Case Analysis Of Gree Electric Appliances Mixed Reform

Starting from the hot topic of mixed ownership reform of state-owned enterprises,this paper briefly reviews the background of mixed reform of state-owned enterprises in the new period,briefly analyzes the causes of mixed reform of state-owned enterprises,then sorts out the literature on mixed reform of state-owned enterprises and corporate governance,enterprise performance,company innovation,etc.,briefly introduces the current situation of state-owned enterprise reform,and finally selects the mixed reform of Zhuhai Gree Electric,a high-quality star enterprise,as the protagonist of this case study.From a realistic point of view,Gree Electric has already finished the problem of how to mix,but the result of mixing depends on what kind of answers Gree has handed over to the market.In the short term,the mixed reform in Gree Electric has been completed for nearly two years.For Gree,everything has just begun.Firstly,this paper combs the reasons and process of mixed reform in Gree Electric,and introduces the ins and outs of mixed reform along the timeline.Then,after analyzing the valuation of enterprises by various methods,the reasonable stock price range is obtained,and then the rationality of stock price trading in mixed reform is judged.Secondly,this paper not only studies and compares the short-term performance of Gree before and after the mixed reform,but also makes a horizontal comparison of its performance in the same industry,and explores the influence of mixed reform on its financial performance.Through research and analysis,the research conclusions of this paper are as follows: 1.Mixed reform has a good improvement effect on Gree Electric’s company ownership structure,governance structure and internal management of enterprises,well solves the problem of enterprise property rights,achieves the goal of decentralization control and reduces the principal-agent risk;2.The equity transaction price in mixed reform is reasonable and fair;3.Private capital’s participation in the mixed reform of state-owned enterprises can effectively improve the operating efficiency of state-owned enterprises,but it does not necessarily mean that it can improve the financial performance of enterprises.The enlightenment is as follows: 1.The setting of ownership structure should be scientific and reasonable in the mixed reform of state-owned enterprises;2.After the mixed reform,the state-owned enterprises should carry out the diversification strategy in depth,so as to seek the continued development and growth of enterprises.All in all,after the mixed reform,the internal management level of enterprises in Gree Electric has been further improved,the diversification goal of the company has been realized,the ownership structure is more reasonable,the stock price in the transaction is within a reasonable range,and there is no problem of the loss of state-owned assets,but the financial performance needs to be further tested by time.