A Study On The Motivation And Economic Consequences Of "Reverse" Mixed Reform Of Palm Shares

The Third Plenary Session of the 18 th CPC National Congress proposed to continuously deepen the economic policy of mixed ownership reform and promote the high-quality development of China’s economy by combining state-owned capital with non-state capital.The reform of mixed ownership will closely link state-owned enterprises with private enterprises.By establishing and improving a mechanism that is more suitable for market development,it will optimize and adjust the relationship between the responsibilities and rights of stakeholders in the mixed ownership reform enterprise,activate the operation vitality and decision-making efficiency of the enterprise,and improve the overall efficiency of the enterprise.Since 2016,when the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission of the State Council led the pilot reform of mixed stateowned enterprises,the reform of mixed ownership has been accelerated and the policy system for the reform of state-owned enterprises has been gradually formed.In recent years,the mixed reform of state-owned enterprises has achieved long-term and rapid development.The vitality of state-owned enterprises has been gradually stimulated,and the efficiency of mixed reform has become increasingly apparent.At present,the common mode of mixed reform is the introduction of non-public capital by state-owned enterprises,but the mixed reform is not a one-way way for state-owned enterprises to accelerate development,but a two-way journey between state-owned enterprises and private enterprises.With the further deepening and expansion of the reform of state-owned enterprises,the new model of reverse mixed reform of state-owned enterprises’ participation in non-state-owned enterprises has accelerated and deepened.The advantages of private enterprises in market mechanism,efficiency and efficiency,technological innovation and other aspects are organically integrated with the advantages of state-owned enterprises in capital,resources,technology and management,and the mixed transformation enterprises burst into vitality and strong development momentum.Most of the existing studies have analyzed the effect of mixed reform of state-owned enterprises from the perspective of state-owned enterprises.This paper studies the reasons and effects of introducing state-owned shareholders to "reverse" mixed reform from the perspective of private enterprises.On the basis of synergy theory,resource allocation theory and other theories,the representative private enterprise,Palm Stock,was selected as the case study object to study the motivation and economic consequences of listed private enterprises introducing Yuzi Holding,a state-owned shareholder.As a listed company in the landscape engineering industry and a high-tech enterprise in Henan Province,Palm has been deeply engaged in the construction of ecological environment for many years and actively explored the operation mode of the entire industrial chain of ecological towns.During the period of strategic transformation,the company was affected by factors such as the cooling of the real estate market in related industries and the tightening of the PPP model policy.In the process,the company faced many problems such as cash flow shortage,single financing channel,and the decline of the quality of the winning projects.In order to better achieve the strategic objectives,the company complied with the national development policy,actively introduced state-owned capital,effectively alleviated the difficulties,and its "reverse" mixed reform effect has a demonstration role for private enterprises in the garden industry.This paper describes the process of Palm’s introduction into Yuzi Holding to carry out the "reverse" mixed reform,analyzes the reasons why both sides of the mixed reform go to each other in depth,evaluates the effect of the "reverse" mixed reform in combination with specific financial data,and puts forward corresponding policy recommendations,with a view to providing some experience for other private enterprises to "reverse" mixed reform.This paper uses the literature research method,event research method and case study method to analyze the case of the introduction of state-owned capital into palm shares.The full text is divided into seven chapters.The first chapter mainly describes the research background,combs the relevant research on the motivation and economic consequences of mixed reform at home and abroad,and on this basis,clarifies the research significance,research ideas,research methods and innovation points of this paper.The second chapter defines the concepts of mixed reform and "reverse" mixed reform,and makes theoretical analysis of the causes and effects of mixed reform by using synergy theory,resource allocation theory and other relevant theories,providing theoretical basis for the following research.The third chapter summarizes the basic characteristics and development of China’s landscape industry,highlighting the impact of industry commonality and macro environment on enterprise operation.The fourth chapter introduces the background of the "reverse" mixed reform of palm shares.In the fifth chapter,it analyzes the reasons for both parties to participate in the mixed reform from the perspective of private enterprise palm shares and state-owned shareholder Yuzi Holdings.The sixth chapter is the analysis of the effect of the "reverse" mixed reform of palm shares.It analyzes the impact of the "reverse" mixed reform on the company from the aspects of short-term market reaction,internal governance level and performance impact.Chapter 7 is the conclusion and inspiration.Combining with the previous analysis,the conclusion is drawn that the introduction of state-owned capital into Palm shares can effectively improve the financing capacity of enterprises,promote the realization of strategic transformation,and improve the core competitiveness of enterprises.Finally,according to the conclusions of the study,we draw the following conclusions: First,private enterprises should actively participate in the reform of mixed ownership;Second,select mixed-modification objects that match their own needs;Third,give full play to the synergy after the mixed reform;Fourth,introduce incentive mechanism to encourage private enterprises to introduce state-owned capital and deepen mixed reform.