Research On The Motivation And Performance Of Originwater’s Reverse Mixed Ownership Reform

Since the beginning of the new round of mixed ownership reform in 2014,the mixed reform of state-owned enterprises has been continuously promoted as the focus of the country’s deepening reform,effectively improving the allocation and operation efficiency of state-owned capital.With the deepening of the reform of mixed ownership,the mode of mixed-ownership reform has also changed from one-way to multi-direction,and a new model of "reverse mixed reform" has been sprouted,that is,private enterprises introduce state-owned capital.Originwater is a leading enterprise in the water affairs and water treatment industry.It officially announced the introduction of CHINA URBAN-RURAL on May 6,2019.So why dose Originwater choose to carry out reverse mixing? What is the impact of reverse mixing on the performance of Originwater? How does it affect? These problems are worthy of further research and exploration,which can not only further enrich the existing theoretical research results on reverse mixed transformation,but also provide experience for peer enterprises to carry out reverse mixed transformation and promote the practical development of reverse mixed transformation.On the basis of combing the domestic and foreign studies on "the causes and effects of reverse mixed reform of private enterprises",this thesis uses case study,event study and comparative analysis methods to first deeply analyze the causes of the case company’s reverse mixed reform of Originwater,and then summarizes the theoretical impact path of the reverse mixed reform on the performance of Originwater based on the political connection theory,synergy theory and corporate governance theory.Finally,the short-term market response,financial performance and non-financial performance after reverse mixed reform are evaluated in detail.The research findings are as follows:(1)The main reasons for reverse mixed reform of Originwater include : increased management and operation risks,declining business performance,financial liquidity crisis,and expectation to further enhance competitiveness and seize industry dividends.(2)The path of reverse mixed reform affecting the performance of Originwater is as follows : By enhancing political connection,it helps to obtain more government subsidies,improve financing capacity and alleviate capital liquidity risks;Through the synergistic effect with state-owned capital,it is helpful to enhance the ability of project undertaking and innovation research and development.The introduction of state ownership will help optimize the ownership structure and board structure and improve corporate governance.(3)After the reverse mixing of Originwater,the short-term market reaction is good.In terms of financial performance,the four financial indicators and EVA of economic added value are improved;In terms of non-financial performance,it mitigated capital liquidity risks,enhanced project undertaking capacity and innovative research and development capacity,and promoted the transformation of asset-light operation mode.At the same time,corporate governance was also improved,with good overall effect.The following enlightenment can be drawn from the case of reverse mixed reform of Originwater:Private enterprises should reasonably select the objects to introduce in reverse mixed reform;Private enterprises should adhere to the development direction of main industry after reverse mixed reform;To play the synergistic effect of reverse mixed reform requires the active participation of state-owned capital.