Research On The Influence Of The Implementation Path Of Mixed Reform On Corporate Governance ——Take Gree Electric Appliances As An Example

On March 5,2021,the 4th session of the 13th National People’s Congress has opened.The report,covered a lot of aspects and especially stressed the importance of the mixed ownership reform of state-owned enterprises（hereinafter referred to as "mixed reform" or "reform"）.In particular,to deeply implement the three-year action（2020-2022）,there is still a lot of effort to be made.Since the important assertion was put forward in 2013,all previous meetings have continuously emphasized deepening the reform,reminding us that there is still a long way to go and make deeper changes.By 2020,the 14 th Five-year Plan,the position of this viewpoint as the guiding ideology was reconfirmed.With the continuous implementation of policies,preeminent achievements have been achieved in many fields,such as the further promotion of the "Double Hundred Actions" in 2018 and the "Three-year Action Plan" in 2020.In the exploration of the mixed reform path,besides the single path such as capital market operation,two-way investment,pilot of establishment of capital companies,and holding shares of employees,multi-path reform schemes are also springing up like bamboo shoots which seem to be full of vitality.More and more cases prove that the realization path of mixed reform has direct or indirect impact on governance and performance.Under the background of the mixed reform of state-owned enterprises,this paper takes Gree as the research object.Gree is a famous listed company,an electrical appliance manufacturer with good reputation,and a star state-owned enterprise in Zhuhai.The research was carried out by means of normative research,case study,event research and comparative analysis.Through the above methods,as a supplement to the current published research,this paper,as much as possible,interprets the implementation path of the mixed reform of Gree,and on a deeper level,studies the impact on governance and performance.Firstly,the paper,from the standpoint of an academic,clearly lists the theory and background,mode and path on which the analysis is based,this provides support for the analysis,explanation,and exploration of the following article.Next this paper lists some of the habitually accepted methods used so far and the ills weakness that need to be eradicated.Secondly,focuses on Gree,introduces the subjects of mixed reform of all parties,and analyzes the process and implementation path of mixed reform.Thirdly,as for the further study,this paper is very concerned about some changes and effects on the governance structure,whether shareholders and their control rights have been adjusted,the methods and strengths of incentives are completely different from those in the past,and the independence of supervision and implementation channels have been given a certain degree of protection.Finally,as for corporate performance,this paper extremely focuses on the immediate response on the day which announced the important decision,and in terms of lengthening,in the annual comparison,the changes in some indicators before and after.When analyzing the case and its influence,it is as meticulous as silkworm spinning,layer by layer and in-depth.The conclusions are as follows:（1）the realization path of the mixed reform will directly affect who is the owner of the company.When the owner changes,power of control is also changed,and the decision process of operation and management has also undergone rectification and exchange,and finally reflect on the effect of corporate governance.Gree has effectively optimized the corporate governance effect by adjusting the ownership structure,implementing multi-layer incentives and strengthening the supervision mechanism.（2）The reform has finally caused the improvement of finance results and effectiveness,and created the enrichment and improvement of the value system.After the mixed reform of Gree,the management’s right to speak has increased,and it tends to actively operate,tend to develop new business strategy-channel change,in the long run,this is indeed good for investors,because it increases the value of enterprises.（3）In terms of design,human capital is an influential factor worthy of meticulous study.Not only must we fully consider the constraints on its formation,but also innovate to achieve diversification of incentives,and guide human capital and enterprise development on the same path.（4）The introduced strategic investors should match the management style of the enterprise,so that there will be no differences on the issues of enterprise management and control rights.Give play to the cooperation effect several times before,and develop more favorable resources,core technologies and business directions on the future development of enterprises.This paper is based on star Gree,whose implementation path of mixed reform has an impressed impact on corporate governance and corporate performance,and summarize the laws that generally have general applicability,and hope to make a breakthrough in the current bottlenecks in the mixed reform of state-owned enterprises.