Research On The Influence Of Gree Electric’s Ownership Structure On Enterprise Performance Under The Background Of Mixed Reform

Since the Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed to actively develop a mixed-ownership economy in 2013,and the report of the 19 th National Congress of the Communist Party of China further emphasized the deepening of the reform of state-owned enterprises,the scope of the pilot mixed reform of state-owned enterprises in my country has been continuously expanded and has now entered an accelerated stage.According to the Report on the Development of China’s State-owned Economy in 2019,most of the companies participating in the mixed reform have achieved corporate performance improvements,indicating that the mixed reform is an inevitable choice for the development of stateowned enterprises in the current market environment.The equity structure is the core of the corporate governance system.In the process of mixed reform,the rational optimization of the equity structure of state-owned enterprises and the improvement of the internal governance system are conducive to the sustainable and healthy development of state-owned enterprises.Based on the background of mixed ownership reform,this article uses the impact of changes in the ownership structure of Gree Electric’s mixed reform process on corporate performance as a case to explore the driving force of Gree Electric’s corporate performance improvement.First,the motivation and specific implementation path of Gree Electric’s mixed reform are explained,and the characteristics of its shareholding structure are analyzed.Secondly,it analyzes the short-term capital market reaction before and after the equity change through the event research method,analyzes the long-term performance changes under the mixed reform from the financial indicators of the three dimensions of profitability,solvency and operating ability,and compares it with competing companies Midea Group and Haier.Finally,from the perspective of agency cost,combined with relevant theories and the actual situation of the case to compare the impact mechanism of equity structure on corporate performance is sorted out and tested through time series analysis.Through the analysis of the case of Gree Electric’s mixed ownership reform,the following conclusions are drawn:(1)Gree Electric’s equity concentration and equity balance show a downward and upward trend under the mixed ownership reform,and the equity structure has changed from absolute control of state-owned assets to relative state-owned assets,and then to diversified equity.(2)Changes in the shareholding structure under the mixed ownership reform have brought positive short-term capital market effects for Gree Electric,and the financial performance indicators of profitability,solvency and operating ability have been improved to some extent;(3)The impact of Gree Electric’s equity concentration on corporate performance is negative,and the impact of equity balance on corporate performance is positive.At the same time,agency cost has a reverse moderating effect on the above effects,that is,agency cost reduces the degree of the negative impact of equity concentration on corporate performance and the degree of the positive impact of equity balance on corporate performance.