Research On The Path,effect And Mechanism Of Mixed Ownership Reform Of Gree Electric Appliances

The mixed-ownership reform started in 2013 has become a breakthrough for a new round of state-owned enterprise reform.Under the guiding ideology of classified mixed reform,a large number of state-owned enterprises will emerge in competitive industries.At present,there are few researches on the shareholding type mixed-ownership reform enterprises.If the specific plan of "whether to mix","how to mix" and "how to change" cannot be formulated one by one,it will be difficult to achieve the purpose of improving the competitiveness of enterprises through mixed-ownership reform.This thesis focuses on the case of the introduction of private shareholder Hillhouse Capital through mixed ownership reform by local state-owned enterprise Gree Electric Appliances in a competitive industry in 2019.Based on principal-agent theory,multi-objective incentive conflict theory,resource dependence theory and institutional shareholder activism theory,this thesis makes an in-depth analysis of equity participation.The motivation,path selection,and effect of the mixed-ownership reform,and the mechanism of the mixed-ownership reform affecting the enterprise.The study found that the basis for Gree Electric to decide "whether or not to mix" is that mixed-ownership reform can be expected to solve the inherent problem of insufficient competitiveness of enterprises,and can bring incremental benefits to relevant parties;the path selection of "how to mix" combines the consideration of private capital.Incentive considerations,intentions of state-owned shareholders,and the degree to which private shareholders match management styles.The mixed-ownership reform has brought a positive impact on Gree Electric from the aspects of capital market response,financial performance and corporate governance;the mechanism of this impact is that the mixed-ownership reform helps the company to avoid multi-objective incentive conflicts by changing the nature and ownership structure of major shareholders.Turning to a single profit target,by introducing heterogeneous resources of private shareholders to supplement the foundation of enterprise productivity,and by improving enterprise incentives and optimizing the allocation of enterprise control rights,the production relationship of enterprises is improved,so that enterprises can better achieve profit goals.This thesis conducts a detailed study on the case of Gree Electric Appliances,a state-owned enterprise that changed from holding to shareholding through mixed-ownership reform,supplements the literature on the case study of state-owned shareholding-type mixed-ownership reform,and deepens the research into the mechanism of mixed-ownership reform affecting enterprises.Based on this,the enlightenment on "how to mix" and "how to reform" of mixed-ownership reform enterprises is drawn,which has more pertinent guiding significance for the practice of shareholding-type mixed reform.