| Equity pledge financing not only broadens the financing channels of private enterprises,but also enables the original holder to retain the actual control right.At the same time,the business process of equity pledge is more convenient and the financing speed is faster,so it has been "liked" by many large shareholders of listed private companies.Later,relevant data showed that China’s A-share market showed a sharp downward trend under the influence of economic downward pressure and poor performance of listed companies and other factors,and frequently broke out the news that major shareholders of private enterprises were deeply in debt crisis,which led to their continuous pledge of equity,and finally in a state of high proportion of equity pledge,which is likely to cause the company to fall into a liquidity crisis and face the risk of delisting.The state attaches great importance to such problems,and the state-owned capital in all regions has extended a helping hand to the private enterprises in accordance with the policy requirements to solve the problems of financing and operation difficulties,and has had a certain impact on the performance of private enterprises.Therefore,when the major shareholders of private enterprises are faced with the dilemma of large proportion of equity pledge,the introduction of state-owned capital to bail out can really solve certain problems.This paper mainly explores the impact of state-owned capital bailing out private enterprises’ performance in this context,and analyzes it according to the specific situation of the change in business performance.This paper sorts out the relevant background and theoretical basis of the state-owned assets bailing out private enterprises by sorting out the relevant domestic and foreign documents,and selects the case of the introduction of Shenzhen state-owned assets bailed out by Kelu Electronics.In this case,Shenzhen State-owned Assets acquired shares in Kelu Electronics by agreement and became the actual controller of Kelu Electronics in the end.Through sorting out the background of the case,this paper believes that Kelu Electronics can successfully introduce the Shenzhen State-owned Assets Relief,on the one hand,because Kelu Electronics is in good condition and has the prospect of high-tech industry development,on the other hand,the relief can help the Shenzhen State-owned Assets layout the development of new energy industry,in line with the national policy standards.The reason why Kelu Electronics chose to introduce state-owned assets is that the project needs a large amount of capital flow,and the major shareholder Rao Luhua has a high proportion of equity pledge,which has the risk of stock explosion.Therefore,the rescue of Kelu Electronics by Shenzhen state-owned assets is actually the result of mutual choice.With regard to the impact of the introduction of state-owned assets into the rescue of Kelu Electronics,this paper,from the perspective of Kelu Electronics,analyzes the performance of Kelu Electronics by using the event study method,traditional financial index analysis and EVA model.The results show that the state-owned assets rescue is conducive to improving the business performance of enterprises in the short term,and the short-term liquidity risk is solved,and can improve the financing environment of private enterprises and broaden financing channels,The organic integration of state-owned assets and private enterprises has reached a new strategic development.However,in the long run,the state-owned capital rescue is not a one-time solution.At present,the state-owned capital rescue mechanism in China has not reached the mature stage.The state-owned capital should be alert to the excessive dependence of private enterprises on state-owned capital.At the same time,private enterprises still need to save themselves,and improve their core competitiveness and anti-risk ability have been greatly developed.Under the current economic situation,this paper can play a reference role and provide relevant suggestions for other private enterprises with similar difficulties to Kelu Electronics to choose to introduce state-owned assets for rescue. |
