Research On The Impact Path And Effect Of The Introduction Of State-owned Capital On The Performance Of Guozhen Environmental Protection Enterprises

The Third Plenary Session of the 18 th CPC Central Committee proposed the "active development of mixed ownership economy",which promoted the effective integration of public and non-public capital from the policy level and opened a new round of exploration of mixed ownership reform in China.With the deepening of the reform,the mixed reform has gradually changed from a one-way mode of introducing state-owned enterprises into private enterprises to a two-way mode of mutual integration of private enterprises and state-owned enterprises.In practice,the number of cases related to the introduction of state-owned capital by private enterprises for reverse mixed reform has gradually increased.However,a review of the literature reveals that the research on mixed reform is mainly based on the perspective of stateowned enterprises,and there are not many research results on the introduction of state-owned capital into private enterprises for mixed reform,and the research is mainly at the empirical and theoretical levels,with relatively few case studies analysing the impact of the introduction of state-owned capital on the performance of private enterprises and its mechanism of action.Based on this,this paper attempts to study the issue of mixed reform from the perspective of private enterprises,taking the private enterprise Guozhen in the environmental protection industry as a case study object,and using literature research and case study methods to analyse the impact of introducing state-owned capital on its performance.First,based on a review of relevant research and theory,this paper briefly introduces Guozhen and its state-owned investors,and explores the process and motivations for the introduction of state-owned capital.It is found that the introduction of state-owned capital affected the corporate performance of Guozhen through three paths: firstly,strengthening the incentives of the management,optimising the shareholding structure and improving the board of directors mechanism improved corporate governance;secondly,establishing political connections helped Guozhen to improve its credit rating and credit limit,and to obtain more government subsidies,making Guozhen’s financing constraints lower;thirdly,through the cooperation with state-owned capital,it increased project resources and improved resource utilisation.Thirdly,the cooperation with state-owned capital has increased project resources,improved resource utilisation and optimised supply chain management,effectively improving operational efficiency.Next,the analysis compares the market performance,innovation performance,financial performance and corporate value achieved by Guozhen to illustrate the positive impact of the introduction of state-owned capital on the corporate performance of Guozhen.Finally,based on the previous analysis,this paper suggests that private enterprises should consider the degree of synergy between the two parties when choosing an investor,and subsequently focus on forming a reasonable equity check and balance mechanism to facilitate the integration of resources between the two parties.