the continuous development of China’s market economy and increasingly fierce market competition,state-owned enterprises are also facing difficulties in the current market environment.Therefore,some state-owned enterprises have carried out mixed ownership reform to adapt to the market development and improve the market competitiveness.Under the current situation of "one enterprise,one policy",the main means of mixed reform are restructuring,introducing strategic investors and employee stock ownership.More and more successful cases show that choosing the right mixed reform way plays a decisive role in the success of mixed reform.Referring to the successful mixed reform cases,it can be seen that most of the enterprised carry out mix reform have realized the improvement of enterprise cost,who shows that under the environment of market economy,mixed reform is the general trend of the development of state-owned enterprises.By further promoting the reforn of mixing ownships of state-owned enterprised,we can expand the production scale of enterprises,enhance the vitality of enterprises,and make the production and operation of enterprises sustainable.At the present stage,China’s mixed ownership reform is the key period.State owned enterprises play an important role in China’s economic development,and the changes of state-owned enterprises also have a great impact on China’s economy.Therefore,the reform achievements of state-owned enterprises after the mixed reform also determine the future development direction of China’s economy to a certain extent.This paper mainly thinks that the new round of mixed ownship reformer of state-owned enterprises to adapt for new environment of market economy is the research background.Among the enterprises participating in the mixed ownership reform,I choose Gree Electric,a representative state-owned enterprise with high market share in the household appliance industry,as the research object.One hand,this paper combs the related research literature of the mixed ownership reform and the introduction of strategic investors,and then carries out the case analysis of the mixed reform of Gree Electric,a state-owned enterprise.It briefly introduces the main body of the mixed reform,analyzes the dynamic factors of the mixed reform,and presents the process of the mixed reform according to the time axis of the enterprise events.With the help of literature research,case study and event study,this paper takes the behavior of introduct strategic investors on the process for state-owned enterprise reform as a case studies,and takes the principal-agent theory,property rights theory and synergy theory as theoretical support to analyze the impact of introducing strategic investors on corporate governance,market performance and enterprise operation effect to summarize and integrate the successful experience of the mixed reform of enterprises,we hope to take advantage of this research opportunity to provide some new rectification ideas for the enterprises that are carrying out or are about to carry out the mixed reform.