国企混改、股权激励与企业绩效--基于格力电器的案例研究

本文从国企混改进入全方位深化的现实背景出发,对格力电器自上市以来混合所有制改革进行深入研究,分析了公司混改方案及对应的股权结构的变化。通过EVA分析得到混改导致公司财务业绩大幅上升,并从股权激励的视角分析了格力电器市盈率长期低于美的集团的现象。随着格力电器新一轮混改的完成,可以预见其将为相关各方创造更大价值。格力电器混改的模式对国有企业混改特别是竞争性国企混改具有借鉴意义。

Mixed Reform of State-owned Enterprises,Equity Incentives and Corporate Performance--A Case Study Based on Gree Electric

Based on the realistic background of the state-owned enterprise mixed ownership reform entering into all-round deepening, this paper conducts an in-depth study of Gree Electric Appliances’ mixed ownership reform since its listing, and analyzes the company’s mixed reform plan and the corresponding changes in equity structure. According to EVA analysis, the mixed ownership reform has led to a significant increase in the company’s financial performance. From the perspective of equity incentives, it has analyzed the phenomenon that Gree Electric’s P/E ratio has been lower than Midea for a long time.With the completion of the new round of mixed reform of Gree Electric Appliances, it can be expected that it will create greater value for relevant parties. Gree Electric Appliance’s mixed reform model is of reference significance for the mixed reform of state-owned enterprises, especially for competitive state-owned enterprises.