Research On The Motivation And Effect Of The Introduction Of State-owned Capital By Private Enterprises Under The Background Of Reverse Mixed Reform

The third Plenary Session of the 18th CPC Central Committee proposed to develop the cross-shareholding and integrated mixed ownership economy of state capital,collective capital,non-public capital and other mixed ownership economy,which made a plan for the road of deepening China’s enterprise reform at the policy level.Since then,our country for the mixed ownership reform practice and explore formally into the fast lane,some state-owned enterprises have introduced private enterprises system reform,to improve equity structure,improve company performance,which emerged China unicom,Yunnan baiyao,and many other representative enterprises,state-owned enterprises to achieve great success.With the vigorous development of the market economy,private enterprises have become an important part of China’s economic development.However,due to the inherent limitations of the corporate system,private enterprises have certain disadvantages compared with state-owned enterprises in terms of resource acquisition,policy support and financing channels.However,in most of the past mixed reform in China,state-owned enterprises introduced private capital for reform,so as to clarify their property rights and improve the governance structure and operation efficiency of state-owned enterprises.However,there was almost no mixed reform with private enterprises as the main body.At the academic level,many scholars also study on the forward mixed reform mode of state-owned enterprises introducing private enterprises,and rarely get involved in the reverse mixed reform mode.It was not until 2015 that The State Council issued the Opinions on the Development of Mixed Ownership Economy in State-owned Enterprises,which clearly pointed out that state-owned capital is encouraged to buy shares in non-state-owned enterprises in various ways.Later,more state-owned capital and private enterprises have participated in the exploration and practice of the mode of reverse mixed reform,but there are still relatively few case studies on private enterprises’ reverse mixed reform.The mode of private enterprises introducing state-owned capital for reverse mixed reform provides a new idea for the future development of private enterprises.Just like the positive mixed reform of private enterprises,the effect of private enterprises introducing reverse mixed reform also has certain uncertainty.By introducing state-owned capital,private enterprises may be able to use the advantages of state-owned capital to promote their own business development.At the same time,they may also improve their credit rating and increase financing channels,so as to reduce the financing cost of enterprises and improve their financial situation.In addition,the state-owned assets participating in the mixed-use reform may be able to maintain and increase the value of the state-owned assets,and improve their layout in the relevant industrial chain.However,if the reverse mixed reform decision is improper,or the enterprises fail to integrate well after the mixed reform,then the private enterprises may not be able to achieve their goal of improving their financial or operating conditions.The state-owned enterprises participating in the reverse mixed reform also have the risk of acquiring non-performing assets,which will affect their future operation and development.So,what are the reasons for private enterprises and state assets in the reverse mixed reform? What effect will the introduction of state-owned assets mixed reform by private enterprises have on private enterprises? What kind of experience and enlightenment can we bring us through actual cases? This paper will conduct further research in this regard.In this paper takes the H company as an example to study and discuss the motivation,process and effect of its introduction of state-owned assets for reverse mixed reform.First of all,this paper explains and sorts out the case background,the case company introduction and the reverse mixed reform process.Secondly,this paper analyzes and interprets the motivation of both parties involved in the mixed reform.For the movement of Company H Because,will follow the macro to micro thinking,mainly from the policy,industry,the company these three aspects.The motivation for the participation of state assets are interpreted from the perspective of bailing out private enterprises and improving the industrial layout.moreover,This paper also makes a comprehensive analysis and summary of the effect of the reverse mixed reform.Finally,this paper expounds some enlightenment and experience obtained from this case,and points out the shortcomings of this case study.The main contributions of this paper are as follows:(1)to some extent to make up for the lack of case analysis in the past literature,and to make its own contribution to the research field of reverse mixed-use reform.(2)through the analysis of specific cases,this paper shows about corporation introduction of state-owned capital to reverse mixed change possible motivation,effect,and the conclusion,and summarizes the reverse mixed change enterprises involved in the focus of the process,worth learning some experiences and lessons,and other attempts for the market system reform,seek to break through the financial difficulties or development bottleneck of corporation,and trying to invest quality corporation state-owned enterprises to provide some enlightenment.