Analysis Of The Effect Of The Mixed Reform Of Private Enterprises Into State-owned Strategic Investors

Mixed ownership reform is an important way to optimize the coordination of resources,take full advantage of the advantages of various ownership systems,and make corporate governance and operations more effective.Private companies are introducing state-owned capital into reverse mixed reform in a new way and direction as their contribution to the national economy increases.Reverse mixed reform of private enterprises can not only improve the corporate governance structure with the help of cross-shareholding,effectively avoid the occurrence of controlling shareholders infringing on minority shareholders,but also improve the core competitiveness of the company with the help of resource integration and synergy effect,which plays a positive role in the long-term development of the company.Consequently,from a reverse mixed reform perspective,this paper primarily examines the impact of introducing state-owned strategic investors into the mixed reform of private corporations.On the premise of introducing concepts related to private capital,state-owned capital,mixed reform,reverse mixed reform and strategic investor,principal-agent theory,stakeholder theory,property right theory,synergistic effect theory and strategic alliance theory,through field research and Dongjiang Environmental Protection Company’s annual report,the motivation,implementation process and internal mechanism of Dongjiang Environmental Protection Company’s introduction of stateowned strategic investor Rising Company are analyzed.The effect of Dongjiang Environmental Protection Company’s introduction of Rising Company from both a financial and non-financial perspective is analyzed and summarized.At the same time,it further summarizes the mature experience of introducing state-owned strategic investors into the mixed reform of Dongjiang Environmental Protection Company and puts forward suggestions to enhance the effectiveness of the reverse mixed reform.According to the research,Dongjiang Environmental Protection Company was motivated to introduce Rising Company on three levels: first,it is affected by the phenomenon of "financial deleveraging" in the macro environment and national policies;second,it is impacted by the objectives of the environmental protection sector,including public welfare,engineering,and remediation;third,it is influenced by the requirements of enterprise development financing and business expansion.The scheme of introducing state-owned strategic investors into the mixed reform of Dongjiang Environmental Protection Company is to transfer shares and introduce strategic investors,give full play to the synergistic advantages of strategic alliance,and effectively solve the problems of financing constraints,corporate governance and strategic coordination of Dongjiang Environmental Protection Company.By analyzing the effect of introducing state-owned strategic investors into Dongjiang Environmental Protection mixed reform from the perspective of financial performance,it is discovered that the introduction of state-owned strategic investors has significantly improved Dongjiang Environmental Protection Company’s profitability,solvency,operating capacity and growth capacity.From the point of view of non-financial performance,changes in the excess rate of return and Tobin’s Q value indicate that the introduction of state-owned strategic investors has had a positive impact on the market development of Dongjiang Environmental Protection Company.As a result,Dongjiang’s mixed environmental protection reform has a mature history of bringing in strategic stateowned investors.In other words,it is necessary to choose strategic state-owned investors reasonably,make full use of the synergistic advantages of both sides’ resources,and pay attention to innovation input and business transformation and development.It is also proposed to further improve the effectiveness of Dongjiang’s mixed environmental protection reform by scientifically controlling the ratio of liabilities,giving full play to the functions of the board of directors and attaching importance to government guidance..