A Research On The Influence Of Introducing State-Owned Capital On Enterprise Value Of The Bishuiyuan

With the gradual deepening of China’s mixed ownership reform,a large number of state-owned enterprises have introduced non-state-owned investors to carry out mixed reform,injecting vitality and fresh blood into the sustainable development of enterprises.On the other hand,private enterprises have faced some difficulties in their development in recent years,such as shortage of funds and resources.Therefore,state-owned investors have been introduced,resulting in "reverse mixed reform" and "reverse mixed reform".So far,a number of private enterprises have introduced state-owned capital,and the two sides have succeeded in "holding hands".At present,the academic research on mixed reform mostly focuses on the introduction of private capital by state-owned enterprises;The research on reverse mixed reform mainly focuses on the motivation and economic effect of mixed reform,and there is no relevant research on the impact on enterprise value.From the perspective of private enterprises,this thesis discusses the influence of introducing state-owned capital on enterprise value,in order to supplement and enrich relevant research results,and provide reference for other private enterprises to carry out reverse mixed reform in the future.The thesis first expounds the research background and significance,sorts out the relevant research literature at home and abroad from three levels:enterprise value,reverse mixed reform of private enterprises,and the impact of the introduction of state-owned capital by private enterprises on enterprise value,explains the main contents of corporate governance theory,resource basic theory,synergy effect theory and signal transmission theory,and uses this as the theoretical basis for the thesis research,and analyzes the evaluation method of enterprise value.On this basis,taking the introduction of China Urban and Rural Holding Group Co.LTD into Bishuiyuan as the case study object,the motivation for the introduction of state-owned capital by Bishuiyuan is analyzed from the internal and external environmental aspects,the influence path of the introduction of state-owned capital on the value of enterprises is explored in combination with the many advantages obtained by Bishuiyuan after the introduction of state-owned capital,and the change of enterprise value after the introduction of state-owned capital is analyzed based on the two aspects of capital market and Tobin’s Q-value.The conclusions of this thesis are as follows:after introducing state-owned capital into blue water source,corporate governance is improved,financing efficiency is improved,and operating conditions are improved;In the short term,the introduction of state-owned capital has a significant effect on the improvement of enterprise value,but the long-term effect is not obvious.In the end,from the perspective of how reverse mixed-mix reform can enhance enterprise value,the thesis points out the aspects that should be paid attention to in the reverse mixed-mix reform of private enterprises,including the selection of objects of reverse mixed-mix reform,resource integration,personnel integration,capital utilization,etc.,and puts forward targeted suggestions accordingly.