Research On The Motivation And Effect Of Reverse Mixed Ownership Reform In Private Enterprises

In the research on mixed ownership reform,most of the existing studies start from state-owned enterprises and carry out research on the positive mixed-ownership reform of non-state-owned capital into state-owned enterprises.With the deepening of mixed ownership reform,a new mode of "reverse mixed ownership reform" has emerged gradually.Since 2018,affected by the tightening of macroeconomic and financial policies,a large number of private enterprises have fallen into operational difficulties,especially environmental protection private enterprises,which have suffered the industrial crisis.In order to get rid of the industry crisis and get out of the operating predicament,at the same time,under the strong support of the national bailout policy,the environmental protection private enterprises have sought state-owned capital to buy shares,and the reverse mixed-ownership reform of the industry is accelerating.Therefore,starting from the background of reverse mixed ownership reform and the perspective of private enterprises,this thesis takes the reverse mixed-ownership reform of Beijing SPC Environment Protection Tech Co.,Ltd.(hereinafter referred to as "SPC Environment")as the research object,and firstly analyzes the motivation of the reverse mixed-ownership reform of the SPC environment.Then,based on the political relevance theory,principal-agent theory,and resource-dependence theory,the paper studies the path of reverse mixed ownership reform affecting enterprise performance and explores the effect of reverse mixed-ownership reform of the SPC environment from three aspects: market response,financial performance,and non-financial performance.Finally,combined with the analysis of the full text,the research conclusions and enlightenment are drawn,to provide a reference for other private enterprises to reverse mixed ownership reform.This thesis finds that: first,the SPC Environment is based on the dual motivation of external factors and internal development needs to choose the reverse mixed ownership reform.The external motivation is mainly the strong support of policies,the attributed demand of the environmental protection industry,and the development needs of state-owned capital,while the internal motivation mainly includes easing financing constraints,improving innovation and research and development ability,improving corporate governance level and realizing enterprise business transformation.Second,the reverse mixed ownership reform mainly affects the enterprise performance of the SPC Environment by establishing the political connection,improving corporate governance,and enhancing the ability to acquire resources.Third,as for the effect of reverse mixed ownership reform,from the perspective of short-term market performance,outside investors hold a certain negative attitude towards the event of reverse mixed-ownership reform of the SPC Environment and are uncertain about the future development after the reform.From the perspective of long-term financial performance,the reverse mixed-ownership reform of the SPC Environment has no obvious effect on the profitability of the company in the short term,but it has played a very good role in promoting the company’s debt-paying ability,operating ability,and growth ability.From the perspective of long-term non-financial performance,after the reverse mixed-ownership reform of the SPC Environment,the financing ability of the enterprise has been enhanced,the innovation and research ability of the company has been improved,and the decision-making ability of the company has been improved.Through the integration of both parties’ resources and business strategic coordination,new business segments have been expanded,new business markets have been developed,and the business transformation of the enterprise has been realized.