Research On The Impact Of Reverse Mixed-ownership Reform On The Economic Performance Of Clear Water Source

In 2013,“The Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform”(hereinafter referred to as “The Decision on comprehensively deepening reform”)clearly stated that the active development of “state-owned capital,collective capital,non-public capital and other cross-shareholding,integrated mixed ownership economy”.Mixed ownership reform focuses on “mixing” : it can take the form of introducing non-state-owned capital into state-owned enterprises,and it can also take the form of introducing state-owned capital into non-state-owned enterprises.The latter form of mixed modification is often referred to as “reverse mixed modification”.Existing research focuses on the “forward mixed reform”of state-owned enterprises,while this paper focuses on the “reverse mixed reform” of private enterprises.“Protecting the ecological environment” is one of the key areas of state-owned capital investment in “The Decision on comprehensively deepening reform”.Bishuiyuan,the case object of this paper,is a leading enterprise in China’s environmental protection industry and one of the pioneers of reverse mixed reform.Since 2015,Bishuiyuan has introduced state-owned capital for three times to implement reverse mixed reform.Now,state-owned enterprise has become controlling shareholders of Bishuiyuan,which has a certain representative role in the case study of reverse mixed reform.This paper focuses on three questions: why do we need to implement the reverse mixed reform? How does reverse mixed reform affect the economic performance of Bishuiyuan? What is the actual economic performance of Bishuiyuan after reverse mixing?Firstly,this paper uses the literature analysis method to review the domestic and foreign scholars’ literature on reverse mixed reform,and summarizes the motivation,influence path and performance impact of reverse mixed reform of private enterprises.Secondly,using the case analysis method,on the basis of a brief review of the process of reverse mixed reform of Bishuiyuan,this paper analyzes the internal and external motivations of enterprises to implement reverse mixed reform.From the external point of view,the proposal of mixed reform policy,the introduction of the new “Environmental law”,the promotion of PPP policy and the incentive of deleveraging policy are the policy motivations of reverse mixed reform.From the internal perspective,the establishment of political connections,improvement of corporate governance,expansion of resource channels,and realization of strategic synergy effect of enterprises are the internal causes of their reverse mixed reform.Then,from the perspective of political connection theory,principal-agent theory and resource dependence theory,this paper analyzes the influence path of reverse mixed reform on the economic performance of Bishuiyuan.Subsequently,this paper analyzes the actual effect of the reverse mixed reform of Bishuiyuan from three aspects of market performance,financial performance and governance performance,and analyzes the main reasons for the deviation between the enterprise’s expectation and the actual effects.Finally,the paper draws corresponding research conclusions and implications.