Research On The Investment And Financing Behavior And Performance Of Enterprises Under The Background Of Mixed Ownership Reform Of Private Enterprises

In recent years,mixed ownership reforms are very common in China.The significance of mixed ownership reform for the reform of state-owned enterprises in China is very important,but the significance of mixed reform for private enterprises has rarely been studied.With the increasing downward pressure on China's economy,There are also some problems in private enterprises.Starting from the introduction of state-owned capital by private enterprises,this paper studies mixed reform.Different from the previous introduction of private capital in state-owned enterprises for mixed reform,the case of this article is to study the state-owned capital shares in private enterprises.This is another direction of mixed reform.This new model of mixed ownership reform is also worth exploring.Based on this perspective,this paper studies the effects of mixed reforms on the investment and financing behaviors of private enterprises after the introduction of state-owned shareholders under the background of mixed reforms,and analyzes the impact of mixed reforms on their investment and financing behaviors,and then affects the performance of private enterprises.The main body of this article is the private company Dongjiang Environmental Protection and the state-owned shareholder Guangsheng Company.Case: Middle East Environmental Protection introduced the state-owned shareholder Guangsheng Company through the transfer of the first natural person shareholder.After the company's board member was re-elected,That state-owned shareholder become the actual controller was completely formed.Not only Introducing state-owned shareholders can reduce the company's financial risks and business scale expansion risks,but it also can ensure the safety of the environmental protection industry.For Guangsheng Company,after holding Dongjiang Environmental Protection,it can develop some businesses collaboratively and combine some of the core business of the subsidiary with the environmental protection industry to seize the opportunity of the development of the environmental protection industry,while helping Dongjiang Environmental Protection to develop to achieve the goal of preserving and increasing the value of state-owned capital,Dongjiang Environmental Protection and Guangsheng Company have very good incentives to participate in the reform of mixed ownership.After the introduction of state-owned shareholders by Dongjiang Environmental Protection,its investment and financing behaviors have all changed significantly.Dongjiang Environmental Protection's income sources are becoming more and more diversified,and its business scale is expanding faster and faster,and it is gradually expanding projects and income outside Guangdong Province;financing channels are unblocked,bank credits have increased,credit ratings have risen,and capital costs have declined.Debt financing is more stable relative to market changes and diversified financing models,such as green debt;and accelerate research investment,hire more R & D personnel to maintain innovation,carry out some mergers and acquisitions integration,and further form and maintain core competitiveness.Through the favorable changes in this series of investment and financing behaviors,it can be inferred that the performance of Dongjiang Environmental Protection after the mixed reform should have a larger improvement.Subsequently,the short-term performance was analyzed through the event research method and the corresponding stock price trend chart.It was found that after the company's mixed reform,the stock price had greatly improved in the short term and the excess return rate was very high,indicating that the company's behavior was positively affirmed by the market.Improved performance.According to the financial index analysis method,it was found that the company's profitability,solvency,operating ability and growth ability have been improved compared to before,and it gradually forms a leading advantage compared with the industry.This also verified the speculation on Dongjiang's environmental performance after the previous investment and financing changes.Finally,through the case of Dongjiang Environmental Protection's participation in mixed reforms,several issues that may arise after the introduction of state-owned shareholders by private enterprises are drawn: at the same time that political connections bring financing convenience,it is likely to cause excessive investment behavior,and excessive investment will harm the interests of shareholders,Long-term debt ratios are too high,leading to problems such as a decline in corporate solvency,increased financial risks,a decline in the ability of private enterprises to innovate,and excessive reliance on rent-seeking effects by private enterprises to obtain benefits.Corresponding to these issues,suggestions are made: private enterprises should improve the independent director system,reasonably supervise management actions,ensure the interests of company shareholders,reasonably arrange investment and financing activities,and integrate resources,avoid blindly raising debts to increase financial risks,create a corporate innovation atmosphere,and improve employee innovation.Capacity and strengthen the construction of corporate governance mechanisms,improve internal construction,and avoid excessive dependence on rentseeking effects.These problems are all problems that private enterprises may encounter in the process of introducing state-owned capital for mixed ownership reform,and have certain reference significance.This paper concludes that private enterprises' participation in mixed reforms will improve their investment and financing behaviors to a certain extent,which will be conducive to the improvement of operating performance.Investment and financing behaviors serve as an influential path between mixed ownership reform and business performance.State-owned shares can give companies a variety of advantages in investment and financing behaviors,such as expansion of scale,increased government subsidies,smooth financing channels,reduced capital costs,and so on.But there are also some problems,such as over-investment and rent-seeking effects.Private enterprises can reduce their financial risks,policy risks,etc.,or expand their influence through the introduction of state-owned assets.However,in the process of mixed ownership reform,they must also pay attention to prevent corresponding problems,so as not to bring negative impacts on the enterprise.