| According to data,it has been common that state-owned capital is introduced to China’s environmental protection private enterprises since 2018.The main reason of this is that the environmental protection industry has been affected by the external policy environment.With the introduction of government policies to regulate PPP projects and the general environment of financial deleveraging,there are environmental protection companies with high liabilities due to blind expansion,which have chosen to introduce state-owned capital to alleviate their current difficulties;and there are also companies that have made market choices to introduce state-owned strategic investors for their own development strategies.According to the "Recommendation on the Development of Mixed Ownership Economy in State-owned Enterprises" issued by the State Council,state-owned capital is encouraged to make equity investments integrate resources and reach strategic cooperation in non-state-owned enterprises with competitive advantages in key areas.It realized the value preservation and appreciation of state-owned capital while promoting the sustainable development of non-state-owned enterprises with strong growth potential.It is evident that China’s determination to deepen the reform of mixed ownership economy.China’s mixed ownership reform mainly has two paths:one is the "old path" that private capital is introduced to state-owned enterprises,which is more common.The other is the "new path" that state-owned capital is introduced to private enterprises.Whether choosing the new path or the old path,there is a problem of "mixed but not reformed".In this thesis,I choose BOW,Whose full name is Beijing Origin Water Technology Co.,Ltd.,as the case study object.BOW as a leading enterprise in the environmental protection industry,is of typical significance to use as a case study.BOW introduced state-owned capital in 2015.In this thesis,the market performance is reflected through the event study method.And the financial indicator analysis method and the economic value added analysis method are used to study the changes in financial performance of BOW after the introduction of state-owned capital.Based on resource-based view,strategic alliance theory and economy of scale theory,we analyze the various advantages brought by state-owned capital to BOW,and at the same time analyze the corresponding problems in the development process after the introduction of state-owned capital to BOW,and analyze the impact of introducing state-owned capital on the BOW’s business performance,also make relevant suggestions for environmental protection private enterprises.This thesis study found that: firstly,private enterprises can gain capital advantages by introducing state-owned capital.Equity financing helps BOW to relieve financing pressure in the short term and provide development momentum;state-owned capital can broaden financing channels for enterprises and ease financing constraints.Secondly,state-owned capital brings various resource advantages to private enterprises.The strength of the order taking has improved significantly,and scale development helps companies to rapidly increase market share,promote the BOW’s whole industry chain development model,broaden profit channels.All the above advantages combined with the enterprise’s own excellent internal conditions,make the enterprise short-term performance improved significantly.However,in order to achieve sustainable and healthy development,private enterprises should strengthen their awareness of risk prevention and control in the process of introducing state-owned capital,and adjust their own development model in time to adapt to changes in the internal and external environment.The significance of this thesis is to provide some reference value for the environmental protection private enterprises that have introduced state-owned capital,and at the same time,to make some additions to the case study of mixed ownership economy from the perspective of private enterprises. |
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