Research On The Impact Of Mixed Ownership Reform On Energy "De-leveraging" Of China Southern Power Grid Energy Efficiency&Clean Energy Co.,Ltd.

In recent years,the high leverage ratio of micro-enterprises has promoted the high leverage ratio at macro level,"deleveraging" has become an important way for enterprises,especially state-owned enterprises,to reduce debt risk and improve their ability to withstand shocks.The reform of mixed ownership is an important breakthrough in the reform of stateowned enterprises and a potential means for state-owned enterprises to release the development momentum.So,will mixed ownership reform help state-owned enterprises to"deleverage"?What is its internal logic?There are many studies on the two separately,and few scholars study the impact of mixed ownership reform on "deleveraging".Based on this,this paper attempts to take the power industry with high leverage concentration as the breakthrough point,and the power industry enterprise,China Southern Power Grid Energy Efficiency&Clean Energy Co.,Ltd.,as the case study object,to study the impact of mixed ownership reform on its leverage ratio level,and at the same time to explore the role path behind it.Based on the theories of modern property right theory,principal-agent theory,theory of government intervention and pecking order theory,this paper sorts out the relevant literatures on the reform of mixed ownership and deleveraging,and makes a literature review on the existing researches.On the basis of theoretical and literature research,this paper combs the process of the mixed ownership reform of Southern Power Grid,and summarizes the internal logic of the mixed ownership reform to improve corporate performance and reduce leverage ratio from the perspective of its mixed ownership reform path.At last,the paper discusses the impact of the mixed ownership reform on the "deleveraging" of South Grid Energy from multiple perspectives by using leverage indicators such as asset-liability ratio,financial risk indicators measured by F-score model and value creation indicators such as economic added value.The results show that mixed ownership reform helps state-owned enterprises to"deleverage".From the perspective of the role of mixed ownership reform in "deleveraging",the mixed ownership reform broadens the financing channels of state-owned enterprises and enriched the financing methods by introducing social capital.On the other hand,the mixed ownership reform can improve the operating efficiency and performance of state-owned enterprises by reducing agency costs and realizing synergies and other hidden paths,enhance their ability to repay principal and interest and endogenous financing strength,reduce the dependence of state-owned enterprises on external funds,especially external debt funds,and thereby make them "deleverage";From the perspective of the effect of mixed ownership reform on "deleveraging","deleveraging" is not only helpful to reduce the leverage ratio and financial risk of enterprises,but also can realize the value-added of enterprises with excessive liabilities.In a word,this paper innovatively combines the mixed ownership reform with the deleveraging to analyze,which confirms the conclusion that the mixed ownership reform has a positive impact on the deleveraging of state-owned enterprises,and provides a reference for other state-owned enterprises with high leverage ratio to solve the development dilemma through the mixed ownership reform.