Research On Implementreverse Mixed Reform On Performance Of JNGZ

In 2015,the State Council issued the "Opinions on the Development of a Mixed Ownership Economy for State-owned Enterprises",in which it was pointed out that state-owned capital should be encouraged to invest in non-state owned enterprises in various ways.The core of the reform of mixed ownership is "mixing" : that is,introducing private capital from state-owned enterprises or introducing state-owned capital from private enterprises.The latter is commonly referred to as reverse hybrid modification.At the same time,with the implementation of the new "Environmental Protection Law",all parties have increased their investment in the environmental protection industry.Against the backdrop of the promulgation of the "Environmental Protection Law" by the state,Energy Conservation Guozhen is committed to becoming a high-tech environmental protection enterprise,continuing to increase its efforts and investment in environmental governance concepts,environmental technology,environmental protection business models,and management innovation,leading the development of China’s environmental protection industry towards innovation,recycling,practicality,and effectiveness.The existing research mostly focuses on the forward mixed transformation of state-owned enterprises,while this article mainly discusses the issue of reverse mixed transformation of environmental protection enterprises such as JNGZ.This article selects JNGZ as the research object,combs the process of JNGZ’s reverse mixed reform according to the time sequence,analyzes the changes in the equity structure and governance level of JNGZ before and after the mixed reform,introduces the motivation of JNGZ’s implementation of reverse mixed reform from both internal and external aspects,and evaluates the performance of JNGZ after the reverse mixed reform from different perspectives.Firstly,the event study method is used to evaluate the market response caused by reverse hybrid reform,and then analyze its market performance.Secondly,the entropy method-gray correlation analysis method is used to conduct a horizontal and vertical comparative analysis of the financial performance of the reverse hybrid reform.Finally,the non-financial indicators are selected as the entry point to evaluate whether the energy conservation Guozhen reverse hybrid reform has solved the pain point issue.The study found that in terms of short-term market performance,the market has a positive attitude towards JNGZ reverse hybrid reform,which affects enterprise performance;In terms of long-term performance,the reverse hybrid reform has improved the financial performance of JNGZ,while helping JNGZ obtain more credit loans and government subsidies,as well as reducing the proportion of equity pledge,helping both sides of the reverse hybrid reform achieve coordinated development.Finally,it is expected to rely on the advantages of reverse hybrid transformation to establish targeted recommendations for further improving the performance of JNGZ.