Research On The Effect And Impact Path Of Reverse Mixed Reform Of Environmental Protection Private Enterprises

As one of China’s important strategic industries,the environmental protection industry faces both opportunities and challenges in the new era.Since the 19 th National Congress of the Communist Party of China started the battle for ecological and environmental protection,China has paid more and more attention to environmental protection,and environmental protection private enterprises have high-quality technological innovation capabilities and comprehensive solution services,occupying a pivotal position in my country’s environmental protection field.However,due to the regulation of the national macro-policy,the PPP projects on which environmental protection enterprises depend for their survival are subject to strict supervision,and the in-depth promotion of financial "deleveraging" makes it extremely difficult for environmental protection private enterprises with huge capital needs to raise funds,and debt crises are frequent.At this time,state-owned capital has entered private enterprises and participated in the production and operation of environmental protection private enterprises,and it has become a realistic need to solve the difficulties in the development of private enterprises.Based on this,it is of practical significance for the development of the environmental protection industry to study the impact and effect of the "reverse mixedownership reform" of state-owned shareholders entering environmental protection private enterprises.This thesis selects the reverse mixed-ownership reform incident of the private environmental protection enterprise Beijing SPC Co.,Ltd.The mechanism of mixed reform,the effect of mixed reform and the influence mechanism of mixed reform are studied,in order to provide theoretical and practical reference for the reverse mixed reform of Chinese enterprises.This article combines the case study method and the short-term event study method to conduct an in-depth analysis of the reverse mixed reform case.In the case part of this article,first of all,it introduces the business conditions of both parties,and sorts out the timeline of the reverse mixed-ownership reform.At the same time,combined with the development status and development direction of the case company before the mixedownership reform,the motivation of both citizens to participate in the mixed-ownership reform was analyzed.Secondly,by analyzing the financial performance indicators after the reverse mixed-ownership reform,this thesis judges whether the state-owned shareholders have affected the performance of the enterprise,and finds out the changes in the performance indicators.Thirdly,according to the changes in performance,this thesis starts from the two dimensions of internal governance mechanism and external resource channels,and specifically clarifies the mechanism by which state-owned shareholder holding affects the performance of private enterprises.Finally,based on the previous research,it draws the research conclusion of the case of the introduction of state-owned shareholders into the fresh environment and extracts the corresponding enlightenment.The research conclusions of this thesis are:(1)The reverse mixed-ownership reform of environmental protection private enterprises mainly seeks state-owned shareholders to relieve financing difficulties and break through the development bottleneck;(2)The reverse mixedownership reform brings about financial performance,financing ability,and business strength in three aspects;(3)The performance path of state-owned shareholders is divided into "internal and external-two dimensions",the company’s internal improvement of the governance mechanism reduces agency costs,and the external market exerts resource effects to enhance Comprehensive competitiveness,the two dimensions work together to bring about an overall improvement in corporate performance.The significance of this research is:(1)to broaden the existing theoretical research on mixed ownership;(2)to provide practical reference for my country’s reverse mixed ownership reform;(3)to provide guidance for the development of my country’s environmental protection private enterprises at this stage.