Research On The Motivation And Effect Of "Reverse Mixed Reform" Of The SPC Environment Co.,Ltd.

After years of mixed reform,more and more state-owned enterprises have joined the ranks of mixed reform.The academic community and the practical field have given much attention and research to the reform of state-owned enterprises through mixed reform.With the continuous deepening of the reform of mixed ownership,the trend of two-way penetration is becoming increasingly evident.In this context,it is not uncommon for state-owned and private enterprises to participate in reforms through cross shareholding and mutual participation.State owned enterprises introduce private capital to optimize efficiency and improve market competitiveness,and private enterprises have also begun to attempt to introduce state-owned capital to obtain more stable development prospects and financial support.In 2018,the high financing costs and difficulties caused by the financial deleveraging policy put enormous survival pressure on private environmental protection enterprises,and the environmental protection industry encountered a "cold winter" of development.Faced with such difficulties,the transfer of equity or the introduction of strategic investors to introduce state-owned capital has become a good medicine for many environmentally friendly private enterprises to improve their survival and development issues.Consequently,the introduction of state-owned capital by private enterprises is not only another direction of mixed reform,but also an important way to solve the development difficulties of private enterprises and promote the development of private economy.Therefore,studying the mixed reform of private enterprises is of great significance for improving the effectiveness of mixed reform in private enterprises.This article adopts a case study method,focusing on the introduction of Sichuan Ecological Environmental Protection,a state-owned enterprise,into private enterprise SPC Environment Protection Tech Co.,Ltd.for“reverse mixed reform”,to study the reasons and effect of introducing state-owned capital into listed environmental protection private enterprises.Analysis process is as follows: Firstly,the motivation analysis is conducted.The internal motivation mainly includes improving the industrial layout,alleviating financing constraints and resolving pledge risks,while the external motivation mainly includes difficulties in private enterprise operation caused by the macroeconomic environment,fierce competition in the environmental protection industry caused by the entry of state-owned enterprises,and national policies encouraging mixed reform.Secondly,it analyzes the “reverse mixed reform” process of introducing Sichuan Ecological Environmental Protection into SPC Environment Protection Tech Co.,Ltd..Finally,combining the reform motivation and specific mixed reform methods,the paper analyzes the effects of “reverse mixed reform” for SPC Environment Protection Tech Co.,Ltd..Based on the above analysis,the research conclusions of this article are as follows:(1)The short-term market response to the“reverse mixed reform” of SPC Environment Protection Tech Co.,Ltd.in the stage of equity transfer was not outstanding,but the subsequent event of state-owned shareholders subscribing further to the shares of SPC Environment Protection Tech Co.,Ltd.has been recognized by the market;(2)“Reverse mixed reform” has had a positive effect on the financial performance and financing capacity of SPC Environment Protection Tech Co.,Ltd.,but its long-term solvency has not been improved;(3)“Reverse mixed reform” has optimized the equity structure of SPC Environment Protection Tech Co.,Ltd.,improved its innovation ability,and played a catalytic role in business development.This article takes the mixed reform of SPC Environment Protection Tech Co.,Ltd.as an example to study the motivation and effect of introducing state-owned capital into private enterprises,with a view to enriching case studies in the field of “reverse” mixed ownership reform,and also providing development ideas and reform experience for other similar enterprises seeking development,thereby continuously promoting the prosperity and development of private enterprises and the continuous improvement of China’s economy.