| Since the 19 th National Congress,in order to promote the realization of a new round of state-owned enterprise reform,the General Secretary of the State and relevant leaders have repeatedly put forward the requirements of "accelerating the realization of the goal of promoting mixed ownership reform" and other requirements.The report of the 20 th National Congress of the Party has made further specific elaboration on the development of the private economy,which not only promotes the "development and growth" of private enterprises.Due to macro and force majeure factors in recent years,coupled with global trade tensions,metal materials and energy product prices,private enterprises are in deep trouble.Based on the interactive relationship between China’s capital market and private enterprises,as well as the practical process of state-owned enterprises’ investment in private enterprises,this paper makes an in-depth analysis of relevant theoretical studies and practical cases,and then systematically sorts out state-owned capital and private enterprises’ governance structure and resource support,analyzes the performance of integration,and summarizes the experience and enlightenment.This paper mainly focuses on the research theme of "Motivation and performance of mixed-ownership reform in H private enterprises".Firstly,the concept of "reverse mixed-ownership reform" is introduced from the mode of mixed-ownership reform.Secondly,it reviews the institutional background and research status of "reverse mixed reform",introduces the basic situation of the case enterprises and the process of mixed reform.Thirdly,from the perspective of H private enterprise,this paper analyzes the motivation of choosing S state-owned investment group,analyzes the motivation of investing in H private enterprise from the perspective of S state-owned investment group,and analyzes the changing trend of market performance,financial performance and non-financial performance of private enterprise under the mixed ownership reform from the micro perspective.It is concluded that H private enterprise makes full use of its brand appeal after introducing S state-owned investment group,achieving the effect of 1+1 > 2team management.However,after the mixed reform of H private enterprise,the fund utilization efficiency is not high,the investment return is insufficient and the risk bearing capacity is low,and S state-owned investment group does not carry out compliance control on the investment enterprise.Finally,according to the integration effect of "reverse mixed reform" in H private enterprises,relevant experience and enlightenment are summarized,so as to strengthen the subsequent scientific integration of mixed reform.It is necessary to pay attention to both financial indicators and economic added value,hoping to provide reference for the reform of related private enterprises and inspire the investment of state-owned enterprises around the country. |
