Research On The Path And Effect Of Mixed Ownership Reform In Competitive State-owned Enterprises

Since the third Plenary Session of the 18th CPC Central Committee in 2013,China has entered the stage of sprint development on the road of mixed ownership reform of State-Owned enterprises.Since the congress,China has implemented a number of policies on the reform of mixed ownership.By the end of 2019,116 policies have been issued at the central level,and more than 1,000 policies related to mixed ownership have been issued by provincial governments.New measures and arrangements related to the reform of mixed ownership have been introduced from the central to local levels.The reform of mixed ownership should not only undertake the task of realizing the integration of different forms of capital and complementary advantages,so as to promote the joint progress and win-win results of state-owned capital and non-state-owned capital,but also assume the responsibility of promoting fair competition in the market and giving play to the leading role of the market in resource allocation.It is still an important and meaningful lesson to further study the path and effect of the mixed ownership reform of competitive state-owned enterprises as the vanguard of the reform of state-owned enterprises in China.Founded in 1991,Gree Electric Appliances,Inc.Of Zhuhai(hereinafter referred to as "Gree")was listed in Shenzhen Stock Exchange in 1996.Its home appliance industry belongs to the industry with sufficient competition,so it is a typical competitive state-owned enterprise.At the same time,Gree Electric Appliances realized the transformation from absolute control of state-owned capital to state-owned equity participation through two stages of reform in 2006 and 2019,and realized the transformation from "mixed" to "reformed" of state-owned enterprises,which has a great reference for other state-owned enterprises to realize the reform of mixed ownership.Therefore,this article selects the gree electric appliances as the research object,on the whole phase of mixed ownership reform process were studied,analysis the motivation of the each stage of mixed ownership reform and paths,and based on this,will the mixed ownership reform process as a whole,in-depth analysis of mixed ownership reform of gree electric appliances company governance,the allocation of resources and the impact of enterprise performance.The research findings are as follows: First,Gree Electric Appliances realized the checks and balances of the internal ownership structure and the board structure of state-owned enterprises by introducing non-state-owned capital,and strengthened the interest correlation between management and enterprises by improving the incentive mechanism of management,and finally realized the optimization of corporate governance structure.Second,through the formation of a balanced ownership structure and board of directors,minority shareholders and institutional investors can participate in major business decisions with more ability and motivation,so that corporate decisions can reflect the will of multiple parties and be more scientific and objective.At the same time,through the improvement of management incentive mechanism,Gree Electric Appliances has formed a team relationship of mutual trust and cooperation within the enterprise,improved the effect and efficiency of internal information transmission,and reduced the internal management cost of the enterprise.Finally,the optimization of internal resource allocation is realized.Third,in the long run,the mixed ownership reform has significantly improved Gree’s market performance and financial capability,and the comprehensive strength of the enterprise has developed rapidly.On the whole,mixed ownership reform can ultimately bring long-term performance improvement to enterprises.