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论文编号：	13336
作者编号：	2120202910
上传时间：	2022/6/12 12:52:01
中文题目：	格力电器混改中引入战略投资者的动因和影响研究
英文题目：	Research on the motivation and impact of Gree Electric Appliances'' introduction of strategic investors during the mixed-ownership reformation
指导老师：	马连福
中文关键字：	混合所有制改革；格力电器；战略投资者
英文关键字：	Mixed-ownership reform; Gree Electric Application; Strategic investors
中文摘要：	十八届三中全会以来，政策鼓励发展混合所有制经济、通过混改推进国企改革以来，混改在我国不断加速。2019年国务院列出了第四批国企混改名单，更加鼓励地方性国有企业和主业处于竞争性领域的国有企业参与混改。 本文选取格力电器为案例，研究格力混改引入战略投资者的动因及影响。格力电器属于国有企业，且其主业领域已存在充分竞争，从1996年上市以来一直处于珠海市国资委的控制中。在国企全面深度参与混改的背景下，格力于2019年引入了高瓴资本作为战略投资者，以此进行了混改。格力电器的控制权因此发生改变，国资委失去第一大股东的位置。另外，此次格力混改的设计方案极具创新，格力电器的管理层成立了格臻投资并参与其中，形成了格力电器最终，无实际控制人和实控股东的模式。 本文通过三部分研究格力引入战投的案例，第一部分是混改方案设计，重点关注混改后企业的控制权整合问题；第二部分是混改引入战略投资者的动因，具体包括内部动因和外部动因；第三部分是混改引入战略投资者后的影响研究，包括对市场、对公司治理结构两方面。 本文认为，格力电器的混改案例对于商业类国企在混改是否选择引入战略投资者，以及如何选择合适的战略投资者具有高度的参考价值。本文最后，进一步总结了国企混改引入战略投资者的标准，进一步分析了国企混改引入战略投资者需要注意的问题并提出了相应建议，为未来国企混改对战略投资者的选择、混改方案的设计和引入后的整合工作做出参考。
英文摘要：	Mixed-ownership reform has accelerated in China since the Third Plenary Session of the 18th CPC Central Committee encouraged the active development of a mixed ownership economy and carried out SOE reform. Afterwards, the State Council listed the fourth batch of state-owned enterprises which were allowed to do mixed-ownership reformation and encouraged local state-owned enterprises and state-owned enterprises whose main business was competitive to do this reformation. This paper focus Gree Electric Appliances (GEA) to study the motivation and the effects of the introduction of strategic investors during the mixed-ownership reformation. As a state-owned enterprise in competitive field, GEA had been controlled by Zhuhai SASAC after listed since 1996. In 2019, GEA began to reform by introducing a strategic investor, Hillhouse Capital. The transfer changes control of GEA, with SASAC losing its position as the largest shareholder. In addition, GEA’s reformation plan was extremely innovative: the management in GEA established Gezhen Investment to participate in the reformation. Therefore, the listed company finally became a model with no controlling shareholder and actual controller. This paper mainly analyzes the case of GEA’s introduction of strategic investors through three parts. Firstly, the design of the entire plan of the mixed-ownership reformation, especially the integration of control rights of enterprises after the reformation; Secondly, the motivation of introduction of strategic investors includes the internal and external motivation; Thirdly, the results of the reformation after the reformation, which mainly considers the reply of market and corporate governance. This paper believes that the mixed reform case of Gree Electric Appliances has a high reference value for whether commercial state-owned enterprises choose to introduce strategic investors in mixed reform, and how to select suitable strategic investors. At the end of this paper, this paper further summarizes the criteria for the introduction of strategic investors in the mixed reform of state-owned enterprises, further analyzes the problems that need to be paid attention to by the introduction of strategic investors in the mixed reform of state-owned enterprises, and puts forward corresponding suggestions, so as to make reference for the selection of strategic investors, the design of the mixed reform plan and the integration work after the introduction of the mixed reform of state-owned enterprises in the future.
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