A Case Study On The Motivation And Performance Of State-Owned Enterprises Merging Private Enterprises Under The Background Of Mixed Ownership Reform

Since the eighteenth National Congress of the CPC put forward to make a positive development for the mixed-ownership economy of “cross-shareholding and mutual integration”,the central government has published a great deal of documents giving impetus to carry forward the enterprise,clarifying the direction of state-owned enterprise reforms.The proposal of this policy will accelerate a good development of modern enterprises,and advance its internal efficiency.Under the guidance of the mixed ownership policy,the central and local state-owned enterprises have successively reformed,focusing on the “introduction of strategic investment,employee stock ownership,mergers and acquisitions and reorganizations,etc.”.From the perspective of operating performance and exhibition business layout,mixed ownership has made outstanding contributions.At present,the research on mixed ownership reform mostly focuses on the participation of private capital in state-owned enterprises.For areas involving important resources,state-owned enterprises’ equity participation in private enterprises is also of great significance.As state-owned enterprises deepen their reforms,mergers and acquisitions have become the optimization of the layout and industrial structure of state-owned enterprises,also is a way for asset utilization,and an effective means of strategic investment.Based on the background of "mixed ownership reform",this article combines relevant literature and theoretical knowledge of reforms and mergers and acquisitions to carry out research,combs and analyzes the history of our country’s state-owned enterprises since the reform and opening up,and explores the relationship between mergers and acquisitions and reforms to establish a society.The paper analyzes the motivation and performance of state-owned enterprises’ mergers and acquisitions of private enterprises in the mixed ownership reform,and provides reference for the reform of state-owned enterprises involving important economic industries.The study also improves the case studies in the field of mixed-ownership economy.In the specific study,the case study method was adopted to select a large stateowned enterprise S company under the Shanghai SASAC,which is the only nuclear power equipment company with a complete industrial chain in China.From the perspective of the main merger party,it analyzes the motivation of S company’s acquisition of private enterprise T technology company under the background of mixed ownership reform.Using the event analysis method to find that the short-term excess income of S company M&A of T technology has increased,and achieving positive M&A performance.Comparing the financial results and operating conditions before and after the merger by the traditional financial index method.Moreover,the efficiency coefficient method is used to study the comprehensive financial performance of the S company before and after the acquisition of T Technology.It is found that the financial performance of the S company is on an upward trend after the merger.Through the analysis of the integration effect after the completion of M&A,it is found that S company has effectively improved its market share and development strategy through the M&A of T technology,but there is a lack of human resource integration for S company.At last,it is proved that this M&A is based on the company’s own strategic goals and industrial development needs,and it is also policy guidance and support in the acquisition of T technology company through S company.Since most domestic manufacturing enterprises have problems such as resource allocation and overcapacity,this kind of M&A will continue to increase in the future under the background of reducing leverage.The purpose of this article is to summarize the experience and enlightenment of state enterprises to merge and acquire private enterprises in the national economy and manufacturing industry,and to put forward relevant suggestions,to give reference for the subsequent reform of state-owned enterprises involving important national resources and important industries of the national economy.