| The mixed ownership reform already appeared in China.With the rapid and complicated development of market economy,the mixed ownership reform is no longer limited to the reform of state-owned enterprises attracting private enterprises to participate in shares.The 18th National Congress and the Third Plenary Session of the 18th Central Committee emphasized that state-owned enterprises should actively carry out equity integration,strategic cooperation and resource integration with non-state-owned enterprises.Since then,the mixed reform mode of state-owned capital buying shares in private enterprises has appeared.We call it reverse mixed reform.In recent years,due to the increasingly fierce competition in the capital market,more and more private enterprises are in financial difficulties,which can hardly be solved by their own strength.At this time,the mixed reform mode of state-owned capital taking shares in private enterprises has come into people’s vision and attracted wide attention from the academic circle.Based on the above background,this paper selects a typical case of the only provincial state-funded platform in Guangdong province to rescue private enterprises-EAST to introduce state-owned capital Guangdong Henrui.Firstly,the motivation of the reverse mixed reform is analyzed from two aspects of EAST and Guangdong Hengrui.Secondly,according to the process of the reverse mixed reform,the path of the reverse mixed reform is analyzed in detail and its characteristics are summarized.Finally,the effect of the reverse mixed reform implemented by EAST is compared and analyzed from four aspects:governance effect,financial effect,innovation effect and social effect.At the same time,the effect of these four aspects was evaluated by the mutation progression method.Through the analysis,we find that:First,after the mixed reform,the governance efficiency of EAST has been improved;Second,after the reform,the financial performance has been improved to some extent,but the sustainability is not strong.Third,the introduction of Guangdong Hengrui news once announced,investors responded positively;Fourth,the implementation of reverse mixed reform effectively alleviates the financing constraints of easy special,and improves the innovation ability;Fifth,the participation of state-owned capital has improved the social responsibility and the level of social responsibility of EAST.Based on the results of the case analysis,this article provides suggestions for the problems that occurred in the reverse mixed transformation of EAST and proposes the following inspirations:For both parties to reverse mixed reform,the state-owned capital can introduce multi-level capital by using limited partnerships,and should be careful to use the mode without actual controller when formulating the mixed reform plan.The standard of performance commitment should conform to the actual operation situation of private enterprises.Private enterprises should select appropriate investment objects according to their own needs in the mixed reform,and pay attention to the integration of governance layers and hold a correct cognition of the reverse mixed reform.Through this case study,this paper aims to provide new ideas for resolving risks for other private enterprises facing the same dilemma,and provide reference experience for enterprises and state-owned investors who intend to carry out or are carrying out a mixed reform in the future. |
