Research On The Impact Of Mixed Ownership Reform On Corporate Governance

The Third Plenary Session of the 18 th CPC Central Committee pointed out that "it is necessary to actively develop a mixed-ownership economy,encourage non-public enterprises to participate in the reform of state-owned enterprises,and encourage the development of mixed-ownership enterprises controlled by non-public capital." A new round of mixed reform of state-owned enterprises kicked off.The 14 th meeting of the Central Committee for Comprehensively Deepening Reforms reviewed and approved the "Three-year Action Plan for State-owned Enterprise Reform(2020-2022)",and the mixed-ownership reform of state-owned enterprises has entered an accelerated stage.The reform of mixed ownership of state-owned enterprises is not only the main way to promote the reform of state-owned enterprises,but also an important means to establish a modern enterprise system and promote the further improvement of corporate governance.With the support of the policy,a large number of enterprises took the lead in completing the mixed reform through pilot projects.Many of these companies have improved corporate governance through mixed ownership reforms,improved governance structures and established more scientific governance mechanisms,achieved greater development,further improved their status in the industry,and played a demonstrative role;In the process of advancing mixed reform,there are also many cases of reform failure.Therefore,the research on mixed ownership reform and corporate governance is of great significance.This paper chooses Gree Electric's mixed ownership reform as the case study object.First,it defines the related concepts of state-owned enterprise mixed ownership reform,corporate governance,and no actual controller,and combs the principal-agent theory and other related theories and literature to clarify mixed ownership.The relationship between reform and corporate governance lays the theoretical foundation for the research of this article;then it analyzes the background,motivation,purpose,plan and process of Gree Electric's mixed reform,as well as the changes in corporate governance after the introduction of strategic investors.The study found that Gree Electric after the mixed reform has changed the state-owned holding situation,formed a governance model with no controlling shareholders and actual controllers,avoided the phenomenon of "one word",and can better adapt to market competition;and it is guided by strategic goals Choosing the mixed reform plan allows the introduction of strategic investors to promote the diversification and internationalization of Gree Electric's layout;the design of the mixed reform plan emphasizes the care of management's power.This arrangement can make decision-making more professional and Efficient,improve governance efficiency;but at the same time,excessive management power may also cause insider control problems.On this basis,this article puts forward the following suggestions: choose the path of mixed reform with strategic goals as the guide;set up the equity structure scientifically;pay attention to the maintenance of the management's right to speak in the design of control rights;develop effective incentives and supervision mechanisms.