Study On Nationalization Of Private Enterprise,Board Governance And Economic Consequences

In 2015,the State Council issued "opinions on the Development of mixed ownership economy by State-owned Enterprises" to encourage state-owned capital to take stakes in non-state-owned enterprises,and state-owned capital is concentrated in forward-looking strategic emerging industries and superior enterprises.In recent years,the nationalization of private enterprises has increased,which has become one of the important paths of mixed ownership reform.However,due to the late start of the nationalization of private enterprises in China,the related research is not mature enough,the internal mechanism of the nationalization of private enterprises on its economic consequences is still a problem worthy of study.Therefore,taking the case of state-owned Guangsheng Company controlling Dongjiang Environment as an example,this paper makes an in-depth study on its nationalization behavior,hoping to provide relevant reference significance for the nationalization of private enterprises in China.This paper first reviews the relevant research on the nationalization of private enterprises in the existing literature,and then summarizes the theoretical analysis of the board of directors governance of the nationalization of private enterprises combined with the relevant theory and literature research.At the same time,taking the nationalization of Dongjiang Environment as an example,this paper deeply analyzes the influence path of nationalization on the economic consequences of enterprises and the economic consequences of nationalization.The impact mechanism of nationalization on economic consequences focuses on the analysis of board governance.Dongjiang Environment nationalization has a significant impact on the governance structure through the transfer of control,at the same time,the party committee is embedded in the board of directors governance to change the characteristics of the board of directors.and expand the breadth of the board of directors capital,reduce the depth of the board of directors capital.Then the political core and leadership core role of the party is organically combined with the strategic function,control function and service function of the board of directors to further improve the governance behavior of the board of directors.The specific analysis will be carried out from three aspects: first,comply with the policy,optimize the strategic decision-making behavior of enterprises,and improve the core competitiveness of enterprises;second,double supervision,strengthen enterprise cost control behavior to reduce operating costs;third,government-enterprise cooperation,serve enterprise investment and financing behavior,enhance the ability of government projects to obtain and enterprise financing advantages.In terms of the economic consequences of nationalization,after Dongjiang Environment announced the introduction of state-owned capital,there has been a higher market performance than the market,and the capital market has performed well.At the same time,this paper theoretically analyzes and constructs the action path of the nationalization of private enterprises on their profitability and solvency.Combined with the analysis of relevant financial indicators,it is found that the nationalization of Dongjiang Environment can improve the profitability and solvency.Through the case analysis of the nationalization of Dongjiang Environment,this paper holds that the nationalization of private enterprises can improve the governance structure of the board of directors,enrich the capital of the board of directors and provide more social resources while changing the characteristics of the board of directors,and then optimize the governance behavior of the board of directors and promote the development of enterprises,and its economic consequences are good.Finally,this paper provides relevant countermeasures and suggestions for the regulators and private enterprises who plan to nationalize.