Research On Mixing Motivation And Effect Of Private Environmental Protection Enterprises? ——Take Beijing SPC Environment Protection Tech Co.,Ltd. As An Example

In the past few years,the environmental protection industry has experienced ups and downs,fierce competition,and substantial changes in the industry structure.Entering 2022,the mixed-ownership reform in the environmental protection industry is still active,and the overall pattern is still being reshaped.From 2016 to mid-2018,the environmental protection industry experienced a highlight moment for the industry.Under the PPP model,many environmental protection companies have increased their financial leverage and rapidly expanded their projects.Private environmental protection enterprises rely on flexible mechanisms and expand rapidly.They seized the PPP model,started the project with a lot of funds,and used the project to drive the project.Relatively speaking,state-owned environmental protection enterprises are more stable in operation and have a stable expansion rate.After 2018,the environmental protection industry fell to the bottom.The state regulates the development of PPP projects,and a large number of illegal projects are stagnant or even eliminated,and there are few project increments.However,it is difficult to get a return on the initial capital investment of PPP projects,credit shrinks,and environmental protection companies with high financial leverage have encountered great difficulties.After "Beijing Orient Landscape＆Environment Co.,Ltd.Bond Issue" in May 2018,the cash flow of many private environmental protection enterprises fell into crisis.After that,private environmental protection enterprises declined,and state-owned environmental enterprises became the backbone of the environmental protection industry.By the end of 2021,20 environmental protection enterprises have introduced stateowned capital to take shares and transferred control to state-owned enterprises.As a leading enterprise in the environmental protection industry,Beijing SPC Environment Protection Tech Co.,Ltd.introduced Sichuan Guorun Environmental Technology Co.,Ltd.as a shareholder in April 2019.Since then,the actual controller of SPC Environment has been changed from Beijing Century Harmony Holding Co.,Ltd.to Sichuan State-owned Assets Supervision and Administration Commission.First of all,this paper summarizes the relevant literature on the reform of mixed ownership and the transfer of control,and concludes the theories related to the theme.According to the content of this paper,four relevant theoretical foundations are introduced to analyze the motivation of the mixed reform of SPC Environment Protection and Sichuan Guorun Environmental Technology Co.,Ltd.And using the case study method to analyze the effect of the mixed reform of the SPC Environment Protection from various perspectives of market performance and effect evaluation,draw conclusions and give suggestions.The analysis process includes:First,the background of the environmental protection trad is introduced,and the behavior analysis of the mixed reform of the SPC Environment Protection is introduced below.Second,analyze the case itself.Firstly,briefly introduce Beijing SPC Environment Protection Tech Co.,Ltd.and Sichuan Guorun Environmental Technology Co.,Ltd.,and study the motivation of the mixed reform from the perspective of both parties.For example,from the perspective of the fresh environment,the mitigation of liquidity problems,business undertaking,company transformation,the development of core competitiveness and other factors promote the fresh environment into the army of mixed reform.Third,analyze the market performance of the Beijing SPC Environment Protection Tech Co.,Ltd.mixed reform with the event research method,and analyze the effect of the mixed reform from the aspects of liquidity capability,business development capability,core competitiveness,and corporate governance capability.Through the above economic consequences,the overall evaluation of the mixed reform of the clean environment is carried out.It was found that the event study method showed that the abnorrmal return of Beijing SPC Environment Protection Tech Co.,Ltd.on the day of the mixed-ownership reform plummeted.It shows that the market’s attitude was not optimistic to the event at that time,and the profitability of Beijing SPC Environment Protection Tech Co.,Ltd.in 2019 and 2020 after the mixed reform is still in a state of decline,but compared with the industry average level of decline,Beijing SPC Environment Protection Tech Co.,Ltd.has declined.The degree of improvement has eased,indicating that the mixed reform measures have a certain effect,but the efficiency is not high.In terms of other effect research,the various capabilities of Beijing SPC Environment Protection Tech Co.,Ltd.have been slightly improved compared with itself and industry level.It shows that the mixed-ownership reform can adjust the operation of the clean environment through the introduction of funds,the undertaking of business projects,and the adjustment of the company’s organizational structure.Simultaneously,the following suggestions are put forward for the mixed reform of the clean environment:first,pay attention to the investment and financing structure and reduce short-term borrowing for longterm investment;second,reasonably arrange the scale of guarantees to strictly prevent financial risks;third,strengthen internal deliberation to prevent blind expansion.Finally it is to strengthen internal integration and focus on long-term development.During the period of great changes in the environmental protection industry,Beijing SPC Environment Protection Tech Co.,Ltd.chose Sichuan Guorun Environmental Technology Co.,Ltd.for mixed reform in order to overcome the company’s difficult period.The case study shows that mixed reform can play a certain role in promoting Beijing SPC Environment Protection Tech Co.,Ltd.in some aspects.However,there are still many uncertainties about whether Beijing SPC Environment Protection Tech Co.,Ltd.can integrate with state-owned assets for a long time,fundamentally improve the company’s operations,reshape the business structure of Beijing SPC Environment Protection Tech Co.,Ltd.,and make mixed-ownership reform a good medicine for private environmental protection enterprises.