Analysis On The Motivation And Effects Of Reverse Mixed Ownership Reform In Private Listed Enterprises

Since the reform and opening up,with the gradual liberalization of various policies and China ’s integration into the global industrial chain,the development of private enterprises has experienced a long and tortuous course,from poverty to growing.During this period,many large private listed companies were born in important areas such as manufacturing,communications,and environmental protection.The proportion of private economy in China ’s economic structure is increasing,and it has become the pillar force of the national economy.However,the development of private enterprises still faces financing difficulties,resource shortages and other issues.In the case of the country ’s vigorous advocacy of mixed ownership reform,many private enterprises choose to introduce state-owned capital to alleviate the problems faced by enterprises.In 2020,the introduction of the three-year action plan for the reform of state-owned enterprises has pointed out the direction for the reverse mixed reform of private listed companies.The action plan clearly encourages listed companies led by private enterprises to actively participate in reverse mixed reform and introduce state-owned assets represented by state-owned capital operating companies,state-owned capital investment companies and industrial development groups.Through the ’ reverse mixed reform ’,the operating costs of private enterprises have been reduced and the market competitiveness has been improved.Since then,the mixed reform has set off a wave of private enterprises introducing state-owned equity participation.Based on the above background,this paper takes the motivation,path and effect of reverse mixed reform as the main line of research,and selects the representative national high-tech enterprise Maoshuo Power Supply as the case company.Firstly,it comprehensively combs the current situation and path of "reverse mixed reform " of private enterprises in China,deeply analyzes the motivation of " reverse mixed reform " of private enterprises,and reveals the various ways of introducing state-owned capital into " reverse mixed reform " of private enterprises.Secondly,on the basis of combining the existing research at home and abroad,this paper analyzes the effect of Maoshuo Power after introducing state-owned capital from three perspectives : financial performance,market performance and financing evaluation.Finally,the conclusion of this paper is drawn through integrated analysis,and some suggestions are provided for other private enterprises that are ready to try to introduce state-owned capital.This paper finds that : First,in the ’ reverse mixed reform ’,state-owned enterprises tend to control the actual control of the company,so the transfer of control rights by private enterprises can attract state-owned capital.After the mixed reform of private listed companies,state-owned holding can ensure that state-owned assets are not lost.Because only the state-owned party has the control of the listed company,can it ensure that the state-owned assets are not lost or discounted in the process of mixed reform,and achieve the effectiveness of mixed reform.Therefore,for private enterprises eager to participate in reverse mixed reform,transferring some control rights can attract more state-owned capital.From the effect of reverse mixed reform of Maoshuo Power Supply,the financial performance of reverse mixed reform of private listed companies in the short term is not obvious,but it performs well in financing,credit and market value.The ’ reverse mixed reform ’ has not been widely recognized by market investors,but it can reduce the impact of listed companies on the market to a certain extent.Finally,in view of the shortcomings of Maoshuo Power Supply in the ’ reverse mixed reform ’,this paper puts forward some suggestions from the perspective of private listed companies.After the mixed reform,the company needs to further improve the selection,employment mechanism and incentive mechanism,and strengthen its own ability to control funds.Private listed companies that want to participate in ’ reverse mixed reform ’ should design a good state-owned asset protection mechanism in the process of mixed reform to improve the effectiveness of mixed reform.