| The foundation of China’s national economy is the state-owned economy,which shoulders the important responsibility of driving economic development and maintaining the global influence of my country’s economy.In recent years,the market economic system has been gradually improved and developed,but some state-owned enterprises still have some problems in high-quality development,which need to be solved urgently.The State Council has promulgated a series of relevant documents and guidelines over the years to promote mixed reforms at different levels and at different stages.In today’s new journey of mixed-ownership reform,the policy of mixed-ownership reform is to develop in the direction of "one enterprise,one policy".In order to achieve hierarchies and categories,to achieve specific analysis of specific reform issues.Therefore,based on the rich practical experience and corporate culture of private enterprises,the optimization and improvement of the internal governance structure and corporate governance mechanism of state-owned enterprises can be further promoted.At the same time,it can play the active role of the market-oriented mechanism,supervise the optimal development of the company’s equity,speed up the reform process of state-owned enterprises,and lay a solid institutional foundation for modern enterprises.However,there is no clear answer in both the theoretical and practical circles as to whether state-owned capital will continue to control,or be relatively controlled,or become a shareholding model after the mixed-ownership reform.In the context of the reform of state-owned enterprises,this paper systematically analyzes the mixed ownership reform of Gree Electric from the perspective of corporate governance.First,Gree Electric Appliances is selected as the case study object.This mixed-ownership reform involves the simultaneous changes of major shareholders and actual controllers,indicating that mixed-ownership reform has reached a new level.Therefore,the case study has a certain typical exemplary role and has theoretical and practical significance.This paper uses literature research method,case study method and comparative research method,firstly by integrating relevant literature and theoretical knowledge as the research foundation.Then,the participants,motivation and process of the mixed reform of Gree Electric were introduced;Then,it analyzes the impact of mixed-ownership reform on corporate governance from different levels and the mechanism analysis of three aspects:decision-making mechanism,supervision mechanism and incentive mechanism.The performance of joining Midea Group is compared horizontally,and then the risks existing after mixed-ownership reform are proposed.Finally,draw conclusions based on the case,and also provide possible suggestions for other companies that will participate in the mixed-ownership reform.After completing this mixed-ownership reform,Gree Electric hopes to join hands with Hillhouse Capital to achieve the purpose of strategic optimization.Finally,the conclusions of this paper are drawn:（1）The mixed-ownership reform model of Gree Electric can help improve the corporate governance mechanism;（2）The introduction of strategic investors can help synergies;（3）The incentive measures for management can help stimulate entrepreneurship.The following suggestions are put forward for the improvement of corporate governance under the background of state-owned enterprise mixed reform:（1）Fully consider the degree of compatibility with strategic investors;（2）Diversify the ownership structure;（3）Establish a decentralization mechanism for the board of directors;（4）Establish a long-term and market-oriented Constraints and incentives. |
