Research On Performance Evaluation Of Haixinnengke’s Introduction Of Rescue Fund

Affected by factors such as deleveraging,PPP project rectification,new pledge regulations,and stock market malaise,the liquidity risk and stock price crash risk of environmental protection private enterprises due to radical advance construction and excessive equity pledge of major shareholders have gradually emerged.Therefore,all levels of government joint financial institutions have set up bailout funds to inject liquidity into high-quality environmental protection private enterprises by comprehensively using debt-based and equity-based bailout methods,aiming to help key environmental protection listed companies such as industrial leaders,large employment and strategic emerging industries in the region gradually get rid of business crisis.The case enterprise Haixinnengke selected in this paper is a leading enterprise in the environmental protection industry,but it encountered liquidity dilemma and equity pledge dilemma in 2018.Therefore,Haixinnengke actively introduced Haidian State-owned Assets Reverse Mixed Reform.This paper first expounds the source,meaning,investment mode and financial risk of the bailout fund.Secondly,from the three perspectives of Haixinnengke,Haidian state-owned assets and environmental protection industry,this paper analyzes the motivation of the introduction of state-owned assets bailout by environmental protection private enterprises,and combs the main bailout ways of Haidian state-owned assets to assist Haixinnengke.Then,the performance of Haixinnengke ’s introduction of stateowned assets bailout is evaluated around market effect,financing effect,operation effect and governance effect.Finally,the reasons for the insignificant long-term performance of Haixinnengke after obtaining state-owned capital relief are analyzed.Based on the typical case of Haixinnengke ’s introduction of state-owned capital bailout,this paper draws the following conclusions: from the perspective of bailout motivation,Haidian state-owned assets inject the funds needed for transformation into Haixinnengke through the transfer of receivables,transfer of equity and provision of debt financing,aiming at maintaining and increasing the value of state-owned assets.The purpose of introducing Haixinnengke into Haidian state-owned capital bailout is to reverse its declining performance.From the perspective of the effect of the bailout,Haixinnengke ’s cash flow pressure and equity pledge risk have been alleviated in the short term after the state-owned assets bailout,but its corporate value,financing constraints,operating effects,and governance level improvement effects are not particularly significant affected by factors such as declining credit ratings,frequent resignations of important executives,unstable dividend policies,complicated related party transactions,and weak supervision of state-owned assets,Haixinnengke ’s business performance did not achieve the expected results after working with Haidian State-owned Assets.According to the research conclusions,relevant suggestions are put forward from the perspective of bailout financiers and environmental protection private enterprises,in order to provide reference for other environmental protection private enterprises trapped in liquidity crisis and equity pledge risk.