A Study On The Motivation And Effect Of Introducing State-owned Strategic Investors Into Private Enterprises From The Perspective Of Strategic Synergy

China’s mixed-ownership reforms have been carried out since the early 1990 s,which is of great significance to state-owned enterprises,but there are few researches from the perspective of private enterprises.Recently,under the unfavorable environment of slowing GDP growth and shrinking credit policy adjustment in China,the survival and development of private enterprises is under great uncertainty,and new paths need to be opened to break the dilemma.Many private enterprises began to actively introduce state-owned strategic investors for "reverse" mixed reforms to help their development.How the state-owned and private enterprises can effectively use comparative advantages of both parties to promote the integration of strategic collaboration and improve the resources of the two to carry out mixed-ownership operations has become the main problem that the current reverse mixed reform model should be mainly explored.From the perspective of private enterprises,this research studies the motivation and effect of introducing state-owned strategic investors to carry out reverse mixed reform,which has certain practical significance for promoting the high-quality development of private enterprises and further promoting the development of my country’s mixed-ownership economy.By integrating relevant literature,this paper studies the motivation and effect of mixed-ownership reform of different subjects in combination with relevant theories,and selects Yinghe Technology,a private enterprise that introduced state-owned strategic investors at the end of 2019,as a case study to deeply analyze the motivation and effect of this type of enterprise introducing state-owned capital for reverse mixed-ownership reform.The research found that: Shanghai Electric’s choice of investing in Yinghe Technology is mainly to consider the policy,industry and industrial reasons;and Yinghe Technology’s choice to introduce Shanghai Electric is mainly based on the consideration of financing demand,capital structure,political background and other factors.Therefore,this reverse mix reform is essentially the result of mutual choice between the two sides.From the perspective of the effect,short-term market performance shows that the capital and investors hold a relatively positive attitude towards this event;Through the horizontal comparison of long-term financial performance by factor analysis,it is found that the comprehensive financial performance of the company after the introduction of Shanghai Electric is better than that of comparable companies in the industry.The vertical financial analysis shows that the main reason is that the introduction of state-owned strategic investors has significantly improved the overall solvency,operating ability and development ability.From the perspective of non-financial indicators,Yinghe Technology has been consolidated and improved in corporate governance,R&D innovation ability,business strategy and internal control to a corresponding extent since it was introduced into Shanghai Electric.Finally,from the perspective of both parties and government departments,relevant suggestions are put forward: for state-owned strategic investors,they should carefully select investment objects from the perspective of strategic resource adaptation before entering the stock market;Keep a forward-looking sense of reform and choose an appropriate governance model after equity participation.For private enterprises,they should not only integrate the resource advantages of state-owned investors to effectively play a synergistic effect,improve the company’s equity structure to form an appropriate restriction mechanism,but also constantly improve their core competitiveness,reasonably prevent and control risks,and strive to maintain and increase the value of state-owned capital.For government departments,they should create a fair market competition environment to encourage the effective integration of different property rights and promote the high-quality development of the national economy.For the significance of this study: on the theoretical level,focusing the research subject of mixed ownership reform on private enterprises,which enriches the relevant literature on reverse mixed-ownership reform.At the practical level,using literature research,event research,factor analysis,non-financial analysis and other methods to explore the internal mechanism and effect of Yinghe Technology’s introduction into Shanghai Electric from multiple perspectives,and put forward targeted suggestions,which provide inspiration and practical guidance for China’s private enterprises and state-owned enterprises to carry out strategic collaborative deployment through mixed-ownership reforms.