Analysis On The Motivation And Effect Of Introducing State-owned Assets Into Private Enterprises ——Taking Xinzhu Stock As An Example

With the in-depth development of mixed ownership reform,many domestic state-owned enterprises are actively introducing non-state-owned capital to inject fresh blood and vitality into the sustainable development of state-owned enterprises.However,in recent years,due to the great downward pressure on the overall economy,the development of some private enterprises has fallen into business difficulties.When the company is short of funds,lack of resources and backward technology,they have begun to introduce state-owned capital,thus forming a "reverse" mixed reform with private enterprises as the main body.However,this model may lead to two consequences.One is that state-owned enterprises take the opportunity to merge a large number of private enterprises,resulting in the situation of "national advance and people retreat";Second,the introduction of state-owned assets can not only help private enterprises,but also affect the operation and development of enterprises,and even cause the loss of state-owned assets.Based on the case of the introduction of Xinzhu shares into Sichuan development,this paper studies the motivation and effect of the new "reverse" mixed reform mode of "private enterprises + state-owned capital",which is of great significance to solve the development dilemma of private enterprises and enrich the research in the field of enterprise crisis governance and mixed ownership reform.By summarizing the relevant literature at home and abroad,this paper combs the institutional background and theoretical basis related to the reform of mixed ownership.Firstly,the motivation of introducing state-owned assets is analyzed from the perspective of Xinzhu Co.,Ltd.and Sichuan development.It is considered that the introduction of state-owned assets is to help private enterprises alleviate their financial difficulties on the one hand,and for the better cooperative development of both sides on the other hand.This is a two-way choice rather than the extreme statement of "national progress and people retreat";Secondly,it examines the short-term market reaction and long-term effect of Xinzhu shares after the introduction of stateowned assets.The results show that:（1）in terms of market response,this paper tests the market response to this event through the event research method.The results show that after the introduction of state-owned assets,there is a positive excess return and cumulative excess return,which shows a positive effect in the short term,indicating that investors are optimistic about this event;（2）In terms of non-financial performance,through the research on the ownership structure,financing and business cooperation after the introduction of state-owned assets,it is found that the introduction of state-owned assets is conducive to optimizing the governance structure of private enterprises,improving the capital environment and promoting the cooperation and sharing of enterprise resources;（3）In terms of financial performance,through the analysis of financial indicators such as solvency,profitability and growth ability,it is found that the introduction of state-owned assets improves the operating performance of private enterprises on the whole;（4）In terms of innovation,private enterprises have introduced state-owned assets,received more government subsidies,and their innovation ability has been greatly improved.Therefore,when private enterprises encounter difficulties,turning to stateowned capital has a positive effect on the short-term or long-term development of enterprises,and can help private enterprises alleviate the crisis to a certain extent.Finally,by summarizing the experience of Xinzhu Co.,Ltd.after its introduction into Sichuan for development,it provides ideas for other companies to solve the crisis when they are in business difficulties;At the same time,it is suggested that the state-owned capital should choose the shares according to the strategic objectives and development prospects,so as to better realize the appreciation and preservation of state-owned assets.And we should also ensure the market independence of private enterprises and give better play to the role of the market.