Research On The Influence Of Reverse Mixed Reform On The Performance Of Fresh Environment Enterprises

At the 18 th CPC Central Committee’s third plenary session,the state proposed to actively foster a mixed ownership economy,and subsequently issued a series of policy documents to promote the amalgamation of different capital ownership,including both the beneficial mixed ownership reform of state-owned enterprises with private capital and the reverse mixed ownership reform of private enterprises with state-owned capital.The rapid expansion of the environmental protection industry,due to the strong bond between its own growth and national regulations,has been a result of the nation’s vigorous implementation of environmental protection measures in 2015.The financial deleveraging and stringent oversight of PPP in 2018 have caused many environmental protection private enterprises to be in a state of financial hardship,prompting them to seek the assistance of state-owned capital.This has sparked a wave of reverse mixed reform in the environmental protection industry in 2019.The current academic circles are debating whether the introduction of state-owned capital can truly enhance the operating environment and enhance the performance of environmental protection private enterprises.This thesis,in light of this,concentrates on the pristine atmosphere of major private businesses in the environmental protection sector and investigates their reverse mixed transformation in 2019,with the aim of furnishing a reference and a benchmark for other environmental protection private companies.Firstly,this thesis combs the research contents of the existing scholars on the reverse mixed reform of private enterprises,and sorts out the related concepts and theoretical basis of the reverse mixed reform.Secondly,Introduce the current situation of the environmental protection industry and the reverse mixed reform process of the fresh environment,And from the macro environment,the industry,micro enterprise three dimensions of the fresh environment reverse mixed reform motivation;once more,Based on the principal-agent theory,the political correlation theory,and the resource-dependent theory,In-depth analysis of the influence path of reverse mixed reform on the performance of fresh environment enterprises;last,Focusing on the four levels of market performance,financial performance,governance performance and innovation performance,Comprehensive evaluation of the impact of reverse mixed reform on the performance of fresh environment enterprises.Through the case analysis of the reverse mixed transformation of the fresh environment,this thesis mainly draws the following conclusions:(1)Three factors determine the selection of the fresh environment for the reverse mixed transformation.The macro environment is mainly affected by strong PPP regulation,financial deleveraging and national policy support;At the mid-industry level,the environmental protection industry’s own policy-oriented attributes,engineering attributes and public welfare attributes promote the reverse mixed transformation of enterprises;At the micro-enterprise level,it is mainly to alleviate the financial difficulties,technological research and development needs,and pave the way for business transformation.(2)Reverse mixed transformation has improved the performance of enterprises in a fresh environment from multiple paths.From a principal-agent viewpoint,the introduction of state-owned shareholders has revolutionized the equity structure and board of directors in a novel atmosphere,thus enhancing corporate governance.From a political standpoint,the establishment of connections has been beneficial.The fresh environment’s access to government support has enabled it to be more resilient to risks;the reverse mixed reform,from a resource-dependent standpoint,has augmented the fresh environment’s financing capacity and hastened the market growth of businesses.(3)The reverse mixed transformation has improved the multi-dimensional performance of the fresh environment.First,the introduction of state-owned shareholders improved the market performance of the fresh environment;Second,the reverse mixed transformation brings financing convenience to enterprises and significantly improves financial performance;Thirdly,the presence of state-owned shareholders has optimized the corporate governance structure and improved the governance performance;Fourth,the acquired resources promote the R&D input and output of enterprises and enhance the innovation performance.The research findings above offer a useful guide for the future transformation of other environmental protection private enterprises in a reverse mixed fashion,and also enlighten them to select state-owned capital based on their own requirements,actively foster the combination of resources between the two sides after the introduction,and continually enhance their core competitiveness to avoid excessive reliance on state-owned investors.