Research On The Effect Of Equity Balance Under The Background Of Mixed Reform Of State Owned Enterprises

In recent years,the policy of mixed ownership reform has been promulgated one after another.With the implementation of the "two hundred actions" and the "three-year Action Plan" to be implemented by 2020,the pace of mixed ownership reform has been accelerating.At present,the reform of mixed ownership in state-owned enterprises has made corresponding progress in several large groups and companies,but this reform of mixed ownership in gree electric appliance is more symbolic.In the reform of the mixed ownership system of gree electric appliances,gree group changed from the first major shareholder to the third major shareholder through the transfer of shares,and after the reform of the mixed ownership system,gree electric appliances became "no actual controller",it took the lead in many state-owned enterprises’ "muddling-up" in adopting this type of ownership structure,forming a balance between the first and second largest shareholders,more importantly,the checks and balances between the largest shareholder and the management and between the state-owned shares and the largest shareholder and the management have been formed,the case of mixed ownership reform of gree electric appliances is an important case of mixed ownership reform in competitive state-owned enterprises in China,so the study of gree electric appliances has certain practical significance and practical value.On the basis of clarifying the related system background,the development course and the present situation of the reform of the mixed ownership system in our country,and combining the research results of domestic and foreign scholars,through the case analysis method,the event research method and the Comparative Research Method,the author of this paper,combined with financial data and non-financial data,this paper studies the equity checks and balances after the reform of the mixed ownership of gree electric appliances.In view of the case analysis,first of all,this paper specifically analyzes the structure and characteristics of the checks and balances of gree electric appliances,summed up the gree electric equity checks and balances are divided into gree electric new major shareholders and management checks and balances between the state-owned shares of gree electric and the first major shareholders and management checks and balances.Secondly,this paper analyzes the effects of the equity checks and balances from five aspects: Corporate Governance,market performance,financial performance,corporate cash dividend and Stock Repurchase,as well as the stakeholders.Through the case study,this paper draws the following conclusions: the state-owned shares of gree electric appliances can be balanced by choosing one side to support the other side’s balance structure,that is,in the ownership structure of gree electric appliances,state-owned shares to 3.22% of the shares,to achieve the "weight weight of pressure" checks and balances,is the biggest feature of gree electric equity checks and balances.This ownership structure consummates the gree electric appliance company management,has obtained the positive market response.As for financial performance,although the effect of equity checks and balances is not obvious due to the short period of restructuring and the impact of the epidemic at present,it can be seen that gree electric appliances has been decreasing with the proportion of state-owned shares in recent years,significant improvement in financial performance.And gree electric appliances in this mix to optimize the cash management and market value management,this equity balance for the enterprise stakeholders to bring higher profits.I hope that this study can provide reference for more state-owned listed companies and other state-owned enterprises in the future.It will pave a new way for the mixed ownership reform of state-owned enterprises in China.