会计学院知识库

       新一轮国有企业混合所有制改革主要通过吸收不同性质的社会资本，制定战略目标，优化治理结构，重塑业务布局，以达到提升企业核心竞争力的效果。然而，资本作为一种相对稀缺的资源，即使利用混改实现不同资本的混合，但并不能完全发挥资本价值，必须对不同资本进行合理且有效的配置才能发挥最大效用。因此，国有企业引入社会资本后如何实施资本的整合与配置关系着混改能否成功，不同性质的资本混合后如何改的问题成为学术界与实务界关注的焦点。

      借助案例分析方法，以格力电器作为案例研究公司，通过对混改路径、资本配置以及混改与资本配置相关内容的回顾，基于战略联盟、资源依赖与协同效应理论，梳理格力电器引入战略投资者的全过程，深入剖析其在治理结构、战略目标和业绩增长方面存在的问题，继而探究其在公司战略层面和业务层面实施的一系列资本配置措施，并从投资资本、销售业绩与创新能力三方面概括格力电器混改后取得的阶段性成效，基于以上分析，总结出民营性质的战略投资者有利于建立符合当代发展的企业管理制度，国有企业混改应在形成股权结构多元化的基础上注重不同性质资本的融合，以及通过优化资本配置可实现国有企业综合竞争力的提升的三点案例启示，最后对处于充分竞争领域的国企实施混改提出有效建议。

       基于学术界已有研究成果，以资本配置为切入点，深入探究格力电器引入战略投资者之后的一系列资本配置措施，以期补充资本配置的案例研究文献，使资本配置的研究在现实企业中得到落实；其次，从资本配置角度揭示企业竞争力提升的内在机理，突破了将国企改革的效益归因为整体绩效的提升；最后，选择格力电器作为研究对象，对主营业务位于完全竞争领域的国企参与更深层次的混改具有一定的启示作用。

     The new round of mixed ownership reform of state-owned enterprises mainly aims to improve the core competitiveness of enterprises by absorbing social capital of different nature, formulating strategic objectives, optimizing governance structure and reshaping business layout. However, capital, as a relatively scarce resource, Although state-owned enterprises can realize the mixing of different capital to a certain extent through the mixed reform, they cannot give full play to the capital value, and it is necessary to rationally and effectively allocate different capital to achieve maximum benefits. Therefore, how to carry out the distribution and integration of capital after the introduction of social capital by state-owned enterprises is related to the success of mixed-ownership reform, and how to reform after the mixing capital of different types of capital has become the focus of academic and practical circles.

    The paper uses method of case analysis, Gree Electric Appliances as a case study company, this paper reviews the path of mixed reform, capital allocation and the related contents of mixed reform and capital allocation, combs the whole process of introducing strategic investors into Gree Electric Appliance Based on the theory of strategic alliance, resource dependence and synergy, and deeply analyzes its governance structure Problems in strategic objectives and performance growth, then explore a series of capital allocation measures implemented at the company's strategic and business levels, and epitomize the phased results achieved after the mixed reform of Gree Electric Appliance from three aspects of investment capital, sales performance and innovation ability. Based on the above analysis, it is concluded that private strategic investors are conducive to the establishment of enterprise management system in line with contemporary development. The mixed reform of state-owned enterprises should pay attention to the integration of different types of capital based on forming diversified ownership structure, and three case enlightenment that the comprehensive competitiveness of state-owned enterprises can be improved by optimizing capital allocation, Finally, it puts forward effective suggestions for the implementation of mixed reform in state-owned enterprises in the field of full competition.

        Based on the existing research results in academic circles, taking capital allocation as the starting point, this paper deeply explores a series of capital allocation measures after Gree appliance introduced strategic investors, in order to supplement the case study literature of capital allocation and implement the research of capital allocation in real enterprises; Secondly, it reveals the internal mechanism of improving the competitiveness of enterprises from the perspective of capital allocation, which breaks through the attribution of the overall benefits of state-owned enterprise reform to the improvement of overall performance; Finally, the selection of Gree Electric as the research object has certain enlightenment for the state-owned enterprises whose main business is in the field of complete competition to participate in the comprehensive mixed reform.