Research On The Motivation And Effect Of Private Enterprises Introducing State-owned Capital ——Taking The SPC Environment As An Example

With the convening of the 18th National Congress of the Communist Party of China,mixed ownership reform（hereinafter referred to as mixed reform）has entered a new stage.The 19 th National Congress of the Communist Party of China further clarified the goal of developing a mixed-ownership economy,demonstrating the country’s unswerving determination to promote mixed-ownership reform.Driven by a series of advanced policies,state-owned enterprises have achieved more efficient development by introducing non-stateowned capital.In recent years,the development environment of private enterprises has been limited by the lack of financing channels and lack of resources.In order to get rid of the current unfavorable situation,some private enterprises have begun to choose a new mixedownership reform model that introduces state-owned capital to participate in the mixedownership reform.The model of "state-owned background and private enterprise operation" eases financing constraints,thereby promoting the rapid and efficient development of private enterprisesThe main body of the case in this article is the Beijing SPC Environment of private enterprises and state-owned shareholder of the Sichuan Development Environment.The Beijing SPC Environment is a national high-tech enterprise specializing in industrial environmental protection,energy saving and comprehensive utilization of resources.On April 23,2019,the original shareholder of the Beijing SPC Environment transferred 25.31%of the company’s shares to the Sichuan Development Environment,marking the beginning of the mixed reform of the Beijing SPC Environment.This article attempts to solve two research questions through the case of the introduction of the Beijing SPC Environment of the private enterprise into the state-owned enterprise the Sichuan Development Environment:what is the motivation for the introduction of the Beijing SPC Environment into the stateowned enterprise? What kind of effect did the Beijing SPC Environment have after the introduction of state-owned enterprise? In order to solve these two problems,this article reviews the relevant literature on the motives and effects of the introduction of state-owned capital by private enterprises,and summarizes the influence paths of principal-agent theory,signal transmission theory and resource dependence theory on the motives and effects of the introduction of the Beijing SPC Environment into the Sichuan Development Environment.This paper finds that the external motivation for the introduction of the Sichuan Development Environment by the Beijing SPC Environment is the increasingly violent competition in the trade,which is also affected by the strong supervision of the financial market and the tightening of the PPP policy.The Beijing SPC Environment introduces stateowned capital based on internal motivations such as limited financing channels,high corporate policy risks and stock price crash risks,and the development needs of scientific and technological research.In addition,this paper analyzes the effect of introducing the Beijing SPC Environment into the Sichuan Development Environment from three perspectives: corporate governance,market response,enterprise investment and financing capability and performance.（1）After the introduction of state-owned capital,the Beijing SPC Environment will improve its governance structure.（2）This article uses the WW index method and the WACC method to analyze the financing capacity of the Beijing SPC Environment,analyzes the investment ability of clean environment through R＆D input and output indicators,at the same time,the innovation ability of the fresh environment has been enhanced,and the core competitiveness of the enterprise has been improved.（3）After the introduction of the Sichuan Development Environment,the operating ability and solvency of the Beijing SPC Environment have been strengthened,and the profitability of the company has slowly shown a positive trend.（4）Through the event study method,it was found that the market reaction of the Beijing SPC Environment was favorable after the mixed reform,and investors were optimistic about the future development of the Beijing SPC Environment.Combined with the analysis and research of the introduction of the Sichuan Development Environment into the Beijing SPC Environment,corresponding suggestions are put forward from three levels of private enterprises,state-owned enterprises and regulatory departments: private enterprises should make reasonable use of state-owned capital to avoid excessive investment;state-owned enterprises should reasonably hold equity in private enterprises to avoid short-sighted behavior;regulatory authorities should strengthen dual management and control to maintain the stable development of private enterprises.