Research On The Performance Of Mixed Ownership Reform Of Private Enterprises

Since the Third Plenary Session of the 18 th CPC Central Committee,the mixed ownership reform of private companies has entered a stage of deepening reform.However,the performance research of mixed ownership reform of private companies still lags behind the development of practice.With the help of the case of the private company Dongjiang Environmental Protection’s mixed ownership reform,this paper studies the impact of the mixed ownership reform on the performance of Dongjiang Environmental Protection based on the three perspectives of market response,financial performance and non-financial performance,and specifically analyzes the failure of the mixed ownership reform to effectively improve Reasons for Dongjiang’s environmental performance.The study found that it is reasonable for Dongjiang Environmental Protection,which has the potential to complement the resources advantages with state-owned capital,to make a decision to carry out mixed ownership reform,providing a platform for state-owned capital and private companies to achieve win-win cooperation.Secondly,when choosing the target of mixed-ownership reform,Dongjiang Environmental Protection chose state-owned capital with financial synergy,governance synergy and business synergy,providing highly matched complementary resources for the high-quality development of the enterprise.However,after the introduction of state-owned capital,Dongjiang Environmental Protection only stayed in the capital integration between state-owned capital and private enterprises,ignoring the integration of governance resources,which led to the decision-making model of state-owned capital in the company’s board of directors,which improved the short-termization of business decisions.risk,which reduces the rationality and effectiveness of the company’s business decisions,resulting in the performance of Dongjiang Environmental Protection has not been effectively improved.In this regard,this paper proposes that private companies can give full play to the role of mixed-ownership reform in improving corporate performance only when three conditions are met: the rationality of mixedownership reform decision-making,the high degree of matching of mixedownership reform objects,and the high efficiency of heterogeneous shareholder resource integration.The research in this paper is helpful for a comprehensive understanding of the impact of mixed ownership reform on corporate performance and the reasons why mixed ownership reform affects the performance of private companies.Suggestions and inspirations from three aspects of resource integration of heterogeneous shareholders.