Study On The Effect Of Introducing State-owned Capital Into Private Enterprises Under Resource Constraints

The third plenary session of the 18 th Central Committee of the Communist Party of China put forward the idea of“Actively developing mixed ownership economy”.In2015,the State Council issued the opinions on the development of mixed ownership economy in state-owned enterprises,which states that the state encourages all types of capital to participate in the reform of mixed ownership in state-owned enterprises,it was also mentioned that encouraging state-owned capital to invest in non-state-owned enterprises in a variety of ways had promoted the integration of various types of capital.Compared with state-owned enterprises,private enterprises have been in a relatively inferior position in terms of policy preference and resource allocation,and their ability to acquire resource elements is not strong,their ability to resist risks is weak,their growth is hindered,and their development is limited.With the advance of mixed ownership reform,private enterprises seize the opportunity of policy and take the initiative to introduce state-owned capital to alleviate their own development difficulties,the mixed ownership reform model of private enterprises with state-owned capital has become the trend of the reform and development of large-scale private enterprises.Based on this background,this paper chooses SDLomon as the case study object,analyzes the behavior of private enterprises introducing state-owned capital from two aspects of the introduction motivation and the introduction effect,and draws the relevant conclusion,it is expected to provide theoretical explanation and experience reference for the late-developing mixed reform enterprises.SDLomon introduced state-owned capital SD Guorui Mining through non-public offering of shares,thus changing into a mixed-ownership enterprise.First of all,this paper analyzes the reasons for its introduction,and finds that it is affected by the constraints of scarce phosphate rock resources and working capital resources,so it seeks to introduce shareholders with scarce resources and capital advantages.Secondly,this paper analyzes its introduction effect from three angles of corporate governance,resource integration and performance performance.In the aspect of corporate governance,SDLomon realizes the diversification of share structure,the diversification of board members,the rationalization of incentive mechanism,and the integration of party building into corporate governance,which makes corporate governance perfect.In the aspect of resource integration,after the introduction of state-owned capital,the company has realized resource coordination,and the realization path is mainly divided into two steps: first,“Obtaining resources to make up the weak points”,the company acquires the mining enterprises under the state-owned capital,in addition,the state-owned capital promotes the financing level of the company,and the second is to“Allocate resources to form advantages”,which can be reasonably allocated on the basis of obtaining resources,improve the technical advantages and advantages of the phosphorus chemical industry chain,so that its core competitiveness has been consolidated and enhanced.In the aspect of performance,this paper analyzes the market performance and financial performance of SDLomon after it was introduced into SD Guorui Mining,after the announcement of the introduction of state-owned capital,the cumulative excess return of the company shows an upward trend,which indicates that the capital market holds an optimistic attitude towards the introduction of state-owned capital under the constraint of resources,Second,through a detailed analysis of the company’s financial performance,found that the company’s ability to pay debts has been greatly improved,profitability and operating capacity has been improved,the growth of capacity to be observed.From the overall effect,the introduction of state-owned capital can not only help the company to break through the resource constraints of the operation of bottlenecks,but also for the company’s sustainable and healthy development.Finally,based on the case analysis,the paper puts forward some suggestions:(1)the introduction of state-owned capital by private enterprises should take the resource matching as the priority,to make clear their own strategic planning and grasp the development opportunities(2)the key to introducing state-owned capital into private enterprises is to optimize the governance system,(3)private enterprises should give full play to the advantages of both resources,carry out effective resource integration,and strengthen market competitiveness.The research significance of this article mainly lies in: in the theoretical significance level,first,enrich the motivation theory of private enterprises to introduce state-owned shareholders,this article combines the characteristics of cases to cut into the perspective of resource constraints,it is believed that private enterprises take the initiative to introduce state-owned capital in order to obtain scarce phosphate rock resources and capital resources,which provides evidence to support the motivation of“Resource acquisition” hypothesis Second,enrich the research on the effect of introducing state-owned shareholders into private enterprises,analyze case companies from three aspects of governance,resources and performance,and provide supplementary case studies for related theories.In the practical sense,this article takes the introduction of SD Guorui Mining as an example,and believes that the introduction of state-owned capital can have a positive effect,this paper is expected to provide ideas for private enterprises under the same resource constraints.