Research On The Motivation And Effect Of SPC’s Introduction Of State-owned Capital

The Third Plenary Session of the 18th CPC Central Committee pointed out that mixed ownership economy is an important realization form of the basic economic system,and it is necessary to actively develop mixed ownership economy.Private enterprises are an important force to promote the development of China’s socialist market economy.However,in reality,it is difficult for private enterprises to achieve high-quality development.With the vigorous development of mixed ownership reform,many private enterprises choose to introduce state-owned capital.What is the motivation for private enterprises to introduce state-owned capital? Does the effect of introducing state-owned capital meet its demands? How can we achieve better results? These problems need theoretical and case studies.Reviewing the relevant literature,we can find that the existing research on mixed ownership mainly has the following problems: the existing research mainly focuses on the reform of mixed ownership of state-owned enterprises,and the research on the introduction of state-owned capital by private enterprises is relatively few;The existing research is mainly based on empirical research,and there is a relative lack of case studies on the reverse mixed ownership reform of private enterprises in specific industries,so it is difficult to go deep into the details of the cases and put forward targeted suggestions.There is no consensus on whether the introduction of state-owned capital can bring positive effects to private enterprises.Therefore,this paper introduces the related concepts,analyzes the theoretical basis,influencing factors,effects and influencing mechanism of private enterprises’ introduction of state-owned capital,and constructs the theoretical framework of private enterprises’ introduction of state-owned capital.Based on the theoretical framework,this paper makes a case study of SPC’s introduction of state-owned capital.Firstly,it introduces the process of SPC’s introduction of state-owned capital,and explores the motivation of SPC and state-owned capital’s participation in reverse mixed ownership reform.Secondly,it analyzes the effect of introducing state-owned capital into SPC from five aspects: shortterm market reaction,enterprise capital status,enterprise innovation performance,business performance and enterprise value,and measures whether SPC’s appeal has been realized after introducing state-owned capital.Finally,this paper combs the influence mechanism of introducing state-owned capital into SPC from three aspects: corporate governance,corporate financing ability and corporate investment ability.Through theoretical analysis and case analysis,this paper finds that:(1)The main motivation of SPC’s introduction of state-owned capital lies in the need of enterprises to improve their capital situation,improve their innovation ability and expand their business layout;(2)After SPC introduced state-owned capital,it produced positive effects in shortterm market reaction,enterprise capital status,innovation performance and business performance,which enhanced enterprise value and realized its appeal;(3)The influence mechanism of SPC’s positive effect after introducing state-owned capital lies in the improvement of corporate governance,which in turn improves the company’s investment and financing ability,and effectively exerts a synergistic effect with the state-owned capital platform;(4)Institutional environment,industrial policies,the type and proportion of state-owned shareholders,and the synergy of companies are the key factors that influence the motivation and effect of introducing state-owned capital into private enterprises.According to the results of case analysis,this paper puts forward relevant suggestions from government departments,private enterprises that introduce state-owned assets and state-owned enterprises that take shares in private enterprises.The contributions of this paper are mainly reflected in:(1)On the basis of theoretical research,taking SPC,an environmental protection private enterprise that actively introduced state-owned capital,as the research object,and making a case study on its motivation and effect of introducing state-owned capital,which supplemented and enriched the related theories and research results of private enterprise’s reverse mixed ownership reform and environmental protection industry;(2)Explore whether SPC’s appeal has been realized after the introduction of state-owned capital,sort out the influencing mechanism,summarize the influencing factors of SPC’s introduction of stateowned capital,and put forward enlightenment and suggestions on object selection,scheme formulation and how to effectively cooperate in the reform of reverse mixed ownership,which has reference value for other private enterprises;(3)To a certain extent,we can know the industry background and practice of environmental private enterprises frequently introducing state-owned capital,which will help relevant departments to improve relevant laws and regulations,and take targeted measures to guide the sound development of environmental protection industry and the orderly reform of reverse mixed ownership of private enterprises.