Research On The Equity Transfer Of Gree Under The Background Of Mixed Reform

With the continuous development of the mixed reform of state-owned enterprises,Gree issued an announcement at the end of 2019,and finally determined Hillhouse Capital as the transferee of the 15% equity transfer of Gree,while Gree Group with a background of state-owned assets only retained 3.22% of the shares.It gives up the position of the largest shareholder for 23 years.This incident has aroused great concern in the market.The thesis aims at the "innovative move" of Gree current mixed reform,and analyzes the rationality of Gree equity transfer pricing,the internal and external effects of the company after the transfer under the background of the mixed reform.Based on the review of relevant literature on equity transfer pricing,the governance effects of equity transfers,and the short-term market response of equity transfer,the thesis closely integrates Gree reality,and is based on the theories about equity transfer.Using methods such as real option method,capital asset pricing model and event research method to study the rationality of Gree equity transfer pricing,the governance effects of equity transfers and the short-term market response.The study found that the price of Gree equity transfer was underestimation,the pricing method is worthy of further optimization.The equity transfer can reduce corporate agency costs in a short time.It can bring positive market effects in the short term.Finally,based on the research conclusions,the thesis brings forth suggestions on optimizing the equity transfer pricing mechanism,optimizing the equity structure,and strengthening the guidance of the regulatory agencies on equity transfer behavior.The thesis has made certain attempts and breakthroughs in the research angle of governance effects.The case provides reference for future.It provides theoretical guidance for Gree to further optimize the equity structure and improve the corporate governance structure.In the meantime,it can also provide an empirical basis for the equity transfer transactions of state-owned enterprises under the background of mixed reform.This paper involves 5 figures,17 tables and 82 references...