Research On The Effect Of State Owned Assets Purchasing Private Enterprises And Participation In Governance

A mixed-ownership enterprise refers to an enterprise that contains both public and non-public capital.In 2013,the Third Plenary Session of the 18 th Central Committee of the Communist Party of China passed the "Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening the Reform",proposing that the development of a mixed-ownership economy is the main path for the current and future state-owned enterprise reform.So far,the mode of implementing mixed-ownership reform is mainly based on the introduction of non-state-owned capital by state-owned enterprises,but in addition,there is a less discussed model,that is,state-owned capital acquires private enterprises to achieve the reform,this article business entities discussed.At the same time,the "Decision" also pointed out that it is necessary to improve the management system of various state-owned assets and strengthen the supervision of state-owned assets in accordance with the principle of "capital management".The reform of the supervision mechanism and authorized operation system focusing on capital management can clarify the supervision focus of state-owned assets,simplify supervision matters,and enable state-owned enterprises to better take into account market benefits and social benefits.Therefore,in the mixed reform,state-owned capital and non-state-owned capital cannot simply be added,but the state-owned asset management system must be transformed to the direction of "capital management",in order to realize the true meaning of mixed reform.This thesis takes how Xiacheng SDIC participates in the management of Runda Medical Technology corporation after the mixed reform as the research object,adopts the literature research method,summarizes the domestic and foreign literature on mixed ownership reform,state-owned capital acquisition of private enterprises and corporate governance,and clarifies the state-owned capital acquisition of private enterprises.The relevant theories of motivation and summarizes the current main mode of state-owned assets participating in the governance of private enterprises in the mixed-ownership reform.Then,using the case analysis method,the following city state investment acquisition of Runda cor.,analyzes the motivation of the acquisition,expounds the acquisition process and sets out what mode Xiacheng SDIC participates in Runda Cor’s Governance after the realization of mixed-ownership reform.It specifically sorts out the situation of Xiacheng SDIC’s appointment of directors and supervisors to Runda Cor.and signing performance commitments,and analyzes the reasons why Xiacheng SDIC adopts this model to participate in governance and produced effect.Through the analysis of this case,it is found that the reason for Xiacheng SDIC’s acquisition of Runda Cor is that Xiacheng SDIC wants to achieve its own strategic goals and is optimistic about the prospects of the in vitro medical diagnosis service industry,which fully shows that the state-owned platform Xiacheng SDIC is in the market.transformation.After Xiacheng SDIC acquired Runda Cor,it became its actual controller and had more right of speech in the board of directors and supervisors,but it did not participate excessively in the daily operation of the company,and handed over the daily management rights to the original company management,showing that In the process of supervising and managing its state-owned enterprises,Xiacheng SDIC changed from “ managing people,managing assets ” to "managing capital",and signed a performance commitment compensation agreement with it,which strengthened the incentives and constraints of state-owned assets on Runda Cor’s management.It has achieved good social effects,and also improved the management efficiency and performance of the company,so as to achieve a win-win situation.Finally,based on the analysis of this case,the author draws the following inspirations: State-owned assets investing in private enterprises with sustainable development prospects and high return on investment can integrate the advantages of different properties to achieve their own strategic goals;When private enterprises have equity pledge risks,they can put aside their concerns and choose to introduce appropriate state-owned assets to obtain policy resources to alleviate high equity pledges.Enterprises rejuvenate their competitiveness in the market mechanism.The contributions of this thesis are mainly reflected in the following aspects:(1)The previous literature on mixed ownership reform,mainly on the introduction of non-public capital by state-owned enterprises to realize mixed reform.This thesis studies the research on state-owned assets that have achieved reverse mixed ownership reform by acquiring private enterprises and participated in the governance of mixed ownership reformed private enterprises,thus enriching the relevant research on mixed ownership reform.(2)Although some scholars have discussed the motives,methods and effects of state-owned assets participating in the mixed reform of private enterprises,few have discussed the participation of state-owned assets in private enterprises from the perspective of corporate governance,such as appointing directors,supervisors and senior executives and signing performance commitments to participate in private enterprises.Therefore,the research in this thesis can enrich the relevant literature on the participation of state-owned assets in the governance of private enterprises in mixed-ownership reform.(3)Most of the current research on mixed ownership reform is empirical research,and the literature in the form of case studies is relatively scarce.This article takes the case of the state-owned capital under the city state investment to acquire the private enterprise Runda Cor,and uses the normative research method and case study method to discuss the mode of participation in the governance of the private enterprise after the state-owned equity investment in the private enterprise,and analyzes the choice of the state-owned capital.The reasons and effects of this governance model enrich the related research on the acquisition of private enterprises by state-owned assets and the governance of mixed-ownership enterprises from the perspective of case studies.