Research On The Effect And Impact Path Of Mixed Ownership Reform Of Private Environmental Protection Enterprises

Over the past 40 years of reform and opening up,China has made great economic and social achievements,but environmental problems have become increasingly prominent.As an important support for the development of a green and low-carbon circular economy and the realization of the "dual carbon" goal,the sustainable development of the environmental protection industry has been highly valued by China.However,the environmental protection industry,mainly private enterprises,is affected by the standardization of financial supervision and the centralized clean-up of PPP projects,and faces problems such as financing constraints and shortage of funds,and it urgently needs to find a new path out of the development dilemma.In order to support the development of private enterprises and optimize the business environment for private enterprises,since the 18 th National Congress,China has repeatedly encouraged state-owned enterprises to select high-quality fields to make equity investment in private enterprises,give full play to the advantages of different types of capital,stimulate enterprise vitality,and promote market development.In this context,private environmental protection enterprises with limited development have introduced state-owned assets to seek development.Since2018,the tide of mixed reform of private enterprises has emerged in China’s environmental protection industry,the integration of industry mergers and acquisitions has intensified,private enterprises have slowly withdrawn,state-owned enterprises and local government platforms have gradually become the backbone of the environmental protection industry,and the environmental protection industry has entered a period of deep transformation.Therefore,it is of great significance to study the mixed ownership reform from the perspective of private enterprises.This paper mainly adopts the literature research method and case study method,selects the incident of private environmental protection enterprises Bishui source into urban and rural areas of central enterprises in China,reviews the existing literature on the motives,methods and effects of mixed reform of private enterprises from the perspective of private enterprises,and constructs a theoretical framework based on the theory of entrusted agency,decentralized control theory and industrial organization theory.Then,the main situation and mixed reform process of Bishui Source are introduced according to the case,followed by the motivation of Bishui Source introduced into urban and rural areas in China,and finally the impact of state-owned equity on the mixed reform effect of Bishui Source is comprehensively analyzed from four dimensions: governance effect,investment and financing ability,market response and financial performance.After the above research,this paper mainly draws the following conclusions:(1)In terms of mixed causes,Bishui source is affected by both passive and active factors.On the one hand,the operating performance of enterprises has declined,financing channels have been blocked,and debt pressure has been capped;On the other hand,China actively promotes the reform of mixed ownership and encourages state-owned enterprises to enter the field of ecological environmental protection.Therefore,Bishui Source seeks China’s urban and rural areas to join and alleviate development difficulties while seeking coordinated development of enterprises.(2)In terms of the post-mixed reform effect and impact path,after the introduction of Bishui Source into urban and rural areas of China,its governance effect,investment and financing ability and financial performance have shown a positive trend.The addition of state-owned equity effectively improves the governance mechanism of Bishui Source,and reduces the financing cost of enterprises and alleviates debt risks by broadening corporate financing channels and optimizing capital structure,while Bishui Source relies on the qualification and credit endorsement of enterprises in urban and rural areas of China,improves the ability of enterprises to undertake projects by virtue of its advantages in engineering planning,and effectively improves the innovation efficiency of enterprises by strengthening the integration of high-quality resources within the group and increasing investment in research and development.In addition,under the combined effect of corporate governance structure and investment and financing behavior,the financial situation of Bishui Source has begun to improve compared with the same period in history and the same industry,its profitability has improved,its ability to resist market risks has been enhanced,and its cash flow situation has improved.The main contribution of this paper is that based on the perspective of private enterprise mixed reform,this paper deeply analyzes the motivation of private enterprise mixed reform and the effect and impact path of mixed reform with the case of Bishui source introduced into China’s urban and rural areas,enriches the relevant research on mixed ownership reform,and selects financial indicators and nonfinancial indicators to comprehensively evaluate the mixed reform effect,making up for the shortcomings of empirical research single-variable analysis.In addition,this paper puts forward some empirical enlightenment from private enterprises and the national level through the specific case of Bishui source introduced into China’s urban and rural areas: private enterprises should pay attention to their core competitiveness,avoid the loss of autonomy of resources brought by excessive dependence on stateowned capital,and pay attention to the synergy effect of introducing state-owned capital when selecting mixed reform targets,rather than mixed reform for the sake of mixed reform;The mixed reform with private enterprises as the main body is conducive to the optimization of the industrial layout of state-owned enterprises and the preservation and appreciation of state-owned capital,and China should accelerate the optimization of the business environment of private enterprises,improve the assistance mechanism,and promote the sustainable development of private enterprises.