Research On The Performance Of Introducing Financial Investors In The Mixed Reform Of Large State-Owned Enterprises

The mixed ownership reform of state-owned enterprises is an important measure to optimize the system and mechanism,promote integration with the market,and realize the organic unity of economic and social benefits.In recent years,problems such as internal control of state-owned enterprises and separation of ownership and management rights have made the corporate system rigid and market competitiveness has declined.For this reason,the state has issued a number of documents to support and guide state-owned enterprises to carry out mixed ownership reforms,and realize the transformation from managing assets to managing capital.With the increase in the number of pilot enterprises for mixed reform and the expansion of the industry,comprehensively deepening the reform of state-owned enterprises is the general trend.However,the mixed reform of state-owned enterprises is highly complex and difficult,and there are few studies on the motivation,specific path and performance of the introduction of financial investors in the mixed reform.In order to study the feasibility and advantages,the specific path and the performance of introducing financial investors in the large-scale state-owned enterprises,this thesis chooses the case of gree electric appliance to study the key period of further deepening the mixed transformation of state-owned enterprises,as a large-scale state-owned enterprises gree electric appliances,choose to introduce financial investors,the motivation of introducing Hillhouse Capital,and analyze what changes Hillhouse Capital can bring to Gree Electric when it becomes the controlling shareholder,and what is the performance of the mixed reform.The specific ideas are: the introduction part introduces the research background and significance,research methods and innovation points,and combs the related literature;the first part introduces the concept of state-owned enterprise mixed reform and financial investors;the second part is the introduction of Hillhouse Capital by Gree Electric Basic situation: The third part systematically analyzes the reasons for Gree Electric’s introduction of financial investors and the choice of Hillhouse Capital and the design of equity structure;the fourth part uses event research methods,EVA analysis and other analysis methods to evaluate the market response and performance of the mixed reform.Finally,suggestions are made based on the analysis results.Through research,we found that the introduction of financial investors has optimized Gree Electric’s equity structure and governance system,and the market has responded positively and its financial situation has also improved.However,the two sides still need to make further efforts in channel reform and diversified development.Finally,by summarizing the advantages and disadvantages of Gree Electric’s mixed reform,we put forward corresponding policy recommendations: For state-owned enterprises in the mixed reform,the interests of all parties should be comprehensively considered first,and the equity structure should be rationally designed,and then appropriate for the situation where the management style is too strong.Weaken the personal style of managers,and finally adhere to the principle of "one enterprise,one policy" and choose the path of mixed reform in light of their own circumstances;for private capital participating in mixed reform,on the one hand,they must seize policy opportunities and actively participate in the mixed reform of state-owned enterprises.To help enterprise transformation and economic development.On the other hand,it is necessary to balance the relationship with the original state-owned enterprise management through the design of the equity structure to achieve a win-win situation for all parties in the mixed reform.Through a comprehensive analysis of Gree Electric’s introduction of financial investors and corresponding suggestions,it is hoped that it can provide new ideas for the direction of mixed ownership reform of the same type of state-owned enterprises.