Research On The Motivation And Economic Consequences Of State-owned Assets Acquiring Sharing In Private Listed Companies

China’s economy has been developing rapidly for many years.As an important part of China’s economy,private economy has made many contributions.However,at the same time,influenced by ownership discrimination,China’s bank credit mainly flows to state-owned enterprises.Private enterprises have great difficulty in obtaining bank loans and face high external financing costs,restricting their further development.Moreover,some private enterprises excessively increase leverage and quickly grow bigger by piling up capital.This unhealthy development mode has many hidden dangers.Affected by the economic downturn,the stock market is increasingly depressed.At the same time,coupled with China’s continuous structural deleveraging,private enterprises have become more difficult and expensive in financing,which increases the uncertainty of operation.In order to promote the healthy development of economy,China has actively promoted the state-owned assets bailout action since 2018.The central government and state-owned assets supervision and Administration Commissions at all levels successively purchased the equity of private listed companies in different industries through state-controlled state-owned enterprises to help private listed companies through equity bailout.This also conforms to the background of China’s vigorous efforts to promote mixed ownership reform and promote the integration and development of private economy and state-owned economy.However,due to the influence of property rights and other factors,there are many restrictions on state-owned capital investing in private enterprises,and the concept of state capital bailout has been put forward in China for a short time.Therefore,there are few studies on state-owned capital investing in private listed companies in the academic circle.Based on the macro-economic background of China,this paper analyzes the motivation and economic consequences of state-owned capital investing in private listed companies,and put forward relevant optimization suggestions based on the three perspectives of state-owned capital,private listed companies and regulators.In this paper,case study method is adopted to study the motivation and economic consequences of Huazhang in Ciwen.The analysis shows that state-owned capital investing in private listed companies is based on the common vision of both sides.For Huazhang,it not only responds to the call of the policy,but also looks forward to the development prospect of Ciwen and promotes the layout of Jiangxi state-owned capital in the cultural industry.For Ciwen,accepting Huazang’s investment is not only to avoid risks caused by capital shortage and high proportion of equity pledge,but also to make full use of its political resources to achieve long-term development by taking advantage of the state-owned background of Huazang.In terms of economic consequences,Huazhang’s investment boosts market confidence in the short term,alleviates the risk of high-proportion equity pledge by major shareholders,and solves the financing dilemma of Ciwen by improving its debt paying ability.However,in the long run,Ciwen’s financial situation,operation and management are still uncertain factors,and it remains to be seen whether Huazhang can achieve mutual benefit through this investment.State-owned capital investing in private listed companies conforms to the trend of China’s economic development and is beneficial to the mutual benefit of state capital and private listed companies.At present,the action of state capital bailout is still in the initial stage with few related cases.In addition,the mainstream of China’s mixed ownership reform is still state-owned capital introducing private shares,so there is still room for improvement in the effect of state capital investing in private listed companies.Huazhang is one of the earliest state-owned enterprises that invested in private listed companies in the film and television industry.By studying the motivation and economic consequences of Huazhang’s investment in Ciwen,this paper summarizes the relevant experience and optimization suggestions of state-owned capital’s shareholding in private listed companies,helps state-owned capital to maintain and increase the value of state-owned capital while easing the financing difficulties of private listed companies,and provides reference and reference for state-owned enterprises and private listed companies to achieve complementary advantages and win-win cooperation...