Research On The Causes And Effects Of The Nationalization Of Private Enterprises

As an indispensable part of market economy,private enterprises play an important role in tax revenue,employment and market vitality.However,while developing,private enterprises are also facing fierce market competition,outstanding financing problems and huge operating pressure.To remedy these difficulties,private enterprises have introduced state capital or been nationalized.Nationalization of private enterprises refers to the fact that state-owned shareholders control private enterprises substantially after private enterprises transfer part or all of their shares to state-owned shareholders.Compared with private enterprises,state-owned enterprises in such aspects as capital,technology,management has obvious advantages,the nationalization of private enterprises not only can get high quality resources of state-owned capital,can also through optimizing equity structure,improving corporate governance,and effects on performance,improve operational efficiency,expand market share and to enhance the positive effects,such as the market competition ability.With the deepening of the implementation of the "two-way mixed-ownership reform" policy,the two-way penetration of private enterprises and state-owned enterprises has been promoted.However,the current academic and practical researches mainly discuss the introduction of state-owned enterprises into private enterprises,but there are few researches on the introduction of state-owned enterprises by private enterprises,and most of them are based on empirical perspective.On this basis,this thesis uses case study method to select Yuanguang Software Co.,Ltd for case analysis.Through combing the participants and process of the nationalization of Yuanguang Software Co.,Ltd,it is found that the motivation of the nationalization of Yuanguang software Co.,Ltd mainly includes three aspects: first,to improve the strategic position of the company in the power industry chain;Second,improve market competitiveness;Third,expand the scale of the enterprise;There are two main reasons for State Grid Electronic Commerce Co.,Ltd to enter Yuanguang Software Co.,Ltd: on the one hand,to improve the industrial layout;On the other hand,we will realize the appreciation and preservation of state-owned assets.The essence of nationalization of Yuanguang Software Co.,Ltd is that both sides complement each other’s advantages and realize the synergistic effect of resources.In addition,this thesis analyzes the effect of nationalization of Yuanguang Software Co.,Ltd from three perspectives: short-term market performance,short-term financial performance and non-financial performance.From the perspective of short-term market performance,this thesis adopts the event study method to reflect the market performance.The results show that the excess cumulative return rate has increased after the nationalization of Yuanguang Software Co.,Ltd,indicating that the market is supportive and optimistic about the nationalization of Yuanguang Software Co.,Ltd.From the perspective of short-term financial performance,this thesis uses financial indicators to measure the performance changes of Yuanguang Software Co.,Ltd after nationalization.The results show that the profitability,operating capacity and debt paying capacity of Yuanguang Software Co.,Ltd have been improved.From the perspective of non-financial indicators,the investment,innovation capacity and human capital efficiency of Yuanguang Software Co.,Ltd have been improved.After nationalization,the company’s governance environment has been improved,with a more reasonable ownership structure and a more perfect system of board of directors,board of supervisors and management.Through the analysis,the conclusion is drawn: after nationalization of Yuguang Software Co.,Ltd,the short-term performance of the enterprise is improved,the governance structure of the company is improved,the win-win cooperation is realized,and the sustainable operation of the enterprise is facilitated.And summed up the problems that need to be paid attention to in the process of nationalization,the nationalization of private enterprises should pay attention to long-term management performance planning,strengthen the construction of governance mechanism,pay attention to the integration of resources,so as to reduce the resource loss in the process of nationalization and give full play to the synergistic effect of resources.