Research On The Impact Mechanism Of Reverse Mixed Ownership Reform On Corporate ESG Performanc

Since the Third Plenary Session of the 18 th CPC Central Committee proposed to vigorously develop the mixed-ownership economy,the scale of domestic enterprises’ mixed-ownership economy has been growing,and more and more enterprises have participated in the mixed-ownership reform.As an important decision-making factor in the current investment market,ESG performance can be an important driving force to boost national economic development and accelerate the construction of a new development pattern with domestic big cycle as the main body and domestic and international double cycle mutually promoting each other.However,at present,the research focus of mixed ownership reform is on the introduction of private capital by state-owned enterprises,and there are few studies on the reverse form of mixed ownership reform,which is the introduction of state-owned shareholders by private enterprises.At present,relevant researches on the performance of ESG in China are still in the initial stage,with most of them focusing on the quality of information disclosure and economic consequences,and few paying attention to its influence mechanism.From the perspective of reverse mixed reform of private enterprises,this paper innovatively studies the mechanism of its influence on ESG performance.Through literature reading and case analysis,this paper firstly analyzes the mechanism of reverse mixed reform affecting ESG performance based on enterprise ownership theory,agency theory,resource dependence theory and signal transmission theory,and then introduces the case of reverse mixed reform of Bishuiyuan to analyze its mixed ownership reform process in detail.The influence of four paths,namely,ownership structure,corporate governance,resource acquisition ability and corporate reputation,on ESG performance is analyzed.Then,some indicators in the ESG evaluation system are used as evidence to illustrate the changes in ESG performance of enterprises after reverse mixing reform.Finally,the conclusion of this paper is drawn: After private enterprises introduce state-owned shareholders for reverse mixed reform,it obviously has a positive effect on their ESG performance,especially when they introduce state-owned shareholders for the first time.The main mechanism is that the reverse mixed reform of private enterprises will improve the performance of private enterprises in the four aspects of ownership structure,corporate governance,resource acquisition ability and corporate reputation,so as to further improve their ESG performance.ESG performance is an important indicator to measure the ability of sustainable development.If the ESG performance of private enterprises can be improved after the reverse mixed reform,then the enterprises will have a more stable and long-term development in the future,which also means that the reverse mixed reform of private enterprises is of great significance to promote domestic economic development and adhere to the sustainable development strategy.The research of this paper provides support for this kind of thinking.