Study On The Cause And Effect Of Reverse Mixing In Fresh Environment

Private enterprises are an important part of China’s economic development,not only providing a large number of employment opportunities in China,but also making a significant contribution to government revenues,while promoting the sustainable development of the national economy.The 19 th Party Congress report clearly pointed out that "enhancing fair competition in the market and supporting the development of private enterprises" and the 20 th Party Congress report proposed "promoting the development and growth of the private economy",which shows that China attaches great importance to the survival and development of private enterprises.However,in this context,private enterprises still have financing difficulties and insufficient resources,so some private enterprises choose to introduce state-owned capital to achieve their sustainable development strategy goals.At the same time,as environmental pollution problems are becoming more and more serious,the country continues to introduce policies to protect the natural environment,environmental protection industry in line with the rapid development,and in recent years by the financial deleveraging and PPP policy,the environmental protection industry has set off a wave of private enterprises to reverse the mixed boom.This paper selects the private environmental protection company Fresh Environment as the subject of this study to analyze the motivation and effect of its introduction of state-owned capital for reverse hybrid reform in 2019.Clear Environment’s reverse hybrid reform is mainly to relieve financing pressure,improve innovation capability,improve governance structure and relieve competitive pressure in the industry.On this basis,this paper studies whether the effect of reverse mixed ownership reform reaches the expectation from the financial and non-financial aspects.Firstly,the short-term and long-term financial effects were analyzed by event study method and factor analysis method.Secondly,the change of enterprise value is analyzed by EVA method.Finally,non-financial effects are analyzed in terms of innovation ability,governance level and market competition.The results of the study show that the fresh environment reverse mix not only enhances corporate solvency,growth and corporate value,but also produces positive non-financial effects.Through the above study,this paper puts forward the suggestions that private enterprises should choose the appropriate introduction object for reverse hybrid reform,strengthen the integration of advantageous resources of both sides of the hybrid reform,and improve the competitiveness of the enterprises themselves,which have some degree of significance for other environmental private enterprises introducing state-owned capital.