Research On The Impact Of Reverse Mixed Reform Of Private Enterprises On Business Performance

With the rapid development of the social economy,more and more enterprises are focusing on their future development and strategic layout,constantly seeking suitable paths for their own progress in practice.The introduction of mixed ownership reform policies provides more choices for the development direction of enterprises.In recent years,many state-owned enterprises have introduced private capital to vigorously develop the mixed ownership economy and continuously deepened reforms.As the mixed ownership reform becomes more mature,the mixed ownership reform is no longer limited to the introduction of private capital by state-owned enterprises,and the trend of two-way integration is gradually evident.Since 2017,some private enterprises have also implemented reverse mixed reform with private enterprises as the main body in accordance with relevant national policies.By introducing state-owned capital,they have achieved goals such as promoting capital integration,integrating resource utilization,optimizing equity structure,and improving business performance.Based on the institutional background of mixed ownership reform,combined with the characteristics of enterprises implementing reverse mixed ownership reform,Kangda Xincai,a leading enterprise in the chemical raw material and chemical products manufacturing industry that had undergone reverse mixed ownership reform at the end of 2018,was selected as the research object.The impact of reverse mixed ownership reform on business performance of private enterprises was studied by using normative research methods,event study methods and case analysis methods.Specifically,the following issues were mainly discussed: firstly,the motivation for Kangda New Materials,as a leading enterprise in the adhesive industry,to carry out reverse mixing transformation;Secondly,the process of introducing Kangda New Materials to Tangshan State owned Assets Supervision and Administration Commission,and the impact of this measure on its equity structure,corporate governance,etc;Thirdly,the market response when Kangda New Materials announced the introduction of state-owned assets,as well as the impact on its financial and non-financial performance after the introduction of state-owned assets.Through analysis,it was found that the reverse mixed transformation of Kangda New Materials is not only influenced by the economic environment and policy factors,but also by the reasons of the enterprise itself.Policy orientation and industry trends have prompted Kangda New Materials to complete the reverse mixed transformation,enhance profitability,and implement strategic planning,which are also important factors for its introduction of state-owned capital.In addition,as the concentration and dispersion of equity structure to a certain extent determine the soundness of internal control in enterprises,this article also analyzes the changes in equity structure and management before and after the reverse mixed reform of Kangda New Materials.It is found that the reverse mixed reform directly changes the nature of Kangda New Materials’ enterprise,and the replacement of major shareholder equity and the change of actual controllers have transformed it from a private enterprise to a state-owned enterprise,Therefore,Kangda New Materials has also undergone significant changes in the layout of its management layer.After research,this article draws the following conclusions: firstly,after implementing reverse mixed ownership reform,Kangda New Materials has a more reasonable equity structure,and the mutual checks and balances of major shareholders have reduced financial risks;Secondly,after analyzing the abnormal returns before and after the reverse mixed reform of Kangda New Materials,it was found that the short-term market performance of this event was well reflected,and investors held a positive attitude;Thirdly,from the perspective of financial and non-financial performance,after the reverse mixed reform,the various financial indicators of Kangda New Materials have basically improved,and its brand value and core competitiveness have been improved.Overall,the implementation of reverse mixing by Kangda New Materials has had a positive impact on it.