Research On The Impact Of Mixed Ownership Reform Of State-owned Enterprises On Corporate Governanc

After decades of continuous reform,problems such as the separation between government and enterprise and the lack of operational autonomy in Chinese state-owned enterprises have been effectively improved.However,problems such as unreasonable corporate governance structure,failure of corporate decision-making mechanism and imperfect incentive system caused by state-owned shares are still prominent,which have become the bottleneck restricting the high-quality development of state-owned enterprises.To this end,China started a new round of state-owned enterprise reform focusing on mixed ownership reform（hereinafter referred to as"mixed reform"）in November 2013.The focus of this round of state-owned enterprise reform is to improve corporate governance and enhance the vitality and competitiveness of enterprises.Therefore,analyzing the effectiveness of the state-owned enterprise mixed reform from the perspective of corporate governance has become the focus of scholars’research.Based on the above background,this paper chooses Zhuhai Gree Electric Appliances Co,LTD.（hereinafter referred to as"Gree Electric Appliances"）,which completed the mixed-ownership reform in 2019,as the case study.Using literature research method,case analysis method and comparative analysis method,the corporate governance of Gree Electric Appliances before and after the mixed reform is studied.Through literature review and theoretical analysis,this paper makes clear the significance of studying the impact of corporate governance of corporate reform.On this basis,it draws on the CCGI^NKcorporate governance level evaluation system,uses analytic hierarchy process to determine the index weight,collects the corporate governance structure and corporate governance mechanism of Gree Electric Appliances,and makes a quantitative evaluation of the corporate governance level of Gree Electric Appliances before and after the corporate governance reform.Further,relevant information and data are used to analyze the decision-making mechanism,supervision mechanism and incentive mechanism of the company,to clarify the specific impact of the mixed reform on the corporate governance of Gree Electric Appliances Company,to further analyze the existing problems in corporate governance of Gree Electric Appliances Company after the mixed reform and to put forward relevant suggestions.This paper draws the following conclusions through the research:First,according to the evaluation results,the corporate governance level of Gree Electric Appliances has been generally improved after the mixed reform,mainly focusing on the governance of shareholders,the board of directors and managers.Second,the mixed reform has improved the decision-making mechanism and incentive mechanism of Gree Electric Appliances,and the management has gained the right of control through institutionalization,improving the right to speak and work enthusiasm.Third,the mixed reform weakened the supervisory role of Gree Electric Appliances’supervision mechanism,mainly because Gree Electric Appliances’management gained control after the mixed reform,which weakened the supervisory role of directors and shareholders on the management.Fourth,Gree Electric Appliances’decision-making mechanism after mixed reform also has some hidden dangers.On the one hand,there is the possibility of implicit MBO,and on the other hand,it is easy to produce agency conflicts.Based on the research results,this paper puts forward the following suggestions for the reform of mixed enterprise:first,choose strategic investors that complement the resources of enterprises themselves;Second,strengthen its own management and internal and external supervision to prevent the collusion between management and shareholders;Third,strengthen the restraint mechanism of strategic investors’withdrawal to avoid the negative impact of implicit MBO on the reform of state-owned enterprises.The research results of this paper are conducive to enriching the literature on corporate governance level and corporate governance mechanism of the mixed reform of state-owned enterprises,and can also provide reference for improving the corporate governance mechanism of the mixed reform of state-owned enterprises.