Research On The Path And Effect Of State-owned Enterprise Mixed Ownership Reform

After the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China proposed “actively promoting mixed ownership reform”,the mixed reform of state-owned enterprises in China has entered a new stage.In response to the new round of mixed reform,the State Council issued Opinions on Developing Mixed Ownership Economy by State-owned Enterprises in 2015,which clearly regards classified reform and hierarchical reform as the basic path to promote the mixed reform of state-owned enterprises.The Fourth Plenary Session of the Nineteenth Central Committee also pointed out that this stage should“effectively play the role of state-owned capital investment and operation companies”.How to maximize the enthusiasm of non-state-owned capital and effectively integrate its advanced management concepts with the existing system of state-owned enterprises is the key and difficult point in advancing the new round of mixed ownership reform,which urgently needs to be analyzed and solved.Since 2005,Gree Electric has experienced several mixed ownership reforms,but stateowned capital has always maintained control rights.After another mixed reform of Gree Electric in 2019,state-owned shareholders no longer retain control rights,and there are no controlling shareholders at the same time as state-owned enterprises,and substantive mixed reform is completed through the indirect shareholding of management.This essay takes the mixed reform of Gree Electric in 2019 as a representative case,and uses literature research,case study and financial index analysis to extract the experience that can provide reference for the mixed reform of other state-owned enterprises by analyzing the actual cases of Gree Electric.This essay first combs the specific path of Gree Electric’s mixed ownership reform from the four dimensions of state-owned shareholders giving up holdings,introducing strategic investors,indirect management holdings,and building a diversified control structure,and deeply analyzes the reasons for choosing this path and the specific implementation form.Secondly,starting from the equity structure and governance structure,it expounds the effect of Gree Electric’s mixed reform on corporate governance.Thirdly,this essay analyzes three aspects of financial performance,non-financial performance and market performance to reflect the impact of mixed reform on corporate performance.The study found that through the reform of mixed ownership,Gree Electric has transformed into a state-owned shareholding enterprise without actual controllers,forming a more balanced ownership structure and a sound governance structure.In terms of financial performance after the mixed reform,Gree Electric’s short-term and long-term debt solvency have been greatly improved,reflecting that operational capabilities and financial indicators have not been significantly improved,and profitability and growth capabilities have been enhanced to a certain extent.In the non-financial indicators,R&D investment has been increased,innovation capabilities have been enhanced,and the diversification of channels has also expanded the online listing of the business.Gree Electric’s market performance was also positively affected by the mixed reform,which significantly increased Gree Electric’s short-term market excess return rate and brought benefits to investors.Finally,based on the above analysis and research conclusions,policy recommendations are put forward for the mixed ownership reform of state-owned enterprises,in order to provide a reference for the state-owned enterprises to choose the mixed reform path and design the mixed reform plan under the background of the new round of mixed reform.