Analysis On The The Economic Effect Of Introducing State-Owned Strategic Investors Into Private Enterprises

In 2013,the third plenary session of the 18 th CPC Central Committee initiated the reform of mixed ownership,encouraging state-owned enterprises to participate in the reform of mixed ownership,playing a leading role in the national economy,and improving the socialist market economy system with Chinese characteristics.The reform of mixed ownership will help to improve the allocation and operation efficiency of state-owned capital and realize the complementary and coordinated development of various ownership economies.Private economy is an important support for China’s real economy and an important force to promote the development of socialist market economy.However,under the influence of multiple internal and external adverse factors,the development of private economy has encountered many difficulties and challenges.The introduction of state-owned strategic investors by private enterprises can optimize the allocation of resources,form long-term and stable strategic cooperation,and promote the common development.But how to efficiently "combine" resources based on "mixed" equity is still in the exploration stage.Considering that the introduction of strategic investors is an important way of mixed ownership reform,this paper,based on the perspective of private enterprises introducing state-owned strategic investors.After sorting out the existing literature,summarizes the two main types of mixed ownership reform with private enterprises as the main body,then selects two cases Kangenbei and Yinghe Technology.From the perspective of private enterprise participants and state-owned capital participants,explore the motivation,mode and subsequent economic effects of the reform of mixed ownership,and make a comparative summary to provide a reference for more private enterprises to carry out the reform of mixed ownership in the future.From the perspective of motivation,Kangenbei introduced state-owned strategic investors mainly for the purpose of bail-out;Yinghe Technology is due to the stress in the development of the company caused by the adjustment of industrial policy and needs to make breakthroughs with the help of technology,market and other resources brought by stateowned strategic investors.From the perspective of the way of the mixed ownership reform,Kangenbei adopted the way of the original controlling shareholder’s agreement to transfer the equity,while Yinghe Technology adopted the way of the combination of the original controlling shareholder’s agreement to transfer the equity and private placement.After the completion of the mixed ownership reform,the two companies formed a more balanced equity structure,which alleviated the problem of high equity concentration.In response to the separation of corporate ownership and management rights,the two state-owned strategic investors have made different arrangements.Zhejiang International Trade Group has strengthened the party building,dispatched senior executives,and actively participated in corporate governance and production and operation,while Shanghai Electric has achieved supervision and incentive over the management by signing an agreement with the management group on performance commitment and excess performance award.From the perspective of the economic effects of the reform of mixed ownership,the two case companies have achieved positive economic effects overall,but there are still some problems.This paper draws the following conclusions through research: First,the reform of mixed ownership is conducive to improving the socialist basic economic system with Chinese characteristics and promoting the development of non-public economy.Second,the reform of mixed ownership is conducive to promoting "national progress" and promoting high-quality development.The third is to select appropriate "mixed" objects,which is important to the advantages of mixed ownership reform.And put forward suggestions for the reform of mixed ownership: first,build a fair and open market environment to create good external conditions for the reform of mixed ownership.The second is to improve the modern enterprise system with Chinese characteristics and explore the governance mechanism and operation mechanism matching with "mixed ownership".The third is to innovate the mixed ownership reform mode in line with the market-oriented mechanism and improve the operating efficiency of the capital market.The research in this paper enriches the theoretical literature of mixed ownership reform and is conducive to providing reference for enterprises with similar characteristics to carry out mixed ownership reform.