Research On The Synergistic Effect Of Reverse Mixed-ownership Reform Of Environmental Protection Private Enterprise

Since 2018,the environmental protection industry,which is highly dependent on policy dividends,has suffered a severe winter,with the state advocating deleveraging policies,increased difficulties in corporate financing,the suspension of PPP projects and a sharp decline in performance.The high input and low return nature of the environmental protection industry has led some private environmental protection companies to fall into a funding crunch,falling profit levels and other difficulties.This makes some environmental protection private enterprises in the development process is constrained.In this case,some private capital also began to consider exiting the market to find a new direction of investment.Therefore,many private enterprises have introduced state-owned capital to rely on state-owned capital,relying on resources and platforms,out of the dilemma of insufficient corporate capital,improve corporate governance structure,so as to achieve healthy and sustainable development of enterprises.In this process,the new cooperation method of "state-owned enterprise background + private enterprise operation" is used in large numbers.This "stateowned background plus private enterprise operation" model provides a new way for the future development of private enterprises.The existing literature in our country is mostly case studies that study the synergistic effect of the introduction of state-owned capital into private enterprises on state-owned capital,and the main case companies are also state-owned capital,while there are still fewer case studies on the synergistic effect of the introduction of stateowned capital into private enterprises by private enterprises.Therefore,this paper takes the reverse hybrid case of the introduction of state-owned capital China Energy Conservation(CEC)by the private enterprise Energy-Saving Tiehan as the object of study,compares the background of the introduction of CEC by Energy-Saving Tiehan into the hybrid,and analyzes in depth the implementation process of its introduction of state-owned capital.Then,we explore the synergistic effects of the introduction of state-owned capital from the perspectives of operation,management,finance,market response and economic added value.Finally,the paper draws conclusions and offers suggestions for other private companies that are ready to try to introduce state-owned capital through integrated analysis.This paper focuses on the integration synergy effect after two reverse-hybrid refo rms of Energy-Saving Tiehan.By summarizing the domestic and international literatu re,we summarize and outline the research on the integration synergy effect of the ente rprise,then describe the general situation of Energy-Saving Tiehan,sort out the revers e-hybrid reform process and program content,and discuss the enterprise integration pr oblem from both the operational business and organizational business aspects.This pa per analyzes the synergistic effect of the reverse-hybrid reform of the enterprise by sel ecting evaluation indexes from three aspects,including operational synergy,managem ent synergy and financial synergy,and analyzes and compares the index data before a nd after the reverse-hybrid reform and industry averages to obtain the effect of the int egration synergy effect of the reverse-hybrid reform of Energy-Saving Tiehan.From t he short-term market performance,investors do not have a positive attitude toward the introduction of state-owned capital into Energy-Saving Tiehan twice for the hybrid re form,and they are skeptical about whether the introduction of state-owned capital is b eneficial to the increase of the company’s value;from the financial In terms of financi al performance,the company’s EVA did not increase effectively before and after the h ybrid reform.