| Since the 18 th National Congress of the Communist Party of China proposed to actively develop a mixed ownership economy with cross-shareholding,the central government has issued a series of policy documents to encourage the integration of capital of different ownership systems.In recent years,with the continuous deepening and advancement of mixed reform,a new direction of mixed reform has emerged.Under the main theme of state-owned enterprises participating in private enterprises,in order to encourage the healthy development of private enterprises,the state advocates private enterprises to actively participate in state-owned capital to promote their own reform,innovation and transformation and upgrading,that is,reverse mixed reform.The development of the pharmaceutical industry is closely related to national policies,and the implementation of the medical reform policy in 2019 has made the industry face a cold winter,and many private pharmaceutical enterprises are plagued by a shortage of funds and seek the help of state-owned assets on the verge of despair.In this context,the pharmaceutical industry has set off a "wave of state-owned capital ownership",hoping to promote its own high-quality development with the help of the favorable resources of state-owned enterprises while alleviating financial pressure.In view of this,this paper takes Jiuqiang Biotech as an example to study the motivation and effect of private enterprises introducing state-owned strategic investors,in order to provide relevant references and references for the research of "reverse mixed reform".Taking "reverse mixed reform" as the research background,the research ideas of this paper are as follows.Firstly,this paper reviews the literature at home and abroad in recent years to deepen the understanding of the causes and effects of reverse mixing from the theoretical level.Second,accurately define the relevant concepts involved in the reverse mixed reform,such as private enterprises and state-owned strategic investors;Then,the relevant theories such as the motivation and effect behind the reverse mixed reform of private enterprises are sorted out,so as to lay a theoretical foundation for case analysis.Furthermore,combined with the case of Jiuqiang Biotech introducing stateowned capital Sinopharm Group,the introduction plan and specific implementation process involved in the reverse mixed reform process of private enterprises are described in detail,and the motives of the mixed reform subject Jiuqiang Biotech and state-owned capital Sinopharm Group are analyzed to participate in the mixed reform.Finally,the effects of the reverse mixed reform of the top nine biologics are tested from the two dimensions of financial indicators and non-financial indicators,among which the nonfinancial indicators include market response,policy effect,financing effect,innovation effect and governance effect,and the financial indicators analyze their profitability,solvency,operating capacity and development ability and economic added value changes after the introduction of state-owned capital.Through the above research,this paper concludes that(1)the introduction of Sinopharm Group by Jiuqiang Biotech has obtained policy support and enhanced political association;(2)The introduction of Sinopharm Group by Jiuqiang Biotech alleviated the financial difficulties and improved its financing capacity;(3)Jiuqiang Biotech introduced Sinopharm Group to form a "dual-headed" equity structure,which improved the governance efficiency of the enterprise;(4)Jiuqiang Biotech introduced Sinopharm Group to enhance its innovation capabilities,and integrated the capital,technology,channels and other resources of state-owned strategic investors to optimize the industrial layout to achieve strategic goals;Finally,combined with the above analysis results,the experience of the reverse mixed reform of the top nine organisms is summarized,and relevant optimization suggestions are proposed. |
