| For a long time,private enterprises have the problem of "difficult and expensive financing" caused by credit discrimination.Under the background of China’s rapid economic development,the opening of OTC pledge makes more shareholders of private listed companies choose equity pledge as the channel to obtain funds.Due to the volatility of China’s stock market,when the stock market continues to decline,the stock pledge of domestic A-share listed companies frequently touches the warning line and the warehouse line,and a large number of private enterprises have the risk of stock pledge liquidation and control right transfer.In order to save the private economy and private enterprises,relevant regulatory authorities have issued supportive policies including relief funds to help private enterprises tide over difficulties.Due to the short development history of China’s bail-out fund,relevant theoretical research and experience accumulation are scarce.How to effectively use the bail-out fund to bail out the private enterprises in pledge dilemma,stabilize the market share price,protect the rights and interests of all stakeholders,and introduce the private economy into a healthy and benign development path is worth in-depth discussion.This paper selects JX State-owned Innovation Fund to bail out Jiangxi Sanxin Medical Technology Co.,Ltd.as a case study,focusing on the operation of the bail-out fund and the effect of bail-out.Firstly,this paper reviews the existing literature,sorts out the related research of domestic bail-out fund,and finds that the case and effect research of bail-out fund are scarce.In the second part,the paper introduces the basic theory of the relief fund,expounds the motives and ways of the government supporting private enterprises,finds that the establishment of the relief fund has obvious policy orientation,and summarizes the characteristics of the relief fund.The third part introduces the situation of the case company and the bail-out process,which provides the basis for the following analysis.In the fourth part,it analyzes the motivation and mode selection of JX state-owned innovation relief fund,introduces the operation mode of relief,and further analyzes the effect of JX state-owned innovation fund in rescuing Jiangxi Sanxin Medical Technology Co.,Ltd..The bail-out has reduced Sanxin Medical’s own risks,and it is easier to obtain policy resources because of the entry of state-owned assets.At the same time,the increase of state-owned shares has promoted the improvement of Sanxin Medical’s board governance;JX State-owned Innovation Fund,by bailing out Jiangxi Sanxin Medical Technology Co.,Ltd.,has made the integration of state-owned capital and private capital,broadened the market-oriented investment scope of state-owned capital,and also achieved the goal of maintaining and increasing the value of state-owned capital.The fifth part of the article summarizes the research conclusion of the case,and puts forward relevant enlightenment.The main contributions of this paper are as follows: At present,the domestic research on the relief fund is mainly from a macro perspective,with few single relief cases as the research object,and the existing research mostly analyzes the significance of relief from the perspective of relief,while this paper deeply analyzes the relief from the perspective of state-owned capital to realize the mixed reform of private enterprises,which is helpful to reveal the reasons for the establishment of the government relief fund and its support effect on private enterprises. |
