Research On The Impact Of Reverse Mixed Reform On The Performance Of Private Enterprises From The Perspective Of Resource Orchestration

The Opinions of the State Council on the Development of Mixed Ownership Economy by State-owned Enterprises clearly states that state-owned capital is encouraged to take up shares in non-state-owned enterprises in various ways and actively develop mixed ownership economy.In recent years,the tightening of the domestic financing environment coupled with the lack of resources has put private enterprises in a difficult position to develop.As a result,some private enterprises have started to look for a transformation path and implement a new hybrid model of introducing state-owned capital.Existing research on mixed ownership reform has mostly focused on the positive mix of state-owned enterprises,while less research has been conducted on private enterprises.Meanwhile,research on the impact path of reverse mix on the performance of private enterprises is more based on the resource-based view,a theory that suggests that private enterprises introducing state-owned capital will inevitably improve their corporate performance by acquiring the high-quality resources of state-owned capital,but in practice,there are fewer successful cases of reverse mix in private enterprises Resource orchestration theory explains this contradiction.Resource orchestration theory believes that resources are only necessary to improve performance,and that only by effectively orchestrating resources to form the company’s competitive capabilities and making reasonable use of resources can the transformation between resources,capabilities and performance be realised.Therefore,this paper takes the reverse hybridization as the research theme and selects Beijing SPC Environment Protection Tech as the case company for analysis based on the resource orchestration theory.Firstly,it introduces the motivation and process of introducing state-owned capital into Fresh Environment;then,based on the resource orchestration theory,the resource management of Beijing SPC Environment Protection Tech after the reverse-hybrid reform is divided into three stages: building a resource portfolio,bundling resources to form a competitive advantage,and using resources to improve corporate performance,and elaborates on the path to explore the impact of Beijing SPC Environment Protection Tech’s performance through resource orchestration in the reverse-hybrid reform.Performance is specifically analysed,using event study method and factor analysis to evaluate the market performance and financial performance of Beijing SPC Environment Protection Tech,and to evaluate innovation performance from the perspective of R&D input and innovation output.Finally,we conclude that:(1)Resource allocation has always been a part of the whole process of the reverse-hybrid reform of Beijing SPC Environment Protection Tech,and has an impact on corporate performance through resource allocation;(2)The incentive effect of the reverse-hybrid reform of private enterprises on short-term market performance is not obvious;(3)Reasonable resource allocation can help private enterprises make greater use of state-owned resources to improve their own strength;(4)The resources obtained by the reverse-hybrid reform of private enterprises can(4)The resources obtained by private enterprises can effectively improve the innovation capacity of enterprises,thus improving their sustainable development;based on the analysis of the SPC Environment Protection Tech case,the following insights are drawn:(1)Choose strategic investors with complementary resources;(2)Pay attention to the allocation of resources after the reverse hybrid reform.This paper explains how private enterprises can improve their performance level through reverse-hybrid reform based on the perspective of resource orchestration,which to a certain extent enriches the theoretical study of reverse-hybrid reform of private enterprises;at the same time,the resource orchestration process of resource acquisition,resource bundling and resource utilization after the reverse-hybrid reform of the Beijing SPC Environment Protection Tech can provide experience for other private enterprises that choose to carry out reverse-hybrid reform.