Research On The Motivation And Economic Consequences Of Environmental Protection Private Enterprises Introducing State-owned Assets

In recent years,party conferences have repeatedly mentioned the reform of the mixed-ownership economy,and the promotion of capital cooperation of different natures is regarded as one of the important ways to optimize the allocation of resources.State-owned enterprises generally have abundant resources,including equipment,technology,channels,brands,etc.,and their disadvantages lie in the rigid management system,the absence of owners,and the low efficiency.At the same time,private enterprises have clear property rights,pursue the development intention of profit maximization for all,are less restricted by administrative management,have more flexible mechanism,have a more responsive market,and have sufficient incentive mechanism for employees,etc.Therefore,the performance of general enterprises is better.However,they have not been given a fair position in the allocation of market resources,and most of them have developed in recent decades.They have not formed their own complete and solid industrial foundation like the state-owned economy,and management standardization,family succession and other issues have restricted the expansion and development of enterprises.Therefore,the most important purpose of the two types of capital cooperation is to achieve complementarity and mutual benefit.The governance structure of the accompanying mixed ownership enterprises has also become the focus of attention.The introduction of shareholders of different nature into the company with a single shareholding structure,and the combination of the two kinds of capital,on the one hand,can enhance mutual supervision,effectively prevent the behavior of major shareholders in "tunneling",and is conducive to the performance of the enterprise;On the other hand,due to the heterogeneity of shareholders,it is difficult to avoid the problem of decision-making conflicts and inconsistent interest goals,which requires some coordination costs.Therefore,in the process of mixed ownership,the balance effect of different shareholders and the impact on enterprise performance are also worthy of our study.From the perspective of previous studies,the reform of state-owned enterprises is of great significance,and the introduction of private capital stimulates the innovation vitality.However,from the perspective of private enterprises,few studies have been conducted.With the increasingly prominent role of private enterprises in the national economy,governance norms,credit discrimination,industry barriers and other increasingly become the "obstacles" in the development of private economy.As another direction of mixed ownership reform,the introduction of state-owned capital by private enterprises is one of the modes that many private enterprises in distress try to transform.The motivation behind it and the related contents of governance structure are also the part that attracts more attention in current practice.At the same time,compared with the political association formed by the participation and discussion of politics by the traditional corporate executives,the political association at the level of equity is also the content less involved in the current research.Therefore,on the basis of reviewing and summarizing the domestic and foreign languages,this paper selects the introduction of state-owned capital by private enterprises,which brings about the change of governance structure and the formation of new political connections,and then affects the performance of enterprises.The case is Dongjiang environmental protection,a private enterprise in the environmental protection industry.Its actual controller transferred the equity to Guangsheng company(the actual controller is the state-owned assets supervision and administration commission of Guangdong province)in 2016,and after several transfers and the reelection of board members,the controlling equity of the company was transferred from individuals to state-owned shareholders.The main motivation for Dongjiang environmental protection to participate in the mixed reform is that equity pledge and financial risk are relatively large,the actual controlling person is subject to the bail pending trial,the single shareholding structure,the environmental protection industry is intensified by capital pursuit competition,and the synergistic effect can be brought by a number of companies under Guangsheng.After the completion of "reverse" mix to form,Dongjiang has built a diversified ownership structure.Guangsheng company recommended a background in legal,financial,dong high members into the corporate governance structure,at the same time because of the political association of state-owned shareholders,along the development process,in such aspects as government approvals,argues relations can get more convenient.In terms of the internal governance of the company,the new management introduced the equity incentive plan to fully stimulate the vitality of the core backbone of the company,and took new measures in terms of talent training and standardized operation.On the whole,Dongjiang has improved its governance structure and strengthened its ties with the government through mixed reform.Through the event study method and financial analysis method,this paper finds that after introducing state-owned capital,the company can obtain a higher excess rate of return in a short period of time,indicating that this decision is accepted by investors.At the same time,Dongjiang’s core financial indicators,which reflect profitability,operational capacity and solvency,show overall improvements over previous or industry performance.Finally,this paper found the participation mix overall benefits to the raise of operating performance,after the state assets in breaking the original individual shareholders of "a dominant" single ownership structure,two kinds of the nature of the shareholders mutual checks and balances,mutual supervision,and form a new type of political association,for environmental protection that has a large investment,long period of project,the examination and approval process characteristics of complex business,bring to the company all kinds of dominant or recessive.At the same time,this paper puts forward Suggestions for the domestic market economic system.Enterprises that intend to participate in the mixed reform should pay attention to preventing the common problems of state-owned enterprises.The integration of control rights,the optimization of organizational structure and operation mechanism are far more complicated and difficult than simply introducing capital.By combining the advantages of private and state-owned enterprises,a modern enterprise system with clear rights and responsibilities,democratic decision-making and scientific management is established to make up for each other’s disadvantages and further improve the efficiency and value of enterprises.In addition,enterprises should realize that although they are in trouble,the introduction of state-owned capital is not "omnipotent",and enterprises should strengthen technological and product innovation to form core competitiveness.