Research On The Causes And Effects Of Reverse Mixed Reforms Of Listed Companies In Environmental Protection Industry

The Third Plenary Session of the 18 th CPC Central Committee and the 19 th CPC National Congress proposed to actively develop the mixed ownership economy.With the promotion of the reform of mixed ownership economy,the academic research on mixed ownership is no longer limited to state-owned enterprises,and some scholars have turned their research perspective to the reverse mixed ownership reform,which takes private enterprises as the main body and introduces state-owned capital.In fact,whether it is the need to stimulate the vitality of various market entities as a whole mentioned in the 19 th National Congress,or the private economy emphasized in the 14 th Five-Year Plan is an important subject to promote the long-term and high-speed development of the economy,it is not difficult to see that private enterprises are an important group of organizations to promote China’s economic development.Therefore,promoting the development of private enterprises is an indispensable part of the national economic development.Compared with other industries,the environmental protection industry has higher capital barriers,technical barriers and qualification barriers.At the same time,environmental protection is both economic and public welfare,and plays an irreplaceable role in achieving sustainable development in China.Therefore,this paper chooses Fresh Environment,the leading private enterprise in atmospheric governance,as the research object.First of all,based on the research of existing scholars on the environmental protection industry,this paper introduces the characteristics of the environmental protection industry,such as the industrial environment and operating conditions,and sets the tone for the introduction of state-owned capital in the analysis of the fresh environment;Secondly,based on the existing scholars’ analysis of the reasons and methods of the reverse mixed transformation of private enterprises,the paper introduces the reasons for the introduction of fresh environment into Guorun environment.Finally,from the financial and non-financial aspects,the paper studies the effects of the implementation of reverse mixed transformation in a fresh environment,and puts forward corresponding suggestions for the problems in the process of mixed transformation,in order to better promote the development of China’s reverse mixed transformation.The study found that for Shiji Dihe,the original largest shareholder of the Beijing SPC Environment,the motivation for actively transferring equity is mainly based on alleviating the high equity pledge,solving the financing problem of the Beijing SPC Environment and promoting business transformation;For Guorun Environment,the choice of entering the fresh environment is more out of the consideration of optimizing the industrial layout.In April 2019,Century Land signed an equity transfer agreement with Guorun Environment,marking the official entry of state-owned capital into the Beijing SPC Environment.In the next three years,the Beijing SPC Environment has indeed made great improvements in governance structure,financing capacity,innovation capacity and long-term performance.At the same time,it has also successfully achieved industrial transformation and upgrading.It can be said that this reverse mixed transformation has brought many advantages to the Beijing SPC Environment.However,we should also see that the fresh environment is also affected by some negative effects in the process of realizing the reverse mixed transformation,such as the state-owned capital side requiring it to undertake more social responsibilities,and the integration between the state-owned capital side and private enterprises.Therefore,in order to better promote the reverse mixed reform,the state-owned party and private enterprises need to make a detailed investigation in advance and do a good job of integration after the event,and the private enterprises themselves also need to work intensively to improve their business competitiveness and establish a good corporate image,in order to finally realize the sustainable development of the enterprise.The main contributions of this paper are as follows: First,it focuses on the reverse mixed reform mode of introducing state-owned capital into private enterprises,which enriches the thinking of mixed ownership reform.Second,we should pay attention to the environmental protection industry that is related to national security and social sustainable development,so as to provide useful reference for the development of the environmental protection industry.