Analysis On The Motivation And Effect Of Introducing State-owned Capital Into Private Enterprises

In recent years,a series of policies have been introduced to deepen the reformation of state-owned enterprises,state-owned enterprises actively respond to national policies,and gradually introduce private enterprises and other social capital to inject new vitality into their operations,so as to improve their operating efficiency.With the continuous promotion of the mixed reform of state-owned enterprises in recent years,the mixed reform mode dominated by another kind of economy has gradually emerged.After 2015,reverse mixed reform cases of private enterprises introducing state-owned capital began to appear,and showed a substantial increase since 2018.This is mainly due to the continuous promotion of financial deleveraging policy and the slowing down of macroeconomic growth,which have caused great obstacles to the development of private enterprises.However,state-owned enterprises have strong capital strength and abundant resources,so a large number of private enterprises choose to introduce state-owned capital to get rid of the dilemma of lack of funds and resources,so as to promote the long-term and stable development of enterprises.This pattern of "state capital background + private enterprise operation" provides a new path for the future transformation and development of private enterprises.Although there are lots of case studies on mixed-ownership reform currently,most of them focus on the cases of mixed reform of state-owned enterprises.However,there are still few case studies on the reverse mixed reform of private enterprises.This thesis takes the introduction of state-owned capital by CECEP Techand Ecology as a case study to study the motivation and effect of introducing state-owned capital into private enterprises,so as to enrich the research on the mixed reform of private enterprises.CECEP Techand Ecology is an environmental protection enterprise founded in 2001.It has accumulated certain brand influence and technical advantages during the years of development.It is also a pioneer in the aspect of mixed reform.It had twice introduced state-owned capital to rescue himself,and achieved certain results,which is representative.Based on this,this thesis takes the reverse mixed reform case of the private enterprise CECEP Techand Ecology twice introducing state-owned capital as the research object,combs the implementation process of CECEP Techand Ecology twice introducing state-owned capital,analyzes the motivation of the introduction deeply,probes into the effect and causes of effect of the introduction of state-owned capital twice by CECEP Techand Ecology,in order to provide reference for private enterprises which want to transform and upgrade by introducing state capital.This thesis is divided into six chapters,using the case study method,literature research method and comparative analysis method.The first chapter mainly elaborated the research background and significance,the research mentality and method as well as the structure frame,and combs the current research on the motivation and effect of introducing state-owned capital into private enterprises.The second chapter introduces the relevant theories of state-owned capital into private enterprises,it mainly includes the concept of private enterprises and state-owned capital,the motivation and way of private enterprise introducing state-owned capital,and the theoretical basis of private enterprise introducing state-owned capital.The third chapter briefly introduces the case company and its industry,and then describes the process of CECEP Techand Ecology introducing state-owned capital twice.The fourth chapter is the analysis of the motivation for the CECEP Techand Ecology to introduce state-owned capital.This chapter mainly analyzes the motivation for the CECEP Techand Ecology to introduce state-owned capital into deep investment control and China’s energy saving respectively.The fifth chapter is the effect and cause analysis of the introduction of state-owned capital into the CECEP Techand Ecology.This chapter analyzes the effect of the introduction of state-owned capital Shenzhen Investment Holding Co.,Ltd.and CECEP respectively,and further analyzes the reasons why the effect of the introduction of Shenzhen Investment Holding Co.,Ltd.by the CECEP Techand Ecology is less than expected and the reason why the effect of the introduction of CECEP is achieved.The sixth chapter is the research conclusion and enlightenment.This chapter has drawn the corresponding research conclusion on the basis of the preceding research and analysis:(1)the introduction of state-owned capital improves the financing ability and resource acquisition ability of CECEP Techand Ecology;(2)The introduction of state-owned capital improves the corporate governance level of CECEP Techand Ecology;(3)The introduction of state capital failed to significantly improve the financial performance of CECEP Techand Ecology.Several enlightenments are obtained from the analysis:(1)the introduction of state-owned capital can improve private enterprises from many aspects;(2)The introduction of state-owned capital is an effective means for the transformation of private enterprises;(3)Private enterprises should choose state-owned capital according to their actual needs.