| The third plenary session of the 18 th CPC Central Committee proposed that state-owned enterprises should be encouraged to make equity investment in non-state-owned enterprises in various ways,namely "reverse mixed reform".The reform of mixed ownership is an important measure for the development of private enterprises.Why should private enterprises change? How to mix? How to change it? And what economic effects have the mixed ownership reform brought to private enterprises? And so on.Therefore,the paper focuses on the motivation,path and economic effect of the "reverse mixed transformation" of private enterprises in combination with the case of the introduction of Tianwo Technology into Shanghai Electric,hoping to provide reference and reference for the "reverse mixed transformation" of private enterprises.Based on the theory of resource dependence and synergy,the thesis adopts the methods of event study,Case Study and comparative analysis,and takes “ The research on the motivation and economic effect of the reverse mix-up reform of private enterprises” as the theme,firstly,this paper reviews the existing literature from three aspects: the motivation,the route and the economic effect of the “ Reverse mix-up ” of private enterprises,and then,combined with the case of the introduction of Shanghai Electric to Tianwo technology,this paper analyzes the motivation of the mixed ownership reform of Tianwo science and technology,and reviews the process of “ Reverse mixed reform ” of Tianwo science and technology,this paper also analyzes the reasons why Tianwo technology adopts the combination of “ Directional Rights Issue + Equity Agreement Transfer + Voting Right Commission ” to introduce Shanghai Electric,and speculates the reasons why Shanghai Electric has relative control over Tianwo technology.Furthermore,combing and analyzing the concrete path of the mixed modification of Tianwo technology.Finally,the paper analyzes and tests the impact of“Reverse Mix”on the company’s market performance,non-financial performance and financial performance.The results show that“Converse mix reform”can not effectively improve enterprise market performance,non-financial performance and financial performance,and the two have not played a synergistic effect of 1 + 1 & GT.In view of the result of“Reverse mix-and-change”of Tianwo science and technology,the paper analyzes the reasons why the mix-and-change result is not as good as expected,and from the establishment of a reasonable governance system,a correct understanding of the political relationship and the selection of partners to make recommendations.Based on the case of“Reverse mixed reform”of Tianwo science and technology,this paper analyzes the motivation,path and economic effect of“Reverse mixed reform”,and enriches the research perspective of mixed ownership reform,it is hoped that it can raise certain reference value for other private enterprises’ mixed ownership reform. |
