A Study On The Impact Of State-owned Equity Participation On The Performance Of Chinese Private Enterprises In The Context Of Mixed-Ownership Reform

After the 18 th Party Congress,China’s state-owned enterprise reform has entered a new stage.Combined with China’s current development situation,the continued promotion of mixed ownership has improved the long-standing problems of stateowned enterprises,further optimised the structure of property rights,helped stateowned enterprises to create core competitive advantages,brought the advantages of different nature of capital into full play,and achieved further development of enterprises.The State Council’s "Opinions on the Development of Mixed Ownership Economy in State-owned Enterprises" was officially released in 2015,stating that it "supports stateowned capital to invest in non-state-owned enterprises and actively develop mixed ownership economy".The trend of two-way hybrid reform is becoming more and more obvious,and the capital market and academic circles have shown great interest in comparison.However,as the two-way hybrid reform is relatively short and there are few successful cases,the academic circles have not studied the two-way hybrid reform in depth.The impact on how to promote the healthy integration of Chinese private enterprises and state-owned capital is of great significance.This paper selects the case study of Meiya Pico,a private enterprise in an emerging industry,which introduced state-owned capital-CITIC Intelligent-in 2019,to explore the impact of state-owned equity participation on its performance.This paper summarises and concludes the existing relevant studies through literature research method to explore in depth the case of the state-owned capital’s equity participation in Meiya Pico,outlines the process of the hybridisation between the two parties based on Meiya Pico’s development profile and strategic motivation,and analyses the paths through which the equity participation of CITIC Intelligent affects Meiya Pico’s performance,then divides into four levels: market performance,operational performance,governance performance,and financial performance to study CITIC Intelligent’s equity participation The impact of Guotai Junction’s shareholding on Meiya Pico’s performance is then examined at four levels: market performance,operational performance,governance performance and financial performance.Through an in-depth study of CITIC Intelligent’s stake in Meiya Pico,the following conclusions were drawn: after CITIC Intelligent’s stake,Meiya Pico established political connections,which conveyed to the capital market the positive signal that the enterprise was favoured by CITIC Intelligent for its future development,thereby enhancing the enterprise’s market performance.The integration of market resources expanded Meiya Pico’s business scope and customer resources,which in turn helped Meiya Pico’s business development and improved Meiya Pico’s core competitiveness;the integration of financial resources provided Meiya Pico with government subsidised development funds and reduced Meiya Pico’s financing constraints;the integration of organisational resources optimised Meiya Pico’s governance mechanism and effectively improved Meiya Pico’s performance.The integration of organizational resources optimizes Meiya Pico’s governance mechanism and effectively improves its management efficiency.The integration of organisational resources has optimised Meiya Pico’s governance mechanism and effectively improved its management efficiency.The combined effect has been to improve Meiya Pico’s corporate performance.In response to this conclusion,Chinese private enterprises should select strategic investors with high business similarity to themselves before carrying out reverse hybrid reform,and pay attention to the integration of resources between the two sides during the hybrid reform process,so as to give full play to the resource advantages of strategic investors,thereby promoting the achievement of corporate strategies and realising the benign integration of Chinese private enterprises and state-owned capital.