| As economic growth slows down and industrial structure is transformed and upgraded,high-tech enterprises,as the engine driven by innovation,play an increasingly important role in economic development.Under the background of sustained national guidance and social environment iteration,the number of high-tech enterprises in our country has shown an explosive growth trend in the past decade,among which private enterprises are becoming the important main bodies leading industrial development.Although the state has been introducing support policies for high-tech enterprises,problems such as credit discrimination and weak protection of property rights have always existed.Especially in the past two years,the development of high-tech private enterprises is gradually in trouble due to the interwoven influence of many domestic and foreign factors.In this regard,actively bailing out high-tech private enterprises has become an important task of the government and state-owned capital in the past two years.In many bailout modes,equity bailout occupies the dominant position.But the practical effect is not ideal.Therefore,in the process of implementing mixed-reform bailout,how to give play to the comparative advantages of state-owned capital and high-tech private enterprises is of great significance to improve enterprise performance and promote high-quality development of the industry.This paper adopts the method of case study,and selects the event that the hightech private enterprise is easy to introduce the reverse mixed reform of state-owned capital for case analysis.Firstly,by combing domestic and foreign literature,this paper discusses the motivation and economic effect of hi-tech private enterprises introducing state-owned capital for reverse mixed reform.Secondly,based on the existing theoretical basis,this paper theoretically expounds the reasons and economic effects of the mixed reform.In the part of case analysis,Hengjian Holdings entered Easy by means of accepting shares by agreement,focusing on the optimization and innovation of governance mechanism and management system,helping enterprises to reduce the proportion of equity pledge and improve their ability to operate and develop.The two sides have two-way cooperation based on business coordination and optimization of industrial layout.This paper tries to analyze the market performance,financial performance and non-financial performance of high-tech private enterprises after reverse mixed reform from the perspective of Easy.Through analysis,this paper believes that after the introduction of state-owned capital,the performance of the company has been improved,indicating that the reverse mixed reform can bring positive effects on high-tech private enterprises.Through case analysis,this paper concludes that reverse mixed reform can significantly affect the business performance of high-tech private enterprises and provide long-term development power for them.This is due to the advantages of private enterprises using state-owned capital to improve their business environment,develop strategic planning,play a synergistic role and strengthen business integration.In this regard,this paper puts forward suggestions from the perspectives of both sides.From the perspective of high-tech private enterprises,it is necessary to timely introduce the coordinated development of state-owned assets,continuously strengthen innovation and research and development,and actively promote the optimization of industrial layout.From the perspective of state-owned capital,it is necessary to evaluate the invested enterprises scientifically and reasonably,promote the preservation and appreciation of state-owned assets,and flexibly choose the rescue mode.At last,this paper provides reference for the development of the mixed reform system. |
