Research On The Motivation And Effect Of The Mixed Reform By Introducing State-Owned Capital Into Xuelang Environment Company

In recent years,because of slowing economic growth,stricter financial regulation and frequent outbreaks of COVID-19,private environmental protection enterprises have fallen into difficulties of survival and development.Seeking cooperation with state-owned capital has become the choice of numerous private enterprises.Relying on the government background,state-owned enterprises have advantages in capital,resources,management and other aspects.Mixed ownership reform can help private enterprises improve governance,increase credit and obtain more financial support.Meanwhile,private enterprises also share more advantageous resources,such as talent,technology,customers,etc.so as to improve the efficiency and industry competitiveness.This thesis intends to study the case of Xuelang Environmental Company introduced into state-owned assets mixed reform.Among numerous small and medium-sized environmental protection enterprises,Xuelang Environmental Company company is strongly representative and typical,with more than 20 years of rich industry experience in the field of flue gas treatment and waste disposal,and is a leading enterprise in this field.After two years of mixed reform,Xuelang Environmental Company has realized the transformation from a private enterprise to a state-owned holding mixedownership enterprise.Through a detailed analysis of the motivation and effect of Xuelang Company’s reform,this thesis makes several summaries of the case,to provide valuable reference for the enterprises.This Thesis mainly uses literature research,case analysis and comparative analysis to carry out the research.Firstly,It sorts out the background and significance of the research at home and abroad,and then the motivation and effect of mixed reform.The research ideas and methods of this thesis are also briefly introduced.Secondly,it summarizes relevant theories of private enterprises introducing state property mixed reform,including concept introduction of state capital and mixed ownership reform,main motivation and implementation methods of mixed reform,as well as theoretical basis of private enterprises introducing state property mixed reform,including resource-dependent theory,principal-agent theory and strategic synergy theory.Thirdly,it introduces the case of the mixed reform of Xuelang Company.It respectively introduces the basic situation of Xuelang Company of private enterprises and Xinsu Company.At the same time,it summarizes the main motivation and process of introducing Xuelang Company into Xinsu Company.It analyzes that Mixed-ownership reform for the purpose of resolving the risk of equity pledge,getting rid of the financing dilemma,expanding the channel of resource acquisition,optimizing corporate governance and promoting strategic coordination.Secondly,It deeply analyzes the effect of the incorporation of state-owned assets into Xuelang Company,and found that the incorporation has brought positive influence to the company from three aspects: corporate governance,non-financial performance and financial performance after the incorporation.In terms of corporate governance,the participation of state-owned capital makes the equity structure relatively balanced,the governance structure optimized,and the formation of the party building mechanism makes the company’s decision-making more scientific and reasonable,and the flat organizational structure helps the company’s strategic development.In terms of non-financial performance,short-term market reaction is positive,the company has maintained a high level of R&D and innovation ability,and its business development ability has also been qualitatively improved.In terms of financial performance,Investment and financing capacity has improved significantly,the debt paying ability began to improve and the debt paying pressure was relieved to some extent.Although the performance of profitability was poor,the new profit growth point brought by the new business would increase the profit with the release of future production capacity,and the operation capacity would be enhanced,especially the turnover rate of accounts receivable would accelerate significantly.According to the results of case analysis,the positive effects of the mixed ownership reform in Xuelang Company are summarized,and three enlightenments are put forward: first,private enterprises should implement the mixed ownership reform in combination with their own actual conditions,and the selection of cooperation objects and implementation methods of the mixed ownership reform should start from the enterprises themselves;Second,private enterprises can adjust the industrial layout through the way of mixed reform to achieve the strategic goals of enterprises;Third,after the mixed reform,private enterprises should further strengthen the effective integration of resources of both sides to form a "1+1>2" synergistic effect.Through the research of this thesis,the hope is to provide some reference value for the development of Chinese private enterprise,to make contributions to the mixed-ownership reform.