Research On The Motivation And Performance Of Reverse Mixed Reform Of Private Environmental Protection Enterprises

With the convening of the Third Plenary Session of the 18th Central Committee,China has introduced economic policies to deepen the reform of mixed ownership.After years of mixed ownership reform,the development of state-owned enterprises as the leading role of mixed ownership reform is indeed obvious to all.Most of the researches of domestic scholars in the field of mixed ownership reform also focus on the reform of state-owned enterprises,while little attention is paid to the "reverse mixed ownership reform" of private enterprises.In recent years,private enterprise based on enterprise development needs so the phenomenon of "reverse mix change" frequency occur,especially the environmental protection industry is particularly significant,aiming at this phenomenon,this paper is expected to focus on case analysis,through the qualitative research,in-depth analysis of private environmental protection enterprises’ reverse mix change "the motivation,strategies and performance,so as to enrich research of mixed ownership reform.The Origin Water expands its market share by means of savage expansion.However,with deleveraging increasing financing costs and the state strictly controlling the management of PPP projects,the company faces difficulties in investment projects,so it carries out "reverse mixed reform".The Origin Water’s "reverse mixed reform"has a certain demonstration effect,so we choose The Origin Water as the case company.This paper mainly uses the event study method and case analysis method to sort out the policy and industry background of the "reverse mixed reform" of The Origin Water,and focuses on the in-depth analysis of the motivation,market performance,financial performance and the causes of performance changes.The research finds that:(1)the motivation for private environmental protection enterprises to carry out "reverse mixed reform" is on the one hand due to the financing dilemma of private enterprises caused by the dual constraints of macro policies and industry characteristics,and on the other hand due to the development needs of enterprises.(2)The "reverse mixed reform" of The Origin Water has a significant promotion on profitability,and its impact on operating capacity and growth capacity needs time to confirm.(3)After the "reverse mixed reform" of The Origin Water,it will play a synergistic effect with China’s urban and rural areas in financing reduction,project acquisition and governance improvement,thus improving the company’s performance.In the end,this paper puts forward three suggestions based on the research findings,which can provide some reference for the transformation and upgrading of environmental private enterprises,promote " Stateowned and private enterprises work together " to strengthen environmental protection industry,and stimulate the vitality of various markets.