Research On The Causes And Effects Of BSY Company’s Mixed Ownership Reform

For state-owned enterprises,the necessity and importance of mixed ownership reform is self-evident,but few people study its significance and value from the perspective of the private enterprise on the other side of the mixed ownership reform.In recent years,the reform of state-owned enterprises has been gradually advanced,but the development of private enterprises has encountered many bottlenecks,so the mixed ownership reform of private enterprises by introducing state-owned capital has emerged.This paper selects the environmental protection industry company BSY to conduct a case study,trying to explore the reasons for its active mixed reform with private enterprises as the research object.And it analyzes the impact of state-owned shareholders’ entry into private enterprises on the short-term market share price,company’s financial performance and other non-financial aspects under the background of this "reverse mixed reform".In the case,the BSY private enterprise carried out mixed ownership reform in the form of shareholders first transferring equity and then transferring voting rights.After a series of mixed reform measures such as the re-election of board members and the revision of the company’s articles of association,the state-owned capital ZG company was finally formed as the actual controller Shareholding structure.From the perspective of the reasons for the reform,BSY’s mixed ownership reform is due to economic policy uncertainty that has brought greater pressure to the company.The company hopes to continue to maintain its own advantages in the fierce industry competition,at the same time ease the financing constraints faced by internal and external to a certain extent.In terms of the effect of the mixed ownership reform,the cumulative excess return rate of BSY companies after the introduction of state-owned capital has increased significantly.Therefore,from the reaction of the capital market,the mixed ownership reform has indeed received positive market recognition in the short term.Then comparing and analyzing the short-term financial performance of the company before and after the mixed reform,it can be found that the solvency,profitability,operating ability and innovation ability of BSY company have been improved compared with the previous ones.Finally,with the help of ZG,BSY increased the company’s overall market share,cleaned up the company’s bad business projects,and accelerated the speed of order revenue recognition.The company’s competitive advantage in the industry was maintained and strengthened.After ZG became the actual controller of BSY,BSY also issued green bonds to broaden financing channels and obtained preferential bank loan interest rates,which effectively eased the financing constraints faced before the mixed reform.Through the research and analysis of the case,this paper finally concludes that the mixed ownership reform of BSY company is driven by changes in the macro environment,industry competition pressure and corporate financing constraints.State-owned equity investment is conducive to the improvement of the overall financial performance and management level of the company.Therefore,private enterprises can cooperate with state-owned capital through mixed reform to solve the dilemma of enterprise development.At the same time,this article suggests that private enterprises in similar industries should form a balance of equity structure during mixed ownership reforms,focus on innovation and research,give play to their core competitive advantages,take the initiative to assume social responsibilities,and strive to maximize the overall effect of reform cooperation.