Research On The Motivation And Effect Of Private Equity Fund Participating In The "Mixed Reform" Of State-owned Enterprises

On November 12,2013,the Third Plenary Session of the 18th CPC Central Committee deliberated and adopted the decision on several major issues of comprehensively deepening reform.After the end of this meeting,the number of state-owned enterprises implementing"mixed reform" continued to increase.On September 24,2015,the State Council issued the opinions on the development of mixed ownership economy by state-owned enterprises,which clearly stated that public capital and private capital are allowed to jointly establish private equity funds(Hereinafter referred to as PE).In the government work report of the State Council in 2020,The "three-year action of state-owned enterprise reform" was proposed,and the assets supervision system of state-owned has changed from "asset administration" to"capital administration".As a new goods of the capital market,PE were introduced into China in the 1990s,they help companies improve their market competitiveness by injecting funds and providing strategic services.After about 30 years development,PE have also entered the stage of "improving quality and efficiency" from "barbaric growth".According to the above background,this paper mainly builds a theoretical framework and analyzes typical cases from the current situation,motivation,path and effect of PE participating in the mixed ownership reform of SOE,so as to draw objective scientific and constructive research conclusions and policy recommendations.In terms of theoretical research,on the one hand,it systematically combs the research results of domestic and foreign scholars on mixed ownership reform and PE.By introducing relevant concepts and basic theories,it provides a research framework and theoretical tools for subsequent case analysis.On the other hand,through the analysis of the process of "mixed reform" of state-owned enterprises and the status quo of PE,the status quo,path and feasibility of PE participating in the "mixed reform" of state-owned enterprises are intuitively displayed in the form of data and icons.In case analysis,we collected successful cases of PE participating in mixed ownership reform in recent years through various channels.Through in-depth analysis of the case background,reform process and reform effect,we summarized the research conclusions and put forward feasible suggestions on how to further promote PE participating in mixed ownership reform of state-owned enterprises in the future.At present,there are more single studies on the mixed ownership reform of state-owned enterprises and PE in the academic and practical fields,and relatively few theoretical studies combining the two.For one thing,this paper can fill the lack of relevant theoretical research and enhance the theoretical research value of this paper;For another thing,It also increases the choice for the reform path of state-owned enterprises,broadens the investment field of PE,gives play to the synergy effect of two different forms of economic organizations,and provides direction and guidance for PE to participate in the reform of mixed ownership of state-owned enterprises in reality.