Research On The Mixed Ownership Reform Performance Of Gree Electric Appliances By Introducing Strategic Investors

As the pillar of national economy,state-owned enterprises play an important role in promoting China’s economic development,but the shortcomings of state-owned enterprises in governance mechanism,operation efficiency and other aspects have always had a negative impact on their development.Along with our country economic development into the new norm,the development of the state-owned enterprises face increasingly efficient and high quality requirements,further promote the reform of state-owned enterprises and its status in the development of house,make its shoulder under the new normal ease economic slowdown,the mission of promoting economic growth,become the important task of China’s economic reform.18,2013 the third plenary session of the mixed ownership economy development to new heights,as pointed out the direction of the current stage of the reform of state-owned enterprises,then "on deepening the reform of state-owned enterprises guidance" mixed ownership clearly put forward to promote state-owned enterprise reform,since then mixed ownership reform become an important direction of the reform of state-owned enterprises.From the initial launch of the four pilot reforms to the launch of the "Double hundred Action" and the "three-year action plan",the so E reform has gradually stepped into a new stage of accelerating the speed,expanding the scope and deepening the problems.During this period,state-owned enterprises have explored and practiced a variety of mixed reform paths,including introducing strategic investors,restructuring and overall listing,according to local conditions.Among them,the introduction of strategic investors as one of the important paths of mixed-ownership reform has obvious advantages in improving corporate governance,enhancing enterprise performance and market competitiveness,which is of great significance to solve the shortcomings of state-owned enterprises.Therefore,it is of great significance to analyze the latest cases of introducing strategic investors in mixed-mix reform when the reform is gradually moving into the deep water and the problems are becoming increasingly subtle and complex.This can provide guidance and experience for the state-owned enterprises preparing for the mixed-mix reform,especially those preparing for the reform by introducing strategic investors,so as to ensure the steady and long-term reform.Based on the above background,this paper takes Gree Electric Appliances,a fully competitive industry that successfully completed the mixed reform by introducing strategic investors,as a case study.With the help of case study method and event study method,this paper systematically analyzes the motivation,process and effect of introducing strategic investors in the mixed reform,and summarizes the experience and enlightenment.First of all,this paper introduces the topic of mixed reform of state-owned enterprises through the research background,and then combs the relevant literatures at home and abroad to understand the current research status of mixed reform of state-owned enterprises.Secondly,taking Gree Electric Appliances as a case study,the motivation and path of introducing strategic investors into mixed-ownership reform are analyzed in detail.Next,it analyzes the effect of gree Electric Appliance’s introduction of strategic investors in the mixed reform from the aspects of governance structure,market performance,financial performance and so on.Finally,relevant conclusions and enlightenment are summarized according to the above analysis.This paper draws the following conclusions: First,the introduction of strategic investors in the mixed reform has optimized the corporate governance structure of Gree Electric Appliances.Second,the entry of strategic investors not only sends a positive signal to the capital market,but also forms a synergistic effect with Gree Electric Appliances to help it complete channel reform and improve its innovation ability.Third,the introduction of strategic investors in the mixed reform failed to produce a significant positive effect on gree electric Appliances’ financial performance.The main reasons are the impact of the epidemic and the difficulty in showing the advantages of reform in a short time.However,the effective coordination and integration between strategic investors and Gree Electric Appliances reduces the capital cost of enterprises and helps improve their value creation ability.The contribution of this paper lies in the systematic analysis of the implementation process and effect of gree Electric Appliances’ introduction of strategic investors in mixedownership reform,which can provide experience and reference for subsequent state-owned enterprises preparing to adopt this path for mixed-ownership reform.At the same time,there is a lack of specific case studies on mixed-mix reform,so the research in this paper is also a supplement to the research on the practical application of mixed-mix reform.