Case Study On Governance Of Listed Companies Without Actual Controller Of Gree Electric

With the continuous development of Chinese economy,the capital market has gradually improved and improved,more and more diversified ownership structure of listed companies in our country,although companies with centralized ownership structure are still the majority in the capital market,the dispersed ownership structure is becoming more and more common,in recent years,there has also been a stockholder companies without actual controller,the ownership structure of companies without actual controller is extremely dispersed.Its management decisions will not be subject to any one shareholder.As of December 31,2018,217 listed companies in China’s A-share market have become companies without actual controllers,and the number of companies in this state is still increasing.Therefore,this paper chooses enterprises without actual controllers as the case study object.This thesis starts with the governance structure of companies without actual controllers,summarizes the existing literature,selects Gree Electric Appliances as the case study object,and starts with the process of its transformation into a mixed reform without actual controllers to explore the changes brought by its power structure to the level of corporate governance,and analyzes its governance status from four aspects: ownership structure,board of directors,board of supervisors and management.The governance mechanism is analyzed from three aspects: decision-making mechanism,incentive mechanism and supervision mechanism.At the same time,Gree Electric Appliances and Midea Group are compared and analyzed to analyze whether there is a real controller in the governance mechanism,reflecting the governance effect Gree Electric Appliances has produced since it became a company without a real controller.Through case study,this paper concludes that Gree Electric Appliances,as an enterprise without actual controllers,has certain positive effects in improving operation efficiency and realizing diversification strategy,but at the same time,it also exposes that enterprises without actual controllers may face the problems of "insider control" and "barbarians" knocking on the door.This paper combined with the results of the case study of Gree Electric Appliances and the governance situation of the company without actual controllers,and put forward effective suggestions for the governance of companies without actual controllers in our country,hoping to provide experience for the new corporate governance pattern without actual controllers.