Research On The Motivation And Performance Of Private Enterprises Introducing State-owned Strategic Investors Under The Background Of Reverse Mixed Reform

Since the 18 th CPC National Congress proposed to actively develop the mixed ownership economy of “cross shareholding and mutual integration”,the central government has issued a series of policy documents to encourage the mutual integration of different ownership capital,including encouraging positive mixed reform,that is,state-owned enterprises introduce private capital,and encouraging reverse mixed reform,that is,private enterprises introduce state-owned capital.The development of environmental protection industry is closely related to national policies.The proposal of PPP mode in 2015 released huge market demand,and private environmental protection enterprises developed rapidly.However,affected by the strong financial supervision in 2018 and the clearing action of PPP,many private environmental protection enterprises encountered cash flow difficulties and sought a way out,and the introduction of state-owned assets became the best choice.In 2020,the environmental protection industry set off a “tide of reverse mixed reform”.The impact of reverse mixed reform on the performance of private enterprises and how private enterprises use the advantageous resources of state-owned enterprises to achieve high-quality development have become a hot topic of reverse mixed reform.In view of this,this paper focuses on Fuchun Environmental Protection,a star enterprise in the environmental protection industry,and studies its reverse mixed reform event in 2020,hoping to provide reference for similar enterprises.Taking the “reverse mixed reform” as the starting point,this paper discusses the motivation of Fuchun Environmental Protection to introduce state-owned strategic investors from a theoretical perspective,and examines the practical effect of the motivation and the changes of enterprise performance from an empirical perspective.Firstly,this paper combs the research of existing scholars from the motivation and effect of reverse mixed reform,and expounds the industrial characteristics of environmental protection industry and the current situation of reverse mixed reform of private environmental protection enterprises;Secondly,it introduces the process and implementation scheme of the reverse mixed reform of the case company;Then,it makes a theoretical analysis and practical investigation on the motivation of reverse mixed reform,which is analyzed from four aspects: policy motivation,industry motivation,financing motivation and technology motivation;Finally,it comprehensively evaluates the performance impact of the reverse mixed reform on Fuchun Environmental Protection from the two aspects of market short-term performance and financial performance,and puts forward policy suggestions for private enterprises,state-owned enterprises and government departments.The conclusions of this paper are as follows:(1)The motivation of Fuchun Environmental Protection’s reverse mixed reform mainly includes reducing policy risks and obtaining government support,expanding business territory,improving financing capacity and realizing the effective integration of technology and capital;(2)The reverse mixed reform has strengthened the government support for Fuchun Environmental Protection,increased the proportion of operating income outside the province,improved the financing ability and scientific research innovation ability,and initially showed the practical effect of the motivation of the mixed reform;(3)The shareholding of state-owned assets has brought positive capital market response to enterprises,and the financial performance is optimistic.