The Impact Of "Reverse Mixed Transformation" Of Environmental Protection Private Enterprises On Innovation Performance

In September 2015,the Central Committee of the Communist Party of China issued the "Opinions on the Development of Mixed Ownership Economy by State Owned Enterprises",which clearly stated that it is necessary to encourage equity investment in private enterprises in various ways,and the introduction of stateowned capital by private enterprises has become a hot topic.After experiencing the cold winter of 2018 in the industry,many private environmental protection enterprises have embarked on the path of mixed reform,seeking state-owned capital relief.For environmental protection enterprises,innovation capability is crucial for their ability to effectively address environmental governance issues and enhance corporate value.Therefore,the innovation capability and performance of private environmental protection enterprises are particularly important.Scholars have mostly studied the factors that affect the innovation of environmental protection enterprises from the perspectives of equity incentives,tax incentives,green credit,etc.However,there is still a lack of research on the innovation performance of environmental protection enterprises from the perspective of "reverse mixed reform".This article takes Guangxi Boshike Environmental Protection Technology Co.,Ltd.,a technological innovation oriented environmental protection enterprise,as an example to explore the degree and path of the impact of "reverse mixed transformation" on the innovation performance of environmental protection enterprises.Bosch Technology’s development strategy is to "innovate and strengthen the enterprise".Since May 2019,it has announced for the first time its plan to introduce state-owned capital,and completed the "reverse mixed reform" three times in 2020 and 2021 through share transfer and targeted issuance.This article summarizes relevant literature and research results on the "reverse mixed transformation" of private enterprises,innovation factors in the environmental protection industry,and the impact of "reverse mixed transformation" on innovation;Introduced the overview and innovation status of the environmental protection industry,and introduced the process and motivation of Bosch’s "reverse mixed transformation";Analyzed and compared the innovation performance of Bosch before and after the "reverse mixed transformation" from three aspects: innovation input,innovation environment,and innovation output;Three influence paths of "reverse mixed reform" on innovation performance are proposed: first,Boshk has obtained financial support through "reverse mixed reform",reduced the cost of debt Financing,and expanded the business field and business scope through strategic cooperation with two state-owned capitals,thus improving Boshk’s innovation investment;Secondly,as a high-tech industry,Bosch has received multiple tax incentives and government subsidies,improving Bosch’s innovation policy environment;Thirdly,the "reverse mixed transformation" allows Bosch to obtain technical support from state-owned capital,cooperate and complement with stateowned capital in overlapping fields,increase core technology and patent output,and promote innovation output.Finally,relevant suggestions are proposed for the "reverse mixed transformation" of private environmental protection enterprises from the perspectives of enterprises and the government.Through research,this article found that after three rounds of "reverse mixed transformation",compared to Bosch before the "reverse mixed transformation" and other environmental protection enterprises that did not undergo "reverse mixed transformation",Bosch’s innovation investment in R&D expenses,number of R&D personnel,and other innovative investments increased faster,government subsidies and tax incentives were better protected,and the number of authorized patents increased faster than in previous years,And Bosch’s operating income,which is used to measure the benefits of environmental protection projects,is also steadily increasing.Therefore,this article believes that "reverse mixed transformation" has a positive effect on the innovation performance of private environmental protection enterprises and can promote their development.The contribution of this article is to enrich the research on the mechanism of innovation performance in the "reverse mixed transformation" of environmental protection enterprises;At the same time,suggestions are proposed for the "reverse mixed transformation" and technological innovation of private environmental protection enterprises to help them overcome development difficulties,improve business performance,and achieve healthy and sustainable development of China’s environmental protection industry.