Research On The Governance Mechanism Of High-quality Participation Paths Of Private Firms In Mixed-ownership Reform

Since 2015,when the central government clearly proposed the development of mixed ownership economy at the strategic level,China has accelerated the pace of exploring mixed ownership reform.With the support of macro policies and the response of micro enterprises,mixed ownership reform has gradually evolved into a two-way penetration trend,providing a good opportunity for the transformation and upgrading of the traditional energy industry.Shanxi Province,as a national pilot of comprehensive reform of energy revolution,started a wave of "reverse mixed reform" at the beginning of 2020 in order to vigorously promote the high-quality development of coking industry,which became an active exploration and beneficial practice in the context of economic transformation and mixed ownership reform in Shanxi.A large number of case studies on the implementation of mixed ownership reform in state-owned enterprises have emerged in the academic field,but there are few in-depth analyses of private enterprises as initiators of mixed ownership reform.Although some scholars have started to turn their research perspectives to private enterprises,from the motive of mixed reform to the effect of mixed reform to the path of mixed reform,they have focused on the realistic dilemmas and challenges of private enterprises’ participation in mixed reform.However,the core governance issues have not been touched in depth.There is an urgent need to propose high-quality countermeasures for hybrid reform from multiple levels and different perspectives of theory and practice,management and governance.Based on this,this paper focuses on the reverse hybridization incident of Shanxi ST Company and explores the path of high-quality participation of private enterprises in hybridization from the perspective of governance,with a view to providing private enterprises with hybridization experience and governance mechanisms.This paper selects the case of Shanxi T Company introducing a mixed ownership strategic investor S Company under state-owned capital holding to truly reflect the full picture of private enterprises’ participation in mixed reform,the characteristics and evolution of governance mechanism.First,relevant concepts and theories are defined and elaborated,and the current status of research on the participation of private enterprises in mixed reform is sorted out.Second,the formation process of ST companies in Shanxi and the basic characteristics and stage evolution of the governance mechanism in the formation process are introduced;and the theoretical analysis framework of ST companies is constructed through PEST analysis and five forces analysis,and the opportunities and challenges brought by the formation of ST companies to the cooperative enterprises are portrayed from six aspects respectively.Finally,based on the path of optimizing corporate governance mechanism,the governance initiatives for high-quality participation of private enterprises in the hybrid reform are proposed specifically from six aspects: equity structure,board governance,professional managers,incentive and supervision mechanism for directors and supervisors,and participation in decision-making mechanism and corporate governance culture.It is found that(1)the acquisition of control by private capital in the process of mixed reform will have a positive impact on the process of mixed reform;(2)the motivation of private enterprises in specific industry sectors to participate in mixed reform is due to insufficient funds and policy pushback;(3)private enterprises can optimize their governance mechanisms and enhance their sustainable development potential with the help of mixed reform.The research in this paper has good reference significance for the benign development of ST company and the design of governance mechanism in the mixed reform of other enterprises.