Analysis Of The Motivation And Effectiveness Of Beijing SPC Environment Protection Tech Co.,Ltd Introduction Of State Capital Bailout

As an important driving force for the country’s steady economic growth and rapid social development,private enterprises have made contributions to providing employment opportunities and innovative technological development,and have played a positive significance to the long-term development of social stability.However,with the increase of downward pressure on China’s economy,some private enterprises will be impacted and fall into business difficulties.On the one hand,the "credit discrimination" caused by information asymmetry between enterprises and banks makes private enterprises face financing difficulties;on the other hand,the risk of stock liquidation due to high proportion of equity pledge.Based on this,state assets around the country have extended a helping hand,using a variety of measures to bailout private enterprises,alleviate operating difficulties,and played a certain impact on the performance of enterprises.Therefore,in the face of business difficulties,the introduction of state bailout is a good way,this thesis mainly discusses the motivation of private listed companies to introduce state-owned capital bailout and the influence of the business performance,at the same time further analyze the impact of private listed companies,to explore the cause of its performance change.On the basis of summarizing the relevant literature and theories at home and abroad,this thesis sorts out the relevant background and theories of state capital bailout.In addition,Beijing Fresh Environment Company was selected to introduce Sichuan State-owned assets for bailout and analysis.In this case,Sichuan Development Environment,a subsidiary of Sichuan State-owned assets,bought shares in Fresh Environment in the form of transfer of shares by agreement and became its actual controller.After reviewing the case background,this thesis concluded that the fresh environment successfully introduced Sichuan State Capital;on the other hand,the diversified industrial layout for Sichuan State Assets and the the call to promote environmental protection development.Pure and fresh environment chose to introduce state-owned assets,because pure and fresh environment of the early project demand for capital,and the huge capital demand makes the enterprise face short-term capital difficulties and high proportion of equity pledge risk,so the new environment urgently needs to broaden the financing channels,dissolve the short-term liquidity risk.Therefore,the bailout of Sichuan state assets to the fresh environment is essentially the result of mutual choice between both sides.For the effect of the company,this thesis tries to study the results from market response,financial performance and non-financial performance.On the market reaction,this thesis to measure the market reaction,the results show that after the introduction of the bailout,fresh environment showed high excess yield and cumulative excess yield,it shows that investors in the market recognized fresh environment to bailout the event,company shareholders obtained the excess returns in the short term,a positive effect in the short term.In terms of financial performance,this thesis measures the financial changes of fresh environment through the comprehensive evaluation of financial performance and the financial data before and after the bailout.The results show that all the financial indicators of fresh environment have changed and improved to a certain extent.After analysis,this thesis draws the following conclusion: state-owned assets bailout has a certain role in improving the business performance of private enterprises,mainly reflected in the solvency and financing ability.This shows that the local state investment way bailout private companies to resolve enterprise short-term liquidity risk,and can improve corporation financing environment,expand financing channels,at the same time,the assets and corporation can form a good strategic synergy,can effectively integrate state-owned capital and private capital,further promote the coordinated development of both sides.However,China’s bailout mechanism has not yet reached the mature stage.The state-owned assets bailout should appropriately select the bailout mode according to the actual situation of both sides.At the same time,we should also be alert to the possible excessive dependence of private enterprises.The conclusion of this thesis has important theoretical and practical guiding significance.On the one hand,it enriches the existing research on state capital bailout,discusses the causes of private enterprises and the influence path of state capital bailout;on the other hand,it has guiding significance to further promote the mature development of our state capital bailout mechanism.In the current economic situation,other private enterprises with similar difficulties to the fresh environment can also choose to introduce state capital for bailout.