Research On The Path And Effect Of Mixed Reform Of State-owned Enterprises By Introducing Strategic Investors

Since the Third Plenary Session of the 18 th CPC Central Committee,the reform of mixed ownership has been given new requirements and missions.The report of the 19 th CPC National Congress further pointed out the importance and necessity of deepening state-owned enterprises.With the continuous introduction of the mixed reform policy,the scope of the mixed reform of state-owned enterprises is also gradually expanding,and China’s mixed reform process gradually enters the deep-water area.At the historical intersection of the two centenaries and in the face of the new stage,new situation and new requirements,the reform of state-owned enterprises has been accelerating under the guidance of the "double hundred action" and the "three-year action plan".For the state-owned enterprises that have completed the mixed reform,the mixed reform has basically had a positive impact on them,but some enterprises still have the phenomenon of "only mixing but not changing",which makes the mixed reform unable to play its due role.How to promote the mixed reform of China’s state-owned enterprises and how to ensure the success of the mixed reform have become urgent problems to be solved on the road of deepening the reform of state-owned enterprises.Based on the background of deepening the reform of state-owned enterprises,this thesis selects the case of Gree Electric Appliance introducing strategic investors to carry out mixed ownership reform as the research object,expounds the process of its mixed reform,and systematically analyzes the path and impact of Gree Electric Appliance mixed reform by using the methods of financial index analysis and event research.Firstly,this thesis expounds the research background,relevant literature,research ideas and related concepts and theories.For the case itself,this thesis combs the whole process of Gree’s mixed ownership reform in detail,and focuses on the motivation of Gree’s introduction of strategic investors for mixed ownership reform and the specific implementation scheme of mixed ownership reform.Finally,this thesis comprehensively evaluates the impact of the mixed reform on Gree Electric from three dimensions: enterprise operation,financial performance and market response: analyze the enterprise operation from two aspects: the voice of management and the structure of resource allocation;By comparing the financial data of Gree Electric Appliance in recent five years,this thesis studies the financial performance of the mixed reform of Gree Electric appliance;The market reaction of Gree mixed reform was studied by event study method.Finally,this thesis summarizes the whole process of mixed reform and puts forward the corresponding enlightenment.The conclusions are as follows: the introduction of strategic investors is helpful to improve corporate governance,both its ownership structure and the independence of the board of directors have been improved accordingly.Through mixed reform,strategic investors can use their own resources to complement and form synergy with state-owned enterprises,so as to improve the level of enterprise performance.In addition,the mixed reform needs to clarify the demands of stakeholders in order to achieve win-win and common development.The introduction of strategic investors should fit their own development.Only by fully considering the fit between strategic investors and their own development,can we ensure that after the mixed reform,state-owned enterprises and strategic investors can play a synergistic effect and promote the sustainable development of mixed reform enterprises.The strong control of stateowned capital over state-owned enterprises will not only seriously affect the operation efficiency of enterprises,but also breed the risk of major shareholders encroaching on the interests of minority shareholders.Therefore,it is necessary to reasonably plan the ownership structure to improve the operation and management efficiency of enterprises.The mixed reform should pay attention to the interests of the management,so as to mobilize its enthusiasm and make it more active and efficient in decision-making,so as to improve the business vitality and enterprise performance of state-owned enterprises.