| In 2020,the National Development and Reform Commission issued the Implementation Opinions on Supporting Private Enterprises to Accelerate Reform,Development,Transformation and Upgrading.It pointed out that private enterprises should promote equity diversification and encourage them to implement mixed ownership reform,namely reverse mixed reform.With the slowdown of the overall growth of the macro economy and the change of credit policy contraction adjustment,private listed companies are often faced with financing difficulties.Under such circumstances,many private enterprises begin to look for state-owned capital as a strategic investor to help them improve their financing ability,expand new markets and obtain more resources and technologies.And this kind of reverse mixed reform behavior has aroused extensive attention in the academic and practical circles.In view of this,this thesis takes WT Company as the entry point to study the motivation,mechanism and effect of reverse mixed reform of private listed companies,in order to provide reference for other companies that want to carry out "reverse mixed reform".Using the political relevance theory,principal-agent theory and synergistic effect theory,this thesis takes the private listed company WT Company to introduce the state-owned capital Yunnan Chengtou Group as an example to conduct a systematic and in-depth study on the motivation and effect of WT Company’s reverse mixed reform.First of all,the process of WT company’s reverse mixed reform is introduced.Secondly,it analyzes the motivation of introducing state capital and the mechanism of reverse mixed reform on financial effect.It is found that the motivation for WT company to introduce state capital is as follows: first,the promotion of macro policies;second,the realization of strategic transformation;third,the alleviation of financing difficulties;fourth,the improvement of corporate governance.In terms of the mechanism of the financial effect of reverse mixed reform,WT company obtained more government subsidies by establishing political association;By changing the structure and nature of ownership,strengthening the balance of ownership and reducing agency costs;Strategic synergy through business expansion,management strengthening and brand image building all contribute to improving corporate performance.Thirdly,the effects of WT company’s reverse mix reform are explored from three aspects: short-term market reaction,financial effect and non-financial effect.It is found that the introduction of state capital in WT company has a positive impact,and the short-term market reaction is good for the first time.WT company’s financing constraints have been alleviated and its financing ability has been improved;Product upgrading and industrial chain extension enhanced profitability,operating cash flow improved;On the basis of integrating existing resources,the company has optimized the product structure,improved the innovation ability,and brought strategic value added.However,the study also found that after the introduction of state-owned capital,there are some unsatisfactory performance in financial risk control,fund raising quota setting and sustainable development ability of the company.Finally,based on the conclusions of this thesis,the author draws lessons from the success of the reverse mixed reform and puts forward relevant suggestions for the existing problems.The results of this study will help provide some feasible reform suggestions for WT company after the reverse mixed reform,and provide experience reference for other private listed companies that want to carry out reverse mixed reform. |
